This is a revised edition of an established introductory textbook. The book aims to develop an understanding of basic economics and an analytical approach to contemporary economic problems. Key features of the new edition include updated content, tables and diagrams; modifications made to the sections on the occupational distribution of the labour force, the organization of the Stock Exchange; population trends; the IMF and international debt problem; nationalization and privatization and training programmes for the unemployed; the finance, structure and location of industry; and the powers and rights of trade unions. Chapters dealing with banking and monetry policy, the balance of payments, the rate of exchange and the European Economic Community have also undergone revision, while aggregate supply and demand curves have been introduced to explain the problems associated with demand, management policies and the relevance of the concept of a natural rate of unemployment.