|Economics for Business||
Economics for Business
|77.10||approx. 7-9 days|
Why study Economics for Business
Good economic decision making is fundamental to the success of business
Economic decisions lie at the heart of business. Economics is all about the choices between alternatives and how to weigh up their costs and benefits. Studying this book will help you understand such choices and how to make them successfully when you take up a job or perhaps run your own business.
Businesses need to make choices of what and how much to produce, what techniques to use, who to employ, what investment to make, where to locate, what markets to develop and how best to compete with rivals. Economics helps them make the right decisions.
But making the right decisions depends on the economic environment in which businesses operate. For example, government policy affects business: whether through taxation, subsidies, training and education, regulation or trade policies.
The economic environment is also affected by trade relations and the actions of international bodies such as the World Trade Organization (WTO) and the International Monetary Fund (IMF). Issues such as Brexit, trade deals and migration crucially affect businesses. The book shows you how.
You will be studying all these issues and more in this book. It will give you the skills to advise businesses and other organisations on how best to achieve their objectives. The advice of economists is crucial to good decision making.
But to give good advice requires understanding issues and assessing evidence. Studying economics helps to give you this understanding and makes you a better problem solver.
About the authors
PART A BUSINESS AND ECONOMICS
1 The business environment and business economics
2 Economics and the world of business
3 Business organisations
PART B BUSINESS AND MARKETS
4 The working of competitive markets
5 Business in a market environment
6 Demand and the consumer
7 Behavioural economics of the consumer
8 Firms and the consumer
PART D BACKGROUND TO SUPPLY
9 Costs of production
10 Revenue and profit
PART E SUPPLY: SHORT-RUN DECISION MAKING BY FIRMS
11 Profit maximisation under perfect competition and monopoly
12 Profit maximisation under imperfect competition
13 Alternative theories of the firm
PART F SUPPLY: ALTERNATIVE STRATEGIES
14 An introduction to business strategy
15 Growth strategy
16 The small-firm sector
17 Pricing strategy
PART G THE FIRM IN THE FACTOR MARKET
18 Labour markets, wages and industrial relations
19 Investment and the employment of capital
PART H THE RELATIONSHIP BETWEEN GOVERNMENT AND BUSINESS
20 Reasons for government intervention in the market
21 Government and the firm
22 Government and the market
PART I BUSINESS IN THE INTERNATIONAL ENVIRONMENT
23 Globalisation and multinational business
24 International trade
25 Trading blocs
PART J THE MACROECONOMIC ENVIRONMENT
26 The macroeconomic environment of business
27 The balance of payments and exchange rates
28 The financial system, money and interest rates
29 Business activity, unemployment and inflation
PART K MACROECONOMIC POLICY
30 Demand-side policy
31 Supply-side policy
32 International economic policy
Grasp the connection between business and economics with this market-leading textbook
This new edition has been updated with the most recent coverage of such topics as Brexit, decision theory, labour and financial markets, behavioural economics, risk, debt, protectionism and austerity, all illustrated with UK and international examples.
With its focus on critical thinking development and employability, Economics for Business, 8th edition combines a clear, engaging writing style with a wealth of pedagogical features to support learning - such as case studies, case study boxes and pause for thought questions.
Always up-to-date! The Sloman Economics News Site
Make use of the leading student-friendly blog that’s updated several times a month with news and topical stories, all linked to your textbook chapters, so you can understand current affairs more deeply.
New! Access additional resources on the open Companion Website
The website is full of supporting material such as business interviews, audio animations, case studies, glossary, flashcards and answers to selected questions from the book.
John Sloman was Director of the Economics Network from its foundation in 1999 until 2012, and is now Visiting Fellow at the University of Bristol where the Network is based. John is also Visiting Professor at the University of the West of England, Bristol.
Dean Garratt is a Senior Teaching Fellow at Aston Business School and Associate of the Economics Network. Dean is also Academic Assessor for Government Economics Service and a tutor on HM Treasury’s Graduate Development Programme.
Jon Guest is a National Teaching Fellow of the Higher Education Academy and a Senior Teaching Fellow at Aston Business School. Jon is also a Senior Associate of the Economics Network, a Teaching Associate at Warwick Business School and an Academic Assessor for the Government Economic Service.
Elizabeth Jones is a Professor of Economics and Director of Undergraduate Studies in the Department of Economics at the University of Warwick. Elizabeth is also a lecturer on HM Treasury’s Graduate Development Programme and teaches Economics for non-Economists courses across various government Departments.