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Full Description
Develop an understanding of economics applied to the world of business. Economics for Business, 9th Edition is the ideal textbook for students studying Economics as part of a Business Studies degree or diploma. Clear, engaging, and packed with useful features, the text introduces the key principles of economics, illustrating how they can be used to understand real business problems and aspects of the business environment.
The new, thoroughly updated edition reflects recent events that have shaken the business world. These include the Covid-19 pandemic, Brexit, and rampant inflation caused first by supply-chain problems after global lockdowns and then by the surge in energy and food prices following the invasion of Ukraine.
Each chapter includes topical examples, news stories, and case studies from real businesses to explain and illustrate key economic concepts, as well as activities, questions, and useful summaries to help you check your understanding.
Access the free student website which accompanies this book for additional learning support, including animated explainers of key economic models, extra case studies and answers to in-text questions.
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Print textbook
eBook
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Contents
About the authors Preface Publisher's acknowledgements Part A BUSINESS AND ECONOMICS
The business environment and business economics
Economics and the world of business
Business organisations
Part B BUSINESS AND MARKETS
The working of competitive markets
Business in a market environment
Part C BACKGROUND TO DEMAND
Demand and the consumer
Behavioural economics of the consumer
Firms and the consumer
Part D BACKGROUND TO SUPPLY
Costs of production
Revenue and profit
Part E SUPPLY: SHORT-RUN DECISION MAKING BY FIRMS
Profit maximisation under perfect competition and monopoly
Profit maximisation under imperfect competition
Alternative theories of the firm
Part F SUPPLY: ALTERNATIVE STRATEGIES
An introduction to business strategy
Growth strategy
The small-firm sector
Pricing strategy
Part G THE FIRM IN THE FACTOR MARKET
Labour markets, wages and industrial relations
Investment and the employment of capital
Part H THE RELATIONSHIP BETWEEN GOVERNMENT AND BUSINESS
Reasons for government intervention in the market
Government and the firm
Government and the market
Part I BUSINESS IN THE INTERNATIONAL ENVIRONMENT
Globalisation and multinational business
International trade
Trading blocs
Part J THE MACROECONOMIC ENVIRONMENT
The macroeconomic environment of business
The balance of payments and exchange rates
The financial system, money and interest rates
Business activity, unemployment and inflation
Part K MACROECONOMIC POLICY
Demand-side policy
Supply-side policy
International economic policy
Web appendix Key ideas Glossary Index
