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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. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed.

Economics for Business Enhanced

• Half Title Page


• Title Page


• Copyright Page


• About the authors


• Brief contents


• Detailed contents


• Preface


• Publisher?s acknowledgements


• Part A BUSINESS AND ECONOMICS


• 1 The business environment and business economics


• 1.1 The business environment


• 1.2 The structure of industry


• 1.3 The determinants of business performance


• Box 1.1 A Lidl success story


• Box 1.2 The biotechnology industry


• Summary


• Review questions


• 2 Economics and the world of business


• 2.1 What do economists study?


• 2.2 Business economics: microeconomic choices


• 2.3 Business economics: the macroeconomic environment


• 2.4 Techniques of economic analysis


• Box 2.1 What, how and for whom


• Box 2.2 The opportunity costs of studying economics


• Box 2.3 Looking at macroeconomic data


• Summary


• Review questions


• 3 Business organisations


• 3.1 The nature of firms


• 3.2 The firm as a legal entity


• 3.3 The internal organisation of the firm


• Box 3.1 Exploiting asymmetric information


• Box 3.2 Managers, pay and performance


• Box 3.3 The changing nature of business


• Summary


• Review questions


• Additional Part A case studies on the Economics for Business student website


• Websites relevant to Part A


• Part B BUSINESS AND MARKETS


• 4 The working of competitive markets


• 4.1 Business in a competitive market


• 4.2 Demand


• 4.3 Supply


• 4.4 Price and output determination


• Box 4.1 UK house prices


• Box 4.2 Stock market prices


• Box 4.3 Controlling prices


• Summary


• Review quest