Business economics

Cover
Title Page
Copyright Page
Brief Contents
Contents
About the Author
Preface
Acknowledgements
Part 1: The Economic and Business Environment
	Chapter 1: What is Business Economics?
		What is Business Economics?
		Some Key Ideas in Economics
		Summary
		In The News: Volvo and Hybrid Cars
		Questions for Review
		Problems and Applications
	Chapter 2: Economics and Business Decision Making
		Economics: The Science (or Art) of Decision Making
		Business Decision Making
		Conclusion
		Summary
		In The News: Post-Brexit Banking
		Questions for Review
		Problems and Applications
	Chapter 3: The Business Environment
		The Transformation Process
		The Pestle Framework
		Shareholder Value and Stakeholders
		Conclusion
		Summary
		In The News: Shareholder Value
		Questions for Review
		Problems and Applications
Part 2: Microeconomics: The Market System
	Chapter 4: Supply and Demand: How Markets Work
		The Market Forces of Supply and Demand
		Markets and Competition
		Supply
		Shifts versus Movements along The Supply Curve
		Demand
		Shifts versus Movements along The Demand Curve
		Demand and Supply Together
		How Prices Allocate Resources
		Summary
		In The News: Saving Rhinos from Extinction
		Questions for Review
		Problems and Applications
	Chapter 5: Elasticity and Its applications
		Elasticity and Its Application
		Price Elasticity of Supply
		The Price Elasticity of Demand
		Other Demand Elasticities
		Applications of Supply and Demand Elasticity
		Summary
		In The News: The Apple iPhone
		Questions for Review
		Problems and Applications
	Chapter 6: Taxes and Subsidies
		Introduction
		Taxation and Business
		Conclusion
		Summary
		In The News: Corporate Taxes
		Questions for Review
		Problems and Applications
Part 3: Microeconomics: The Limitations of Markets
	Chapter 7: Market Failure
		Introduction
		Externalities
		Using The Demand Curve To Measure Consumer Surplus
		Producer Surplus
		Government, Business and Externalities
		Conclusion
		Summary
		In The News: Mobile Roaming Charges
		Questions for Review
		Problems and Applications
	Chapter 8: The Consumer and Consumer Behaviour
		Introduction
		Behavioural Economics
		Asymmetric Information
		Conclusion
		Summary
		In The News: Changing Consumer Behaviour
		Questions for Review
		Problems and Applications
Part 4: Microeconomics: The Economics of Firms in Markets
	Chapter 9: Costs and Revenues in Production
		The Costs of Production
		What are Costs?
		Production and Costs
		The Various Measures of Cost
		Conclusion
		In The News: Firm's Costs
		Questions for Review
		Problems and Applications
	Chapter 10: Business Goals and Behaviour
		The Goals of Firms
		Financial Objectives
		Break-Even Analysis
		Non-Financial Objectives
		In The News: Shareholder Value
		Questions for Review
		Problems and Applications
	Chapter 11: Firm Behaviour and The Organization of Industry
		Isoquants And Isocosts
		Costs in The Short Run and in The Long Run
		Economies and Diseconomies of Scale
		In The News: Production Decisions in The Solar Energy Industry
		Questions for Review
		Problems and Applications
	Chapter 12: Market Structures: Perfect Competition
		Competition and Competitive Markets
		The Supply Curve in a Competitive Market
		Conclusion: Behind The Supply Curve
		Summary
		In The News: Friedich Hayek and The Model of Perfect Competition
		Questions for Review
		Problems and Applications
	Chapter 13: Market Structures: Monopoly
		Introduction
		The Sources of Monopoly Power
		How Monopolies Make Production and Pricing Decisions
		The Welfare Cost of Monopoly
		Price Discrimination
		Public Policy Towards Monopolies
		Conclusion: The Prevalence of Monopoly
		Summary
		In The News
		Questions for Review
		Problems and Applications
	Chapter 14: Market Structures: Imperfect or Monopolistic Competition
		The Nature of Monopolistic Competition
		Advertising and Branding
		Brand Names
		Contestable Markets
		Monopolistic Competition and The Welfare of Society
		Summary
		In The News: Positive and Negative Branding
		Questions for Review
		Problems and Applications
	Chapter 15: Market Structures: Oligopoly
		Oligopoly
		Interdependence, Game Theory and The Economics of Competition
		Public Policies Toward Oligopolies
		Conclusion
		Summary
		In The News: The DRAM Industry
		Questions for Review
		Problems and Applications
	Chapter 16: Corporate Strategy and Pricing Policy
		Introduction
		Business Strategy
		Pricing Strategies
		Business Forecasting
		Sales Forecasting
		Qualitative Data
		Summary
		Questions for Review
		Problems and Applications
Part 5: Microeconomics: Factor Markets
	Chapter 17: Labour Markets
		The Markets for The Factors of Production
		The Demand for Labour
		The Supply of Labour
		The Gig Economy
		The Other Factors of Production: Land and Capital
		Imperfections in The Labour Market
		The Economics of Discrimination
		Conclusion
		Summary
		In The News: Living Wage
		Questions For Review
		Problems and Applications
	Chapter 18: Financial Markets
		Sources of Business Finance
		Financial Institutions in The Economy
		Measuring The Time Value of Money
		Managing Risk
		Asset Valuation
		Savings and Investments in The National Income Accounts
		An Overview of Islamic Finance
		Fintech
		Conclusion
		Summary
		In The News: Business Funding
		Questions for Review
		Problems and Applications
Part 6: Introduction to Macroeconomics
	Chapter 19: The Macroeconomic Environment
		Introduction
		Key Economic Indicators
		The Components of GDP
		Real versus Nominal GDP
		Inflation: Measuring The Cost of Living
		Unemployment
		The Balance of Payments
		Conclusion
		Summary
		In The News: Economics Indicator in Europe
		Questions for Review
		Problems and Applications
	Chapter 20: Aggregate Demand and Aggregate Supply as a Model to Describe the Economy
		Introduction
		Three Key Facts about Economic Fluctuations
		Explaining Short Run Economic Fluctuations
		The Aggregate Demand Curve
		The Aggregate Supply Curve
		Two Causes of Economic Fluctuations
		Summary
		In The News: Economic Theory Conundrum
		Questions For Review
		Problems and Applications
	Chapter 21: Government Economic Policy and the Effect on Business: Fiscal, Monetary and Supply Side Policy
		Government Economic Policies
		Monetary Policy
		The Banking System
		The Central Bank’s Tools of Monetary Control
		Fiscal Policy
		Supply Side Policies
		How Monetary Policy Influences Aggregate Demand
		How Fiscal Policy Influences Aggregate Demand
		Conclusion
		Summary
		In The News: Economc Policy In China
		Questions for Review
		Problems and Applications
Part 7: Global Business and Economics
	Chapter 22: The Global Economy
		International Trade
		The Principle of Comparative Advantage
		The Determinants of Trade
		The Winners and Losers from Trade
		Restrictions on Trade
		Criticisms of Comparative Advantage Theory
		Other Theories of International Trade
		The Prices For International Transactions: Real and Nominal Exchange Rates
		A Model of Exchange Rate Determination: Purchasing Power Parity
		The Single European Market and The Euro
		Common Currency Areas and European Monetary Union
		Fiscal Policy and Common Currency Areas
		Brexit
		Global Business, Culture and Ethics
		The Costs and Benefits of Globalization
		Business in Emerging Markets
		Outsourcing
		Foreign Direct Investment
		Summary
		In The News: Brexit and Transition
	Chapter 23: Issues in Global Business and Economics
		The Financial Crisis
		Austerity Policies: Too Far Too Quickly?
		The Productivity Puzzle
		Sustainability
		Summary
		In The News: Sustainable Economics
		Review Questions
		Problems and Applications
Glossary
Index
Formulas