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Economics for Business
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About the authors Custom publishing 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 perfect partnership 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: the macroeconomic environment 2.3 Business economics: microeconomic choices Box 2.1 Looking at macroeconomic data Box 2.2 What, how and for whom Box 2.3 The opportunity costs of studying economics Summary Review questions Appendix: Some techniques of economic analysis Summary to appendix Review questions to appendix 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 and performance Box 3.3 The changing nature of business Summary Review questions Part end - additional case studies and relevant websites 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 questions 5 Business in a market environment 5.1 Price elasticity of demand 5.2 The importance of price elasticity of demand to business decision making 5.3 Other elasticities 5.4 The time dimension of market adjustment 5.5 Dealing with uncertainty Box 5.1 The measurement of elasticity Box 5.2 Elasticity and the incidence of tax Box 5.3 Adjusting to oil price shocks Box 5.4 Don't shoot the speculator Summary Review questions Part end - additional case studies and relevant websites Part C BACKGROUND TO DEMAND 6 Demand and the consumer 6.1 Marginal utility theory 6.2 Demand under conditions of risk and uncertainty 6.3 The characteristics approach to analysing consumer demand Box 6.1 Calculating consumer surplus Box 6.2 The marginal utility revolution: Jevons, Menger, Walras Box 6.3 Adverse selection in the insurance market Box 6.4 Rogue traders Summary Review questions 7 Demand and the firm 7.1 Estimating demand functions 7.2 Forecasting demand Box 7.1 The demand for lamb Summary Review questions 8 Products, marketing and advertising 8.1 Product differentiation 8.2 Marketing the product 8.3 Advertising Box 8.1 The battle of the brands Box 8.2 Advertising and the long run Summary Review questions Part end - additional case studies and relevant websites Part D BACKGROUND TO SUPPLY 9 Costs of production 9.1 The meaning of costs 9.2 Production in the short run 9.3 Costs in the short run 9.4 Production in the long run 9.5 Costs in the long run Box 9.1 The fallacy of using historic costs Box 9.2 How vulnerable are you? Box 9.3 UK competitiveness: moving to the next stage Box 9.4 Minimum efficient scale Box 9.5 Fashion cycles Summary Review questions 10 Revenue and profit 10.1 Revenue 10.2 Profit maximisation Box 10.1 Costs, revenue and profits Box 10.2 Opportunity cost of capital in practice Box 10.3 Selling ice cream when I was a student Summary Review questions Part end - additional case studies and relevant websites Part E SUPPLY: SHORT-RUN PROFIT MAXIMISATION 11 Profit maximisation under perfect competition and monopoly 11.1 Alternative market structures 11.2 Perfect competition 11.3 Monopoly 11.4 Potential competition or potential monopoly? The theory of contestable markets Box 11.1 Concentration ratios Box 11.2 E-commerce Box 11.3 Windows cleaning Box 11.4 'It could be you' Summary Review questions 12 Profit maximisation under imperfect competition 12.1 Monopolistic competition 12.2 Oligopoly 12.3 Game theory Box 12.1 Eating out in Britain Box 12.2 Oligopolies: the good, the bad and the ugly Box 12.3 The prisoners' dilemma Box 12.4 The Hunger Games Summary Review questions Part end - additional case studies and relevant websites Part F SUPPLY: ALTERNATIVE STRATEGIES 13 An introduction to business strategy 13.1 What is strategy? 13.2 Strategic analysis 13.3 Strategic choice 13.4 Business strategy in a global economy 13.5 Strategy: evaluation and implementation Box 13.1 Business strategy the Samsung way Box 13.2 Hybrid strategy Summary Review questions 14 Alternative theories of the firm 14.1 Problems with traditional theory 14.2 Alternative maximising theories 14.3 Multiple aims Box 14.1 In search of long-run profits Box 14.2 Stakeholder power Summary Review questions 15 Growth strategy 15.1 Growth and profitability 15.2 Constraints on growth 15.3 Alternative growth strategies 15.4 Internal growth 15.5 External growth through merger 15.6 External growth through strategic alliance 15.7 Explaining external firm growth: a transaction costs approach Box 15.1 Global merger activity Box 15.2 How many firms does it take to make an iPhone? Box 15.3 The day the world stopped Summary Review questions 16 The small-firm sector 16.1 Defining the small-firm sector 16.2 The survival, growth and failure of small businesses 16.3 Government assistance and the small firm Box 16.1 Capturing global entrepreneurial spirit Box 16.2 Hotel Chocolat Summary Review questions 17 Pricing strategy 17.1 Pricing and market structure 17.2 Alternative pricing strategies 17.3 Price discrimination 17.4 Multiple product pricing 17.5 Transfer pricing 17.6 Pricing and the product life cycle Box 17.1 Easy pricing Box 17.2 A quantity discount pricing strategy Box 17.3 How do European companies set prices? Summary Review questions Part end - additional case studies and relevant websites PART G THE FIRM IN THE FACTOR MARKET 18 Labour markets, wages and industrial relations 18.1 Market-determined wage rates and employment 18.2 Power in the labour market 18.3 Low pay and discrimination 18.4 The flexible firm and the market for labour Box 18.1 'Telecommuters' Box 18.2 Winters of discontent Box 18.3 The Internet and labour mobility Summary Review questions 19 Investment and the employment of capital 19.1 The pricing of capital and capital services 19.2 The demand for and supply of capital services 19.3 Investment appraisal 19.4 Financing investment 19.5 The stock market Box 19.1 Investing in roads Box 19.2 The ratios to measure success Box 19.3 Financing innovation Summary Review questions Part end - additional case studies and relevant websites Part H THE RELATIONSHIP BETWEEN GOVERNMENT AND BUSINESS 20 Reasons for government intervention in the market 20.1 Markets and the role of government 20.2 Types of market failure 20.3 Government intervention in the market 20.4 The case for less government intervention 20.5 Firms and social responsibility Box 20.1 Can the market provide adequate protection for the environment? Box 20.2 The tragedy of the commons Box 20.3 Deadweight loss from taxes on goods and services Box 20.4 The Body Shop Summary Review questions 21 Government and the firm 21.1 Competition policy 21.2 Policies towards research and development (R&D) 21.3 Policies towards training Box 21.1 From paper envelopes to canned mushrooms: the umpire strikes back Box 21.2 The R&D Scoreboard Box 21.3 Radical changes to apprenticeships Summary Review questions 22 Government and the market 22.1 Environmental policy 22.2 Transport policy 22.3 Privatisation and regulation Box 22.1 A Stern rebuke about climate change inaction Box 22.2 Trading our way out of climate change Box 22.3 Road pricing in Singapore Box 22.4 The right track to reform? Summary Review questions Part end - additional case studies and relevant websites Part I BUSINESS IN THE INTERNATIONAL ENVIRONMENT 23 Globalisation and multinational business 23.1 Globalisation: setting the scene 23.2 What is a multinational corporation? 23.3 Trends in multinational investment 23.4 Why do businesses go multinational? 23.5 The advantages of MNC investment for the host state 23.6 The disadvantages of MNC investment for the host state 23.7 Multinational corporations and developing economies Box 23.1 M&As and greenfield FDI Box 23.2 Location. Location. Location. Box 23.3 Grocers go global Summary Review questions 24 International trade 24.1 Trading patterns 24.2 The advantages of trade 24.3 Arguments for restricting trade 24.4 The world trading system and the WTO Box 24.1 Strategic trade theory Box 24.2 Giving trade a bad name Box 24.3 The Doha Development Agenda Summary Review questions 25 Trading blocs 25.1 Preferential trading 25.2 Preferential trading in practice 25.3 The European Union Box 25.1 Beyond bananas Box 25.2 The Internal Market Scoreboard Summary Review questions Part end - additional case studies and relevant websites Part J THE MACROECONOMIC ENVIRONMENT 26 The macroeconomic environment of business 26.1 Introduction to the macroeconomic environment 26.2 Economic growth 26.3 Unemployment 26.4 Inflation 26.5 The business cycle and key macroeconomic objectives 26.6 The circular flow of income Box 26.1 Output gaps Box 26.2 The duration of unemployment Box 26.3 Inflation or deflation Summary Review questions Appendix: Measuring national income and output Summary to appendix Review questions to appendix 27 The balance of payments and exchange rates 27.1 The balance of payments account 27.2 The exchange rate 27.3 Exchange rates and the balance of payments 27.4 Fixed versus floating exchange rates Box 27.1 Nominal and real exchange rates Box 27.2 Dealing in foreign exchange Box 27.3 The importance of international financial movements Box 27.4 The euro/dollar seesaw Summary Review questions 28 Banking, money and interest rates 28.1 The meaning and functions of money 28.2 The financial system 28.3 The supply of money 28.4 The demand for money 28.5 Equilibrium Box 28.1 Financial intermediation Box 28.2 Growth of banks' balance sheets Box 28.3 Residential mortgages and securitisation Box 28.4 Credit, money and Minsky's financial instability hypothesis Summary Review questions 29 Business activity, employment and inflation 29.1 The simple Keynesian model of business activity 29.2 Aggregate demand, output and inflation 29.3 Money, aggregate demand and inflation 29.4 The relationship between inflation and unemployment: the short run 29.5 Inflation rate targeting and unemployment 29.6 Business cycles Box 29.1 Mind the gap Box 29.2 Household sector balance sheets Summary Review questions Part end - additional case studies and relevant websites Part K MACROECONOMIC POLICY 30 Demand-side policy 30.1 Fiscal policy 30.2 Monetary policy 30.3 Attitudes towards demand management Box 30.1 The financial crisis and the UK fiscal policy yo-yo Box 30.2 The evolving fiscal frameworks in the UK and Eurozone Box 30.3 The daily operation of monetary policy Box 30.4 Quantitative easing Box 30.5 Monetary policy in the eurozone Summary Review questions 31 Supply-side policy 31.1 Supply-side problems 31.2 Market-orientated supply-side policies 31.3 Interventionist supply-side policies 31.4 Regional policy Box 31.1 Getting intensive with physical capital Box 31.2 UK human capital Box 31.3 Labour productivity Box 31.4 EU regional policy Summary Review questions 32 International economic policy 32.1 Global interdependence 32.2 International harmonisation of economic policies 32.3 European economic and monetary union 32.4 Alternative policies for achieving currency stability Box 32.1 Doctor, the world has caught a cold! Box 32.2 Optimal currency areas Box 32.3 The Tobin tax Summary Review questions Part end - additional case studies and relevant websites Web appendix Key ideas Glossary Index

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