Cover -- Economics for Business and Management -- Brief contents -- Contents -- Guided tour -- Guide to the main focus of case studies -- About the authors -- Preface: using this book -- Acknowledgements -- Part I Micro Business Environment -- Markets and resource allocation -- Introduction -- What you'll learn -- Wants, limited resources and choice -- Demand curves and functions -- Supply curves and functions -- Price determination -- Changes in market price and quantity -- Resource allocation in different economic systems -- Recap -- Key terms -- Demand, revenue and consumer behaviour -- Introduction -- What you'll learn -- Price elasticity of demand (PED) -- Price elasticity of demand (PED) and revenue -- Total, average and marginal revenue -- PED and tax incidence -- Other elasticities of demand -- The 'Veblen effect' and consumer behaviour -- Consumer surplus -- Utility and consumer behaviour -- Recap -- Key terms -- Supply, production and cost -- Introduction -- What you'll learn -- The factors of production -- Combining factors of production: the laws of returns -- Costs of production: short run -- Costs of production: long run -- Deciding whether to produce in the short run and the long run -- Price elasticity of supply (PES) -- Outsourcing and cost -- Governments, location and cost -- Producer surplus -- Recap -- Key terms -- Business organisation, objectives and behaviour -- Introduction -- What you'll learn -- Types of business organisation -- Business objectives: maximising -- Business objectives: non-maximising behaviour -- Does firm objective matter? -- Profit, ethics and the environment -- Business behaviour -- Corporate governance -- Product life cycle -- Recap -- Key terms -- Firm size, mergers and the 'public interest' -- Introduction -- What you'll learn -- Small to medium-sized enterprises (SMEs) -- Small firm survival.

Small firms and the UK economy -- Growth in firm size -- Mergers: who benefits? -- Types of merger activity -- Explanations of merger activity -- Demerging -- Mergers and the public interest -- Recap -- Key terms -- Market structures -- Introduction -- What you'll learn -- Perfect competition -- Contestable market theory -- Monopoly -- Monopolistic competition -- Oligopoly -- Recap -- Key terms -- Labour and other factor markets -- Introduction -- What you'll learn -- Factor payments and derived demand -- Occupational differences in wages and employment -- Imperfectly competitive labour markets -- UK labour market regulations -- EU Social Chapter -- Flexible working and work-life balance -- Gender and ageism -- Transfer earnings and economic rent -- Recap -- Key terms -- Market failure, regulation and competition -- Introduction -- What you'll learn -- Types of market failure -- Correcting 'market failures' -- Regulation -- Deregulation and privatisation -- Regulation of privatised companies -- UK competition policy -- EU competition policy -- Recap -- Key terms -- Part II Macro Business Environment -- National income determination -- Introduction -- What you'll learn -- National income -- National income: definitions and measurement -- National income data: international comparisons -- Components of the circular flow -- Equilibrium in the circular flow: W/J approach -- Equilibrium in the circular flow: 45� diagram approach -- Equivalence of the two approaches -- Changes in national income -- National income multiplier -- Inflationary and deflationary gaps -- Recap -- Key terms -- Government policies: instruments and objectives -- Introduction -- What you'll learn -- Fiscal policy -- Taxation -- Government expenditure -- Fiscal policy and stabilisation -- Monetary policy -- Aggregate demand and aggregate supply analysis -- Inflation.

Employment and unemployment -- Balance of payments -- Exchange rate -- Economic growth -- Financial intermediation: post credit crunch -- Recap -- Key terms -- Political, legal, ecological and technological environment -- Introduction -- What you'll learn -- Political environment -- Sovereign risk -- Legal environment -- Ecological environment -- Technological environment -- Recap -- Key terms -- Functions of management: domestic business environment -- Introduction -- What you'll learn -- Marketing -- Marketing mix -- Human resource management -- Accounting and management -- Recap -- Key terms -- International business environment -- Introduction -- What you'll learn -- The internationalisation process -- International business environment -- Multinational enterprise (MNE) -- International human resource management (IHRM) -- International marketing -- International marketing mix -- European Union (EU) -- North America -- East and South East Asia -- International institutions and international business -- Free trade and government protectionism -- Recap -- Key terms -- Strategies in a globalised business environment -- Introduction -- What you'll learn -- Strategic frameworks for corporate activity -- SWOT and PESTLE analyses -- Porter's Five Forces analysis -- Portfolio analysis -- National strategic perspectives -- Globalisation and strategic options for MNEs -- Strategic joint ventures and alliances -- Recap -- Key terms -- Appendix 1 Indifference curves, budget lines and the 'law of demand' -- Appendix2 Isoquants, isocosts and production -- References -- Answers to stop and think and you try -- Index.

Economics for Business and Managementoffers an exciting introduction to the principles and applications of microeconomics and macroeconomics to the global business problems faced by today’s decision makers:�    What are the characteristics for successful entry into new international markets?�    How can ‘sustainability’ affect decision making within businesses?�    Why are today’s global investors so concerned about national debt issues?�    In what ways does an awareness of cultural differences improve decision making by international marketing and human resource strategists?�    What strategies can companies such as BP use to repair damaged global reputations? It is an ideal text for introductory courses in economics with a business and management focus and more general business environment courses with an economic underpinning. Visit the fantastic website at www.pearsoned.co.uk/griffithswall to find extra practice questions, interactive activities, quizzes and exam style practice questions with instant feedback, as well as podcasts, news articles, animated professional power points slides and a testbank of questions.   .

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2019. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.