Everything you need to know about the methods and techniques for successful economic decisions in the business environment, in one market-leading text. Economics for Business, 8th edition by Sloman, Garratt, Guest & Jones is an essential introduction to the subject, aiming to help you get a solid grasp of the economic principles for successful decisions in the business environment.
Accessible and easy to read, the book demonstrates how you can use economic concepts to understand problems surrounding the business environment, broaching issues of production processes, location, employability, the nature of the market, and competition.
The latest edition elaborates on various circumstances and factors that could impact successful decisions and affect businesses, from changes in government policies and regulations to additional factors such as Brexit, the World Trade Organization (WTO), and the International Monetary Fund (IMF).
The eighth edition combines a clear, engaging writing style with a wealth of pedagogical features to support learning and organise your studying. The chapters begin with a presentation of the issues covered and end with a summary, giving you an overview of the learning objectives and helping you in the exam revision process.
Further features include the 'Definition Analysis' boxes and the 'Pause for Thought' questions, encouraging reflection and understanding on the topics. A plethora of real-life case studies based on smaller, and larger-scale businesses give a practical understanding of the economic issues in different business environments.
With its focus on critical thinking development and employability, this edition is a must-read guide that will give you valuable tools for your future career in the field.
Students, you can now further engage with the content via the Revel® edition for this text, a new interactive resource to support teaching and learning, offering you a fully digital experience.
Brief 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