Book Name : Essential Economics for Business, 5th edition
Stock Number : 3834
ISBN : 1292151277
Year : 2017
Writers : Mr John Sloman, Miss Elizabeth Jones
Pages : 384
The fifth edition of Economics for Business has been completely overhauled to cover the current issues facing today's business world. Up-to-date case studies covering everything from the credit crunch to the examination of specific businesses, such as Hotel Chocolat and the production of iPods, illustrate how economic theory relates to real business issues and practices.
Language : English
Type : PDF
Date : 18 March, 2017
“Very rich variety of examples and case studies to illustrate and underpin the theoretical understanding” – Dr Stefan Kesting, University of Leeds
This new edition of Essential Economics for Business presents the core principles of microeconomics and macroeconomics applied to the world of business while also looking at wider, topical business issues, such as business strategy, corporate social responsibility, ethics and the state of the global environment in which we live.
Using up-to-date case studies the 5th edition examines everything from the impact of the financial crisis and the effects of the Brexit vote in the UK, to popular distrust of globalisation and the operation of specific businesses to illustrate how economic theory relates to real business issues.
Looking for economics in action? Search online for the Sloman Economics News Site, a blog that’s updated several times a week with current affairs and topical stories, all linked to your textbook so you can explore the background to the issues more deeply.
Preface ix
Publisher’s acknowledgements xiii
Part A Introduction
1 Business and the economic environment 2
Part B Markets, Demand and Supply
2 The working of competitive markets 24
3 Demand and the consumer 51
4 Supply decisions in a perfectly competitive market 74
Part C The Microeconomic Environment of Business
5 Pricing and output decisions in imperfectly competitive markets 102
6 Business growth and strategy 133
7 Multinational corporations and business strategy in a global economy 160
8 L abour and employment 180
9 Government, the firm and the market 203
Part D The Macroeconomic Environment of Business
10 The economy and business activity 230
11 National macroeconomic policy 260
12 The global trading environment 289
13 The global financial environment 312
Web appendix W:1
Preface ix
Publisher’s acknowledgements xiii
Part A Introduction
1 Business and the economic environment 2
1.1 The business organisation 6
1.2 The external business environment 10
1.3 The economist’s approach to business 18
Box 1.1 A perfect partnership 3
Box 1.2 The biotechnology industry 13
Box 1.3 The changing nature of business 18
Questions 21
Part end – additional case studies and relevant websites 22
Part B Markets, demand and supply
2 The working of competitive markets 24
2.1 Business in a perfectly competitive market 24
2.2 Demand 26
2.3 Supply 30
2.4 Price and output determination 32
2.5 Elasticity of demand and supply 37
Box 2.1 Stock market prices 34
Box 2.2 UK house prices 38
Box 2.3 Shall we put up our price? 43
Box 2.4 Speculation 46
Box 2.5 Market intervention 48
Questions 50
3 Demand and the consumer 51
3.1 Demand and the firm 51
3.2 Understanding consumer behaviour 52
3.3 Behavioural economics 59
3.4 Estimating and predicting demand 62
3.5 Stimulating demand 65
Box 3.1 R ogue traders 55
Box 3.2 Problems for unwary insurance companies 58
Box 3.3 Nudging people 61
Box 3.4 Brands and own-brands 68
Box 3.5 Advertising and the long run 71
Questions 73
10.7 Inflation 253
Box 10.1 Doing the sums 237
Box 10.2 The economics of playing host 238
Box 10.3 Business expectations and their effect
on investment 243
Box 10.4 Inflation and unemployment: how costly? 254
Box 10.5 Inflation or deflation 258
Questions 259
11 National macroeconomic policy 260
11.1 Fiscal policy 261
11.2 Monetary policy 269
11.3 Supply-side policy 279
Box 11.1 The fiscal framework in the eurozone 268
Box 11.2 The central banks of the USA and the eurozone 274
Box 11.3 The credit crunch 276
Box 11.4 Japan’s volatile past and present 280
Box 11.5 Productivity 284
Box 11.6 R esearch and development 286
Questions 288
12 The global trading environment 289
12.1 International trade 290
12.2 Trade restrictions 296
12.3 The world trading system and the WTO_300
12.4 The european union and the single market 305
Box 12.1 The changing face of comparative advantage 294
Box 12.2 Strategic trade theory 298
Box 12.3 Beyond Bananas 302
Box 12.4 Preferential trading 304
Box 12.5 The EU referendum debate and the
aftermath of the brexit vote 308
Questions 311
13 The global financial environment 312
13.1 The balance of payments 313
13.2 The exchange rate 315
13.3 The growth of global financial flows 324
13.4 Economic and monetary union in the EU 327
13.5 International economic policy: managing
the global economy 330
Postscript: is globalisation a ‘good thing’? 333
Box 13.1 The importance of international financial
movements 318
Box 13.2 Exchange rate fluctuations and
the plight of SMEs 320
Box 13.3 The euro/dollar seesaw 322
Box 13.4 A worldwide epidemic 331
Questions 335
Part end – additional case studies and relevant websites 336
Web appendix W:1
Key ideas K :1
Glossary G:1
Index I:1
Box 6.3 R ecessionary strategies 148
Box 6.4 The Dyson Dual Cyclone vacuum cleaner 157
Questions 159
7 Multinational corporations and business
![Economics John Sloman 5th Edition Economics John Sloman 5th Edition](/uploads/1/2/5/5/125541593/997471765.jpg)
strategy in a global economy 160
7.1 Multinational corporations 161
7.2 Business strategy in a global economy 166
7.3 Problems facing multinationals 174
7.4 Multinationals and the host state 175
Box 7.1 Merger activity 165
Box 7.2 Attracting foreign investors 170
Box 7.3 Grocers go global 173
Box 7.4 Investing in China 176
Questions 179
8 L abour and employment 180
8.1 Market-determined wage rates and employment 180
8.2 Power in the labour market 186
8.3 Minimum wages 190
8.4 The flexible firm and the market for labour 192
8.5 The labour market and incentives 196
Box 8.1 ‘Telecommuters’ 182
Box 8.2 The winter of discontent 188
Box 8.3 Does gender inequality still exist? 194
Box 8.4 Education, earnings, productivity and talent 199
Questions 202
9 Government, the firm and the market 203
9.1 Market failures 204
9.2 Business ethics and corporate social responsibility 209
9.3 Government intervention in the market 212
9.4 Environmental policy 213
9.5 C ompetition policy and business behaviour 220
9.6 The regulation of business 224
Box 9.1 The problem of free-riders 207
Box 9.2 The Body Shop 211
Box 9.3 A stern warning 214
Box 9.4 The problem of urban traffic congestion 218
Box 9.5 From paper envelopes to canned mushrooms:
the umpire strikes back 223
Questions 226
Part end – additional case studies and relevant websites 227
Part D
The macroeconomic environment
of business
10 The economy and business activity 230
10.1 The key macroeconomic objectives 230
10.2 Business activity and the circular flow of income 232
10.3 The determination of business activity 235
10.4 The business cycle 240
10.5 Money, interest rates and business activity 245
10.6 Unemployment 249