9780273646037

The Modular Texts in Business and Economics series is tailored to the needs of today's students and lecturers, delivering accessible texts for modular courses. Each book provides a lively introduction to the core disciplines of modern business and management degrees.Recognising that there is a gap between economics and business, the second edition of Business Economics blends traditional economic theory with an examination of how business economics can influence such areas as business strategy. Emphasising the practical business applications of economic theory through the use of case studies and assignment questions, this student-centred text gives a flavour of the economic debates that surround economic policy in a clear and non-technical way. With its clear writing style and integration of theory with practical material, this book is a welcome introduction to business economics for undergraduate and postgraduate students of Business and Management. It is particularly relevant to MSc and MBA students taking Business Economics for the first time.

Preface

ix

The domestic economic environment

1

(30)

Key concepts

1

(1)

Introduction

2

(1)

The circular flow of income model

2

(14)

The aims of macroeconomic policy

16

(13)

Conclusions

29

(1)

References and additional reading

29

(2)

The international economic environment

31

(34)

Key concepts

31

(1)

Introduction

32

(1)

The economics of international trade

32

(31)

Conclusions

63

(1)

References and additional reading

64

(1)

Macroeconomic issues

65

(26)

Key concepts

65

(1)

Introduction

66

(1)

Issue 1: Can governments create full employment?

67

(17)

Issue 2: Should the UK join the single currency?

84

(5)

Conclusion

89

(1)

References and additional reading

89

(2)

The structure of the economy

91

(28)

Key concepts

91

(1)

Introduction

92

(1)

Structure defined

92

(3)

Structure measured

95

(1)

Structural change: the reasons

96

(5)

Structural change: the debate

101

(6)

E-commerce

107

(10)

Conclusions

117

(1)

References and additional reading

118

(1)

Organisation of firms and markets

119

(26)

Key concepts

119

(1)

Introduction

120

(1)

The organisation of business

120

(13)

Firms or industries

133

(6)

Internal organisational structure

139

(4)

Conclusions

143

(1)

References and additional reading

144

(1)

Business objectives

145

(33)

Key concepts

145

(1)

Introduction

146

(1)

Mission statements, goals, objectives

146

(3)

Theories of business goals and objectives

149

(16)

Business objectives in practice

165

(1)

Conclusions

166

(1)

Appendix

166

(9)

References and additional reading

175

(3)

Demand in theory and practice

178

(29)

Key concepts

178

(1)

Introduction

179

(1)

The theory

179

(12)

Alternative techniques of forecasting demand

191

(10)

Who uses what?

201

(1)

Conclusions

202

(1)

Appendix

202

(4)

References and additional reading

206

(1)

Costs in theory and practice

207

(32)

Key concepts

207

(1)

Introduction

208

(1)

Fixed costs and variable costs

209

(3)

Total costs and average total costs

212

(1)

Marginal cost

213

(1)

Total, average and marginal revenues

213

(1)

Marginal costs and revenues (benefits)

214

(4)

Time horizons

218

(4)

Increasing returns to scale and economies of scale

222

(4)

Constant and decreasing returns to scale

226

(1)

Minimum efficient scale

227

(4)

Producing at least cost

231

(6)

Conclusions

237

(1)

References and additional reading

238

(1)

Pricing in theory and practice

239

(31)

Key concepts

239

(1)

Introduction

240

(1)

Determining costs

240

(1)

Firm objectives

240

(1)

Market conditions

241

(4)

Oligopoly, collusion and price

245

(7)

Price stability

252

(5)

Game theory

257

(10)

Empirical evidence on oligopoly pricing

267

(1)

Conclusions

268

(1)

References and additional reading

269

(1)

Investment in theory and practice

270

(19)

Key concepts

270

(1)

Introduction

271

(1)

Investment appraisal techniques

271

(5)

The cost of capital

276

(1)

Risk and uncertainty

277

(8)

Conclusions

285

(1)

Appendix

285

(3)

References and additional reading

288

(1)

Corporate strategy and business economics

289

(56)

Key concepts

289

(1)

Corporate strategy defined

290

(6)

Corporate strategy: analysis, choice and implementation

296

(27)

International business strategies

323

(8)

Theories of multinational business

331

(4)

Globalisation: myth or reality?

335

(8)

Conclusions

343

(1)

References and additional reading

343

(2)

Government and business

345

(39)

Key concepts

345

(1)

Introduction

346

(1)

Reasons for government intervention

346

(1)

Privatisation and deregulation

346

(8)

Mergers and acquisitions

354

(13)

The small firm

367

(7)

Regional and urban policy

374

(7)

Labour market policies

381

(2)

Conclusions

383

(1)

References and additional reading

383

(1)

Sources of information/data

384

(1)

Business economics and the Internet

385

(1)

Solutions and guidelines

386

(65)

Index

451

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Business Economics

0273646036

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