Description

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?

Features

·    Case studies drawn from many business sectors, including the electronic, financial, energy, transport, publishing, music, retailing and food sectors amongst many others.

·    Real world examples from a number of countries, including the new growth economies of Brazil, Russia, India, China and South Korea.    

·    Comprehensive instructor and student resources including 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 hosted on a companion website www.pearsoned.co.uk/griffithswall

 

New to this Edition

·    Deeper insights into the causes, consequences and remedies for global financial crises

·    New, student relevant, case studies covering - social networking, e-books, i-pads, electronic gaming, carbon footprint, flexible working, executive remuneration, intellectual property rights and much more.

·    Additional active learning opportunities to self-check your progress throughout the text and on the companion website

Table of Contents

Guided tour    

Guide to the main focus of case studies

About the authors

Preface: using this book      

Acknowledgements   

 

Part I   Micro Business Environment           

1: 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    

2: 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    

3: 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    

4: 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    

5: 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    

6: Market structures     

Introduction      
What you’ll learn

Perfect competition      
Contestable market theory        
Monopoly         
Monopolistic competition           
Oligopoly         
Recap      
Key terms    

7: 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    

8: 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          

9: 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    

10: Government policies: instruments and objectives   

Introduction

What you’ll learn

 

Fiscal policy

Taxation

Government expenditure

Fiscal policy and stablisation

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

11: Political, legal, ecological and technological environment   

Introduction      
What you’ll learn

Political environbsp;      
Ecological environment 
Technological environment         
Recap    
Key Terms       

12: Functions of management: domestic business environment           

Introduction      
What you’ll learn

Marketing        
Marketing mix  
Human resource management   
Accounting and management    
Recap      
Key terms    

13: 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    

14: 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'

Appendix 2 Isoquants, isocosts and production

References

Answers to Stop and think and You try

Index  

 

 

Back Cover

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?

‘Economics for Business and Management’:

·        looks at real-life business situations facing decision makers in all the functional areas of finance, marketing, people management and strategy;

·        examines the recent credit crunch and financial crises and the effects these are having  on global businesses;

·        uses concise and up-to-date case studies drawn from many business sectors, including the electronic, financial, energy, transport, publishing, music, retailing and food sectors amongst many others;     

·        highlights examples from a number of countries, including the new growth economies of Brazil, Russia, India, China and South Korea.    

New for this edition

·        Provides deeper insights into the causes, consequences and remedies for global financial crises

·        Presents many new case studies - social networking, e-books, i-pads, electronic gaming, carbon footprint, flexible working, executive remuneration, intellectual property rights and much more

·        Gives many additional and active learning opportunities to self-check your progress throughout the text and on the companion website

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.   

This is the ideal textbook for students following courses in introductory economics with a business and management focus and more general business environment courses with an economic underpinning.

About the authors

Alan Griffiths is Reader in Economics at the Ashcroft International Business School, Anglia Ruskin University.

Stuart Wall is Professor of Business and Economics Education at the Ashcroft International Business School, Anglia Ruskin University.

Author

Alan Griffiths is Reader in Economics at the Ashcroft International Business School, Anglia Ruskin University.

Stuart Wall is Professor of Business and Economics Education at the Ashcroft International Business School, Anglia Ruskin University.