Economics for Business
Good economic decision making is fundamental to the success of business
Economic decisions lie at the heart of business. Economics is all about the choices between alternatives and how to weigh up their costs and benefits. Studying this book will help you understand such choices and how to make them successfully when you take up a job or perhaps run your own business.
Businesses need to make choices of what and how much to produce, what techniques to use, who to employ, what investment to make, where to locate, what markets to develop and how best to compete with rivals. Economics helps them make the right decisions.
But making the right decisions depends on the economic environment in which businesses operate. For example, government policy affects business: whether through taxation, subsidies, training and education, regulation or trade policies.
The economic environment is also affected by trade relations and the actions of international bodies such as the World Trade Organization (WTO) and the International Monetary Fund (IMF). Issues such as Brexit, trade deals and migration crucially affect businesses. The book shows you how.
You will be studying all these issues and more in this book. It will give you the skills to advise businesses and other organisations on how best to achieve their objectives. The advice of economists is crucial to good decision making.
But to give good advice requires understanding issues and assessing evidence. Studying economics helps to give you this understanding and makes you a better problem solver.
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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.