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• Cover
• Halftitle
• Title
• Copyright
• About the authors
• Brief Contents
• Contents
• List of figures and tables
• Preface
• Guide to the book
• Online resources
• 1 Economics and business
• 1.1 Introduction: what is economics?
• 1.2 Why economics matters to business, indeed to everyone
• 1.3 Understanding the roles of firms, consumers and government in markets
• 1.4 Scarcity, choice and opportunity cost
• 1.5 Opportunity cost and incentives
• 1.6 Microeconomics, macroeconomics and business
• 1.7 Positive and normative economics
• Everyday economics 1.1 answers
• One thing you should read
• 2 The market
• 2.1 Introduction: the market, an old but still very useful institution
• 2.2 Consumers and demand in the market
• 2.3 Firms and supply in the market
• 2.4 The market: bringing demand and supply together
• 2.5 Applying market analysis 1: the example of economic integration in the European Union
• 2.6 Elasticity in the market
• 2.7 Price elasticity of demand
• 2.8 Determinants of price elasticity of demand
• 2.9 Why firms need to know about price elasticity of demand
• 2.10 Applying market analysis 2: OPEC and the market for oil
• 2.11 Other forms of elasticity
• 2.12 Markets and asymmetric information
• 2.13 Markets and the rational consumer
• 2.14 Markets: concluding remarks
• Everyday economics 2.1 answers
• One thing you should read
• 3 The firm
• 3.1 Introduction
• 3.2 What do firms do?
• 3.3 Why is the firm a necessary institution?
• 3.4 Different kinds of firm
• 3.5 Reflections on the strategies of firms: profit maximization, economics and business strategy, organic growth and growth by merger and acquisition
• 3.6 Firms’ strategies for survival: resolving the principal–agent problem, coping with asymmetric information problems
• 3.7 The death of a firm
• 3.8 Firms and entrepreneurship: an Austrian view
• Everyday economics 3.1 answers
• One thing you should read
• 4 Firms’ costs and revenues
• 4.1 Introduction
• 4.2 The short run and the long run
• 4.3 The short-run production function and the law of diminishing marginal returns
• 4.4 Short-run costs
• 4.5 Production in the long run
• 4.6 Long-run costs
• 4.7 Firms’ revenues
• 4.8 Profit maximization
• Everyday economics 4.1 answers
• One thing you should read
• 5 Market concentration and market power
• 5.1 Introduction
• 5.2 Market power
• 5.3 Market structures, market power, price competition and non-price competition
• 5.4 Perfect competition
• 5.5 Monopoly
• 5.6 Imperfect competition (also known as monopolistic competition)
• 5.7 Oligopoly
• 5.8 Oligopoly and game theory
• 5.9 Market structures: an institutionalist view
• Everyday economics 5.1 answers
• One thing you should read
• 6 Business and government
• 6.1 Introduction
• 6.2 Market failure
• 6.3 Public goods
• 6.4 Externalities
• 6.5 Public goods, externalities and business
• 6.6 The liberal view: market failure and state failure
• 6.7 Privatization
• 6.8 Competition policy
• 6.9 Industrial policy
• Everyday economics 6.1 answers
• One thing you should read
• 7 Factor markets
• 7.1 Introduction
• 7.2 The labour market
• 7.3 The demand for labour
• 7.4 The supply of labour
• 7.5 Issues in the labour market: bringing demand and supply together
• 7.6 Factor incomes and economic rent
• Everyday economics 7.1 answers
• One thing you should read
• 8 The macroeconomy, macroeconomic policy and business
• 8.1 Introduction: the macroeconomic context of business
• 8.2 Economic growth
• 8.3 Unemployment
• 8.4 Inflation
• 8.5 The balance of payments
• 8.6 A brief overview of macroeconomic policy since 1945
• Everyday economics 8.1 answers
• One thing you should read
• 9 Unemployment: causes and cures
• 9.1 Introduction: the debate over the causes and cures for unemployment
• 9.2 The classical approach
• 9.3 The orthodox Keynesian approach
• 9.4 The monetarist approach
• 9.5 The new classical approach
• 9.6 The new Keynesian approach
• 9.7 A case study: unemployment in Europe
• Everyday economics 9.1 answers
• One thing you should read
• Appendix: An alternative presentation using an Aggregate Demand (AD)–Aggregate Supply (AS) model
• 10 Inflation: causes and cures
• 10.1 Introduction: the inflation debate
• 10.2 The monetarist view
• 10.3 The non-monetarist view
• 10.4 A case study: maintaining price stability in the euro area
• 10.5 Concluding remarks
• One thing you should read
• Appendix: Keynesians, monetarists and new classicists and the expectations-augmented Phillips curve
• 11 Economic growth and business cycles
• 11.1 Introduction
• 11.2 Economic growth: an overview
• 11.3 The Solow growth model
• 11.4 The new endogenous growth models
• 11.5 Wider influences on economic growth
• 11.6 Main features of business cycles
• 11.7 The debate over the cause and control of business cycles
• 11.8 Concluding remarks
• One thing you should read
• Appendix: The Solow growth model
• 12 Stabilizing the economy
• 12.1 Introduction
• 12.2 Discretionary policy and policy rules
• 12.3 The rules versus discretion debate: problems of stabilization policy
• 12.4 Changing views on stabilizing the economy
• 12.5 Concluding remarks
• One thing you should read
• 13 International trade
• 13.1 Introduction
• 13.2 The theory of comparative advantage
• 13.3 Reflecting on comparative advantage: further developments in trade theory
• 13.4 Patterns of trade since 1945
• 13.5 International trade policy
• Everyday economics 13.1 answers
• One thing you should read
• 14 The balance of payments and exchange rates
• 14.1 Introduction
• 14.2 The balance of payments accounts
• 14.3 The balance of payments and business
• 14.4 Exchange rates and exchange rate determination
• 14.5 Exchange rate systems
• 14.6 Exchange rate systems in practice
• 14.7 The euro
• 14.8 The balance of payments, exchange rates and business
• Everyday economics 14.1 answers
• One thing you should read
• 15 Globalization
• 15.1 Introduction
• 15.2 What is globalization?
• 15.3 How far has globalization progressed?
• 15.4 What are the attractions of globalization?
• 15.5 What threats might globalization pose?
• 15.6 On reflection, how new is globalization anyway?
• One thing you should read
• Glossary
• Index