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Contents Guided Tour xii Preface xv Acknowledgements xvii Part I Micro Business Environment 1 1 Markets and resource allocation 3 Wants, limited resources and choice 4 Demand curves and functions 5 Supply curves and functions 13 Price determination 20 Changes in market price and quantity 22 Resource allocation in different economic systems 34 Key Terms 38 Key Points 39 Assessment Practice 40 2 Demand, revenue and consumer behaviour 45 Price elasticity of demand (PED) 46 Price elasticity of demand (PED) and revenue 48 Total, average and marginal revenue 55 PED and tax incidence 56 Other elasticities of demand 64 The 'Veblen effect' and consumer behaviour 69 Consumer surplus 72 Utility and consumer behaviour 73 Key Terms 81 Key Points 82 Assessment Practice 82 3 Supply, production and cost 89 The factors of production 90 Combining factors of production: the laws of returns 93 Costs of production: short run 95 Costs of production: long run 102 Deciding whether to produce in the short run and the long run 110 Price elasticity of supply (PES) 114 Outsourcing and cost 117 Governments, location and cost 120 Producer surplus 123 Key Terms 125 Key Points 125 Assessment Practice 125 4 Business organisation, objectives and behaviour 131 Types of business organisation 132 Business objectives: maximising 139 Business objectives: non-maximising behaviour 146 Does firm objective matter? 148 Profit, ethics and the environment 151 Business behaviour 153 Corporate governance 158 Product life cycle 162 Key Terms 164 Key Points 164 Assessment Practice 165 5 Firm size, mergers and the 'public interest' 171 Small to medium-sized enterprises (SMEs) 172 Small firm survival 173 Small firms and the UK economy 179 Growth in firm size 181 Mergers: who benefits? 183 Types of merger activity 185 Explanations of merger activity 189 Demerging 193 Mergers and the public interest 194 Key Terms 196 Key Points 197 Assessment Practice 198 6 Market structures 203 Perfect competition 204 Contestable market theory 213 Monopoly 215 Monopolistic competition 222 Oligopoly 226 Key Terms 243 Key Points 244 Assessment Practice 244 7 Labour and other factor markets 251 Factor payments and derived demand 252 Occupational differences in wages and employment 257 Imperfectly competitive labour markets 259 UK labour market regulations 261 EU Social Chapter 267 Work-life balance 270 Gender and ageism 272 Transfer earnings and economic rent 274 Key Terms 276 Key Points 277 Assessment Practice 277 8 Market failure, regulation and competition 281 Types of market failure 282 Correcting 'market failures' 286 Regulation 295 Deregulation and privatisation 299 Regulation of privatised companies 304 UK competition policy 305 EU competition policy 311 Key Terms 314 Key Points 315 Assessment Practice 315 Part II Macro Business Environment 321 9 National income determination 323 National income 324 National income: definitions and measurement 328 National income data: international comparisons 333 Components of the circular flow 338 Equilibrium in the circular flow: WyJ approach 343 Equilibrium in the circular flow: 45¡ diagram approach 349 Equivalence of the two approaches 354 Changes in national income 358 National income multiplier 360 Inflationary and deflationary gaps 365 Key Terms 367 Key Points 368 Assessment Practice 368 10 Government policies: instruments and objectives 373 Fiscal policy 374 Taxation 375 Government expenditure 383 Fiscal policy and stabilisation 386 Monetary policy 389 Aggregate demand and aggregate supply analysis 395 Inflation 399 Employment and unemployment 405 Balance of payments 412 Exchange rate 414 Economic growth 418 Key Terms 421 Key Points 422 Assessment Practice 423 11 Demographic and social environment 429 Demographic patterns and trends 430 Action to defuse the 'demographic time-bomb' 434 Socio-cultural patterns and trends 437 Lifestyles and social attitudes 442 Business implications of demographic and social changes 446 Key Terms 451 Key Points 452 Assessment Practice 452 12 Political, legal, ecological and technological environment 457 Political environment 458 Legal environment 465 Ecological environment 475 Technological environment 480 Key Terms 484 Key Points 485 Assessment Practice 485 13 Functions of management: domestic business environment 491 Marketing 492 Marketing mix 497 Human resource management 505 Accounting and management 514 Key Terms 528 Key Points 529 Assessment Practice 530 14 International business environment 537 The internationalisation process 538 International business environment 547 Multinational enterprise (MNE) 553 International human resource management (IHRM) 556 International marketing 559 International marketing mix 565 European Union (EU) 576 North America 579 East and South East Asia 582 International institutions and international business 586 Free trade and government protectionism 590 Key Terms 597 Key Points 598 Assessment Practice 598 15 Strategies in a globalised business environment 605 Strategic frameworks for corporate activity 606 SWOT and PESTLE analyses 611 Porter's Five Forces analysis 621 Portfolio analysis 626 National strategic perspectives 627 Globalisation and strategic options for MNEs 630 Strategic joint ventures and alliances 642 Key Terms 646 Key Points 647 Assessment Practice 648 16 Leisure, hospitality and sports sectors 653 Changing economic structure 654 The particular nature of services 658 Leisure sector 664 Hospitality sector 671 Sports sector 674 Key Terms 678 Key Points 679 Assessment Practice 679 Appendix 1 Indifference curves, budget lines and the 'law of demand' 687 Indifference maps 688 Deriving the demand curve: indifference analysis 689 Imperfect information and loss of consumer welfare 695 Appendix 2 Isoquants, isocosts and production 697 Isoquants 697 Isocost lines 698 Economic efficiency 699 References 701 List of contributors 704 Answers to Checkpoints and Activities 705 Index 737
Library of Congress Subject Headings for this publication:
Managerial economics.
Economics.
Business.
Management.