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Economics for Business 5th edition By John Sloman

Economics for Business 5th edition by John Sloman

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Economics for Business 5th edition Summary

Economics for Business 5th edition by John Sloman

The fifth edition of Economics for Business has been completely overhauled to cover the current issues facing today's business world. Up-to-date case studies covering everything from the credit crunch to the examination of specific businesses, such as Hotel Chocolat and the production of iPods, illustrate how economic theory relates to real business issues and practices.

This classic and successful text combines Microeconomics, Macroeconomics, International Economics and Business Economics and Strategy in one user-friendly book and is ideal for anyone studying economics with a business perspective.

About John Sloman

John Sloman is Director of the Economics Network, the economics subject centre of the Higher Education Academy. Economics Network is based at the University of Bristol. John is also Visiting Professor at the University of West of England, Bristol

Kevin Hinde is Senior Teaching Fellow in the School of Economics, Finance, and Business at the University of Durham.

Dean Garratt is Senior Lecturer in Economics at Nottingham Trent University.

Table of Contents

Guided tour


About the authors

Publisher's acknowledgements

Part A Business and economics

Chapter 1 The business environment and business economics

1.1 The business environment

1.2 The structure of industry

1.3 The determinants of business performance

Box 1.1 The biotechnology industry


Review questions

Chapter 2 Economics and the world of business

2.1 What do economists study?

2.2 Business economics: the macroeconomic environment

2.3 Business economics: microeconomic choices

Box 2.1 Looking at macroeconomic data

Box 2.2 The opportunity costs of studying economics


Review questions

Appendix: Some techniques of economic analysis

Summary of appendix

Review questions to appendix

Chapter 3 Business organisations

3.1 The nature of firms

3.2 The firm as a legal entity

3.3 The internal organisation of the firm

Box 3.1 Managers and performance

Box 3.2 The changing nature of business


Review questions

Part end additional case studies and relevant websites

Part B Business and markets

Chapter 4 The working of competitive markets

4.1 Business in a competitive market

4.2 Demand

4.3 Supply

4.4 Price and output determination

Box 4.1 UK house prices

Box 4.2 Stock market prices


Review questions

Chapter 5 Business in a market environment

5.1 Price elasticity of demand

5.2 The importance of price elasticity of demand to business

5.3 Other elasticities

5.4 The time dimension of market adjustment

5.5 Dealing with uncertainty

Box 5.1 The measurement of elasticity

Box 5.2 Adjusting to oil price shocks

Box 5.3 Don't shoot the speculator


Review questions

Part end additional case studies and relevant websites

Part C Background to demand

Chapter 6 Demand and the consumer

6.1 Marginal utility theory

6.2 Demand under conditions of risk and uncertainty

6.3 The characteristics approach to analysing consumer demand

Box 6.1 The marginal utility revolution: Jevons, Menger, Walras

Box 6.2 Rogue traders


Review questions

Chapter 7 Demand and the firm

7.1 Estimating demand functions

7.2 Forecasting demand

Box 7.1 The demand for lamb


Review questions

Chapter 8 Products, marketing and advertising

8.1 Product differentiation

8.2 Marketing the product

8.3 Advertising

Box 8.1 The battle of the brands

Box 8.2 Advertising and the long run


Review questions

Part end additional case studies and relevant websites

Part D Background to supply

Chapter 9 Costs of production

9.1 The meaning of costs

9.2 Production in the short run

9.3 Costs in the short run

9.4 Production in the long run

9.5 Costs in the long run

Box 9.1 The fallacy of using historic costs

Box 9.2 Short-run cost curves in practice

Box 9.3 UK competitiveness: moving to the next stage

Box 9.4 Minimum efficient scale


Review questions

Chapter 10 Revenue and profit

10.1 Revenue

10.2 Profit maximisation

Box 10.1 Selling ice cream when I was a student


Review questions

Part end additional case studies and relevant websites

Part E Supply: short-run profit maximisation

Chapter 11 Profit maximisation under perfect competition and monopoly

11.1 Alternative market structures

11.2 Perfect competition

11.3 Monopoly

11.4 Potential competition or potential monopoly? The theory of contestable markets

Box 11.1 Concentration ratios

Box 11.2 E-commerce

Box 11.3 Windows cleaning

Box 11.4 'It could be you'


Review questions

Chapter 12 Profit maximisation under imperfect competition

12.1 Monopolistic competition

12.2 Oligopoly

12.3 Game theory

Box 12.1 Eating out in Britain

Box 12.2 Reining in big business

Box 12.3 The prisoners' dilemma


Review questions

Part end additional case studies and relevant websites

Part F Supply: alternative strategies

Chapter 13 An introduction to business strategy

13.1 What is strategy?

13.2 Strategic analysis

13.3 Strategic choice

13.4 Business strategy in a global economy

13.5 Strategy: evaluation and implementation

Box 13.1 Business strategy the Samsung way

Box 13.2 Hybrid strategy


Review questions

Chapter 14 Alternative theories of the firm

14.1 Problems with traditional theory

14.2 Alternative maximising theories

14.3 Multiple aims

Box 14.1 In search of long-run profits

Box 14.2 Stakeholder power


Review questions

Chapter 15 Growth strategy

15.1 Growth and profitability

15.2 Constraints on growth

15.3 Alternative growth strategies

15.4 Internal growth

15.5 External growth through merger

15.6 External growth through strategic alliance

15.7 Explaining external firm growth: a transactions costs approach

Box 15.1 Global merger activity

Box 15.2 How many firms does it take to make an iPod?

Box 15.3 The day the world stopped


Review questions

Chapter 16 The small-firm sector

16.1 Defining the small-firm sector

16.2 The survival, growth and failure of small businesses

16.3 Government assistance and the small firm

Box 16.1 Capturing global entrepreneurial spirit

Box 16.2 Hotel Chocolat


Review questions

Chapter 17 Pricing strategy

17.1 Pricing and market structure

17.2 Alternative pricing strategies

17.3 Price discrimination

17.4 Multiple product pricing

17.5 Transfer pricing

17.6 Pricing and the product life cycle

Box 17.1 Easy pricing

Box 17.2 How do European companies set prices?


Review questions

Part end additional case studies and relevant websites

Part G The firm in the factor market

Chapter 18 Labour markets, wages and industrial relations

18.1 The UK labour market

18.2 Market-determined wage rates and employment

18.3 Firms with power in the labour market

18.4 The role of trade unions

18.5 The efficiency wage hypothesis

18.6 Low pay and discrimination

18.7 The flexible firm and the market for labour

Box 18.1 'Telecommuters'

Box 18.2 The UK national minimum wage

Box 18.3 The Internet and labour mobility


Review questions

Chapter 19 Investment and the employment of capital

19.1 The pricing of capital and capital services

19.2 The demand for and supply of capital services

19.3 Investment appraisal

19.4 Financing investment

19.5 The stock market

Box 19.1 Investing in roads

Box 19.2 Financing innovation


Review questions

Part end additional case studies and relevant websites

Part H The relationship between government and business

Chapter 20 Reasons for government intervention in the market

20.1 Markets and the role of government

20.2 Types of market failure

20.3 Government intervention in the market

20.4 The case for less government intervention

20.5 Firms and social responsibility

Box 20.1 Can the market provide adequate protection for the environment?

Box 20.2 Deadweight loss from taxes on goods and services

Box 20.3 The Body Shop


Review questions

Chapter 21 Government and the firm

21.1 Competition policy

21.2 Policies towards research and development (R&D)

21.3 Policies towards training

Box 21.1 The umpires strike back

Box 21.2 The R&D Scoreboard

Box 21.3 The UK needs to 'raise its game'


Review questions

Chapter 22 Government and the market

22.1 Environmental policy

22.2 Transport policy

22.3 Privatisation and regulation

Box 22.1 A Stern rebuke about climate change inaction

Box 22.2 Road pricing in Singapore

Box 22.3 The right track to reform?


Review questions

Part end additional case studies and relevant websites

Part I Business in the international environment

Chapter 23 Globalisation and multinational business

23.1 Globalisation: setting the scene

23.2 What is a multinational corporation?

23.3 Trends in multinational investment

23.4 Why do businesses go multinational?

23.5 The advantages of MNC investment for the host state

23.6 The disadvantages of MNC investment for the host state

23.7 Multinational corporations and developing economies

Box 23.1 The transnationality index

Box 23.2 Location. Location. Location.

Box 23.3 Grocers go global


Review questions

Chapter 24 International trade

24.1 Trading patterns

24.2 The advantages of trade

24.3 Arguments for restricting trade

24.4 The world trading system and the WTO

Box 24.1 Strategic trade theory

Box 24.2 Taken to the cleaners

Box 24.3 The Doha development agenda


Review questions

Chapter 25 Trading blocs

25.1 Preferential trading

25.2 Preferential trading in practice

Box 25.1 Beyond bananas

Box 25.2 The Internal Market Scoreboard


Review questions

Part end additional case studies and relevant websites

Part J The macroeconomic environment

Chapter 26 The macroeconomic environment of business

26.1 Macroeconomic objectives

26.2 Economic growth

26.3 Unemployment

26.4 Inflation

26.5 The business cycle and macroeconomic objectives

26.6 The circular flow of income

Box 26.1 Output gaps

Box 26.2 Unemployment rates

Box 26.3 Coping with a low-inflation environment


Review questions

Appendix: Measuring national income and output

Summary to appendix

Review questions to appendix

Chapter 27 The balance of payments and exchange rates

27.1 The balance of payments account

27.2 The exchange rate

27.3 Exchange rates and the balance of payments

27.4 Fixed versus floating exchange rates

Box 27.1 Dealing in foreign exchange

Box 27.2 The importance of international financial movements

Box 27.3 The euro/dollar seesaw


Review questions

Chapter 28 Banking, money and interest rates

28.1 The meaning and functions of money

28.2 The financial system

28.3 The supply of money

28.4 The demand for money

28.5 Equilibrium

Box 28.1 Financial intermediation

Box 28.2 Banks' balance sheets

Box 28.3 Residential mortgages and securitisation

Box 28.4 Tackling the credit crunch


Review questions

Chapter 29 Business activity, employment and inflation

29.1 The determination of business activity

29.2 The relationship between money and GDP

29.3 Unemployment and inflation

29.4 Inflation targeting and unemployment

29.5 Business cycles

Box 29.1 Mind the gap

Box 29.2 Has there been an accelerator effect over the past 60 years?


Review questions

Part end additional case studies and relevant websites

Part K Macroeconomic policy

Chapter 30 Demand-side policy

30.1 Fiscal policy

30.2 Monetary policy

30.3 Attitudes towards demand management

Box 30.1 From golden to temporary rules

Box 30.2 The daily operation of monetary policy

Box 30.3 Monetary policy in the eurozone

Box 30.4 Quantitative easing


Review questions

Chapter 31 Supply-side policy

31.1 Supply-side problems

31.2 Market-orientated supply-side policies

31.3 Interventionist supply-side policies

31.4 Regional policy

Box 31.1 Getting intensive with capital

Box 31.2 Productivity and economic growth

Box 31.3 A new approach to industrial policy


Review questions

Chapter 32 International economic policy

32.1 Global interdependence

32.2 International harmonisation of economic policies

32.3 European economic and monetary union

32.4 Alternative policies for achieving currency stability

Box 32.1 Doctor, the world has caught a cold!

Box 32.2 Optimal currency areas

Box 32.3 The Tobin tax


Review questions

Part end additional case studies and relevant websites

Web appendix

Key ideas



Additional information

Economics for Business 5th edition by John Sloman
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