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Economics for Business, 9th edition

Published by Pearson (March 6, 2023) © 2023

  • John Sloman University of Bristol
  • Dean Garratt Aston Business School
  • Jon Guest Aston Business School
  • Elizabeth Jones University of Warwick

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An accessible and engaging introduction to economics applied in a business context.

Economics for Business, 9th edition is the ideal textbook if you are studying economics as part of a business studies degree or diploma. Using clear language, it introduces the key principles of economics and illustrates how they can be used to understand real business problems in the world today.

Each chapter is packed with features to support your learning, such as definitions, examples, news stories and case studies, whilst integrated activities and questions help you check your understanding. Access the free student website that accompanies the text for walk-through explainers, cases, answers and more.

Available with Revel® and MyLab®. This edition also includes a Companion Website.

Hallmark Features of this title

Engaging features bring economics to life, relating theory to global business issues.

  • Specialist business chapters and topics enliven the subject for business studies students.
  • Direct and straightforward written style, with short paragraphs, aids rapid comprehension and provides maximum clarity.
  • 44 ‘key ideas’, highlighted and explained when they first appear, provide a ‘toolkit’ for your students, helping them relate different parts of the subject together.
  • ‘Pause for thought’ motivate students to reflect on what they have just read, encouraging a more active learning process.
  • Despite considerable updating, the book retains its structure, making the transition to the 9th edition straightforward, and removing the need to update references to the chapters and pages.

New and updated features of this title

A great deal of applied material, extensively revised to reflect contemporary issues, debates, and policy interventions.

  • All policy sections have been thoroughly revised to reflect the changes that have taken place since the last edition. The revised content includes:
  • extensive analysis of the implications of COVID-19 for economies, businesses, and labour markets
  • coverage of the effects of rising inflation from supply-chain issues
  • the Russian invasion of Ukraine.

Many of the chapter boxes are new or extensively revised.

  • All tables and charts have been updated, as have the factual references in the text.
  • Economic analysis and debate have been strengthened and revised at various points in the book in light of economic events and developments in economic thinking.
  • Building on the revisions in previous editions, there is now an enhanced discussion around behavioural economics.
  • The analysis throughout the book on the issues of globalisation and financialisation has been extended.
  • Most importantly, every part of the book has been carefully considered and, if necessary, redrafted, to ensure maximum clarity and contemporary relevance.

Features of MyLab®Economics for the 9th Edition

Build your own assignments and coursework with a fully integrated homework system.
  • Teach your course your way: Create a course that responds to your requirements. MyLab offers the flexibility to build your own assignments, teach multiple sections, or set prerequisites.
  • An extensive bank of questions tailored to the content of the book includes algorithmic, graphing, multi-step and case study problems, allowing you to create your own formative and summative assignments to fit the needs of your course with ease.
  • MyLab Economic's robust gradebook offers an easy way for you and your students to track their performance in your course.
Deliver trusted content in a digital tutorial environment and enhance your students' learning experience from theory to practice.
  • Empower each learner: Each student learns at a different pace. Personalised learning pinpoints the precise areas where each student needs practice, giving all students the support they need to be successful.
  • A Study Plan tailored to your students' needs helps them identify areas they need to focus on to support their understanding, build confidence and improve their grades.
  • Economic Experiments and regularly updated news articles in MyLab Economics promote active learning and engagement in real economic scenarios.

Discover more about MyLab®Economics.

About the authors

Preface

Publisher's acknowledgements

Part A BUSINESS AND ECONOMICS

  1. The business environment and business economics
  2. Economics and the world of business
  3. Business organisations

Part B BUSINESS AND MARKETS

  1. The working of competitive markets
  2. Business in a market environment

Part C BACKGROUND TO DEMAND

  1. Demand and the consumer
  2. Behavioural economics of the consumer
  3. Firms and the consumer

Part D BACKGROUND TO SUPPLY

  1. Costs of production
  2. Revenue and profit

Part E SUPPLY: SHORT-RUN DECISION MAKING BY FIRMS

  1. Profit maximisation under perfect competition and monopoly
  2. Profit maximisation under imperfect competition
  3. Alternative theories of the firm

Part F SUPPLY: ALTERNATIVE STRATEGIES

  1. An introduction to business strategy
  2. Growth strategy
  3. The small-firm sector
  4. Pricing strategy

Part G THE FIRM IN THE FACTOR MARKET

  1. Labour markets, wages and industrial relations
  2. Investment and the employment of capital

Part H THE RELATIONSHIP BETWEEN GOVERNMENT AND BUSINESS

  1. Reasons for government intervention in the market
  2. Government and the firm
  3. Government and the market

Part I BUSINESS IN THE INTERNATIONAL ENVIRONMENT

  1. Globalisation and multinational business
  2. International trade
  3. Trading blocs

Part J THE MACROECONOMIC ENVIRONMENT

  1. The macroeconomic environment of business
  2. The balance of payments and exchange rates
  3. The financial system, money and interest rates
  4. Business activity, unemployment and inflation

Part K MACROECONOMIC POLICY

  1. Demand-side policy
  2. Supply-side policy
  3. International economic policy

Web appendix

Key ideas

Glossary

Index

John Sloman was Director of the Economics Network from its foundation in 1999 until 2012. He is now Visiting Fellow at the University of Bristol where the Network is based, as well as Visiting Professor at the University of the West of England, Bristol.

Dean Garratt is a Senior Teaching Fellow at Aston Business School and an Associate of the Economics Network. Dean was also an academic assessor for the Government Economic Service and a tutor on HM Treasury's Graduate Development Programme.

Jon Guest is a National Teaching Fellow of the Higher Education Academy and a Senior Teaching Fellow at Aston Business School. Jon is also a Senior Associate of the Economics Network, a Teaching Associate at Warwick Business School and an Academic Assessor for the Government Economic Service.

Elizabeth Jones is a Professor of Economics and Director of Undergraduate Studies in the Department of Economics at the University of Warwick. Elizabeth is also a lecturer on HM Treasury's Graduate Development Programme and teaches Economics for non-economists courses across various government departments.

Discover more on our Sloman Economics news site.

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