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Economics for Business
Economics for Business

Andrew Gillespie

1
 1
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
Oxford University Press is a department of the University of Oxford.
It furthers the University’s objective of excellence in research, scholarship,
and education by publishing worldwide. Oxford is a registered trade mark of
Oxford University Press in the UK and in certain other countries
© Andrew Gillespie 2019
The moral rights of the author have been asserted
Impression: 1
All rights reserved. No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by licence or under terms agreed with the appropriate reprographics
rights organization. Enquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above
You must not circulate this work in any other form
and you must impose this same condition on any acquirer
Published in the United States of America by Oxford University Press
198 Madison Avenue, New York, NY 10016, United States of America
British Library Cataloguing in Publication Data
Data available
Library of Congress Control Number: 2018954271
ISBN 978–0–19–108916–9
Printed in Great Britain by
Bell & Bain Ltd., Glasgow
Links to third party websites are provided by Oxford in good faith and
for information only. Oxford disclaims any responsibility for the materials
contained in any third party website referenced in this work.

Every effort has been made to trace and contact copyright holders,
but this has not been possible in every case. If notified, the publisher
will undertake to rectify any errors or omissions at the
earliest opportunity.
Preface
Welcome to what is essentially the third edition of Business Economics. We were de-
lighted with the response to the first two editions, but rather than simply refresh the
case studies for this edition we decided to look again at what you really needed. We
talked extensively to lecturers about their courses and what students wanted, and it
was clear that what was needed was an even greater focus on how economic theory
is of value to people in business. Rather than having an economics book adapted for
business, you wanted a book written about business using relevant economic con-
cepts and theory. The result is that we decided not just to update the second edition
but to develop the book significantly so that it can meet your needs more effectively.
We have looked at economics through the eyes of someone in business and consid-
ered how economic thought might affect business decisions. We have restructured
the book and rewritten it significantly so that it is fully tailored to your needs. We
think you will find it even more relevant and engaging than the earlier editions.
Two key aims of this book have always been to show why understanding economics
is important in business, and to make studying economics accessible. We have con-
tinued with this approach and hope that when reading this book you will see why
economics is relevant to you, even if you don’t want to be an economist, and how
economic theory would be important to managers.
A variety of learning features, many of them new to this edition, are supplied in
each chapter to help you master the material.
• Why do I need to know about . . .?: at the start of every chapter we have cre-
ated a scenario to help you appreciate why this topic is important in business.
• Business case: these cases are real-life business situations that raise a number of
issues related to the topic in the chapter. We put the case at the start of the chap-
ter, with some questions so that you can appreciate what it is you are trying to
understand in this chapter. As the chapter progresses you gain the knowledge and
skills to answer the questions given at the start. We also have extension questions
at the end of the chapter to take your understanding of this issue even further,
now you have studied it.
• Management task: in this feature we give you examples of the decisions that
managers might have to make using the theory we have covered, and we ask for
your view of what should be done in the given situation. This feature helps you to
relate what you are studying to the types of decision you might make in business.
• Business insight: this feature includes insights into real business situations
and gives you the opportunity to analyse this using the theory you have been
learning.
• Analysing the business data: provides you with economic data in a variety of
forms, such as tables and charts, and allows you to analyse these with the skills
you have developed.
vi Economics for Business

• Key concepts: the key issues covered in the chapter are clearly defined and
flagged for you throughout the chapter.
• Doing the business maths: allows you to apply your quantitative skills. An-
swers to the problems are supplied at the end of the book.
• Quick check: questions allow you to review what you have been reading and
quickly test your understanding—for example, through multiple choice or true/
false questions. The answers are supplied at the end of the book.
• Read more: gives you details of sources you might find interesting to take your
learning further.
• Key learning points: at the end of the chapter summarize what you have
learned.
• Quick questions: give you an opportunity to review the whole chapter through
some short questions.
Contents
Detailed contents ix
How to use this book xvi
Online Resources xviii
Acknowledgementsxx
Dedicationxxi
List of Business insight features xxii

1. What is a business? 1
2. Mission and objectives 20
3. Managing demand 41
4. Managing costs 78
5. How markets work 119
6. Labour market 141
7. Do markets work? 175
8. Different market forms 198
9. Strategic planning and the economy 234
10. Strategies for growth 257
11. Analysing the macro-economic environment 275
12. Government macro-economic policy and business 303
13. Global business 335
Answers to questions 358
Data sources 375
Index379
Detailed contents
How to use this book xvi
Online Resources xviii
Acknowledgementsxx
Dedicationxxi
List of Business insight features xxii

1. What is a business? 1
Business case 1
Managing a business 2
What are your employees busy doing? 3
Legal forms of business 4
Managing the transformation process 7
What do managers do? 8
The economy and the transformation process 10
The roles of a manager 13
Why managers and economists have a lot in common 14
How might economists and managers approach problems differently? 17
Summary18
Key learning points 18
Business case extension questions 18
Quick questions 19

2. Mission and objectives 20

Business case 20
Mission22
Objectives23
Profit as an objective 24
Other objectives 28
Will managers really maximize profits? 33
Ownership and objectives 35
Corporate social responsibility 37
Summary39
Key learning points 39
Business case extension questions 40
Quick questions 40
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