Economics for Business, 4th Edition PDF by Chris Mulhearn and Howard R Vane


Economics for Business, Fourth Edition

By Chris Mulhearn & Howard R. Vane

Economics for Business, Fourth Edition


List of figures and tables


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 nonprice


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

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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


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


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



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