Key To Economic Science And Managerial Sciences

Economic principles inform good business decision making. Although economics is sometimes dismissed as a discourse of practical relevance to only a relatively small circle of academicians and policy analysts who call themselves economists, sound economic reasoning benefits any manager of a business, whether they are involved with production/operations, marketing, finance, or corporate strategy. Along with enhancing decision making, the field of economics provides a common language and framework for comprehending and communicating phenomena that occur within a business, as well as between a business and its environment. This text addresses the core of a subject commonly called managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are presented in form of simple conceptual models. The text includes key elements from the economics of consumer demand and the economics of production. The book discusses economic motivations for expanding a business and contributions from economics for improved organization of large firms. Market price quantity equilibrium, competitive behavior, and the role of market structure on market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of the generic problems that create the need for regulation and possible remedies for those problems. Although the academic literature of managerial economics often employs abstract mathematics and large corporations create and use sophisticated mathematical models that apply economics, this book focuses on concepts, terminology, and principles, with minimal use of mathematics. The reader will gain a better understanding of why businesses and markets function as they do and how those institutions can function better.

Fundamentals of Economics for Business is an innovative text designed specifically for students in business education programs. It provides a comprehensive yet accessible introduction to the key economic issues relevant to present or future business decision-makers. Reflecting the requirements of globalization, the content is international in scope and is applicable worldwide. The material is easily adaptable to courses of different lengths and educational objectives, including a one-semester MBA course, economics courses in an undergraduate commerce or business degree, or an executive MBA program.This second edition adds significant new material on production costs, managerial economics, growth and competitiveness, and includes new case studies with applications to international business.

Now in its sixth edition, Ivan Png's Managerial Economics has been extensively revised with an introductory chapter emphasizing decision-making and behavioral biases, intensive application to current business and economic issues including technology, globalization, and pandemics, a closing chapter highlighting business responses to climate change, a streamlined presentation focusing on the economics that managers need to know. As always, the text presents the key concepts of microeconomics intuitively, without sophisticated mathematics. Throughout, it emphasizes actual management applications. The new sixth edition is updated with fresh up-to-date vignettes and discussion questions from all over the world and enhanced with detailed instructor supplements. It is an ideal text for any course focusing on the practical application of microeconomic principles to management. The book provides truly useful economics for managers. In the words of one professor, "I can use your book for serious conversation with adult students."

In today's global recession, strong management of firms and organizations are of the utmost importance. Best-selling Economics of Strategy focuses on the key economic concepts students must master in order to develop a sound business strategy. Bringing economic theory and strategic analysis to life in an engaging and uniquely modern way, Besanko et al. have collaborated for over 15 years to build an introductory business course that combines basic concepts from economic theory of the firm and industrial organization with ideas from modern strategy literature. The newly revised 5th edition offers more real-world applications to make materials studied in undergraduate Managerial Economics, Business Strategy, and Industrial Organization courses relevant. Armed with general principles, today's students—tomorrow's future managers—will be prepared to adjust their firms' business strategies to the demands of the ever-changing environment.

macroeconomics for managers This book by Michael Evans provides an excellent introduction to understanding the impact of the macroeconomy on a business. It is well written and makes the subject matter accessible to MBA and college students, managers, and interested laymen. This book belongs on every business bookshelf. Raj Aggarwal, Kent State University This text offers business managers and business school students an excellent practical explanation of the short-term linkages that impact the performance of the overall economy. While the underlying theoretical constructs are not ignored, emphasis is placed on the empirical underpinnings and managerial implications of macroeconomics. The text begins by introducing key concepts such as the GDP, National and Personal Income, and the various measures of inflation and unemployment. Building on this foundation it then analyzes the following aspects of macroeconomics: aggregate supply and demand, international financial markets, cyclical fluctuations, policy analysis, and forecasting. Engaging the reader through many features, the text includes detailed case studies and “Manager’s Briefcase” discussions, which provide practical applications of macroeconomic concepts to real-world situations. Additionally, each chapter ends with a list of key concepts, a chapter summary, and practice questions. Its short-term, empirically oriented approach makes this text a distinctive and practical resource for better understanding macroeconomics.