Economics for Business

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9780077114510: Economics for Business

"Economics for Business", second edition is an essential introduction to economics, tailor-made for business students. The text demonstrates the relevance of applying economic principles to solve business problems, using a unique approach that starts with the business problem before employing economics as the solution. Key economic theories are therefore clearly explained within the context of modern business, drawing on a wealth of contemporary examples to bring the topics to life. The supporting features and exercises allow students to consolidate their learning and equip them with the economic tools to confront real business situations.

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About the Author:

David Begg is Principal of the Tanaka Business School at Imperial College London. He has been a Research Fellow of the Centre for Economic Policy Research since its inception in 1984, and an adviser to the Bank of England, the treasury and the IMF. Damian Ward is Senior Lecturer in Economics at Bradford University School of Management. He has experience of teaching undergraduate and MBA students, including senior managers from the BBC and Emirates Airlines. His research interests focus on the application of economic theory to the workings of the financial services industry.

Review:

Taken from the Economic Outlook and Business Review Volume 19.4 November/December 2004

The discipline of economics, particularly at the introductory level, is often taught in a multidisciplinary context. Undergraduates specialising in, for example, business, law or politics are often required to take an introductory economics module. From an economics discipline perspective, such students are known as "non specialists" since they will not pursue a full undergraduate programme in economics. The requirements of the non-specialist market in economics are radically different from the specialist market. In the context of contemporary undergraduate economics teaching the vast majority of students are non-specialists. This poses a dilemma for authors of economics texts (and teachers too) – one must be very clear whether the text is aimed at the specialist or non-specialist market. A text aimed at one market will likely be unsuitable for the other market. The marketing of non-specialist economics text is very competitive as publishers seek to attract and hold interest in a particular text. This competitive edge has had a beneficial impact on the quality of non-specialist economics texts. The text reviewed here is an excellent example of the consequences of the very competitive non-specialist market.

Economics for Business is a text aimed at business students who need to understand the economics behind business issues. The issues emphasized in the text cover not only key business decisions such as product pricing, profit generation, business governance and business growth strategies, but also factors affecting economic environment within which business decisions are taken – market structure, government policy, exchange rates, globalisation and national economic growth.

Significant effort has been taken in this volume to ensure that rationale for the economics included is business focused. In addition, the presentation of the underlying economic principles is excellent. The overall appearance and presentational style is visually striking and extremely attractive. The annotated graphics accompanying the text are also excellent.

Each chapter begins with a "chapter map" which is an executive summary of the chapter, followed by an “economics at a glance” text book which highlights the business issue to be addressed in the chapter. The text box also contains a brief statement explaining the relevance of the accompanying economics for understanding the business issue. The use of real-world business examples in every chapter also reinforces the relevance of economics within a business context.

This is an excellent introductory economics text aimed specifically at business students. It will, however, be of use to anyone with a business background wishing to know more about the economic environment. (Economic Affairs 20041201)

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David K.H. Begg; Damian Ward
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David K.H. Begg; Damian Ward
Published by McGraw Hill Higher Education (2006)
ISBN 10: 0077114515 ISBN 13: 9780077114510
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Irish Booksellers
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