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What do economists know that business executives find useful? Economics ought to be indispensable for business decision-makers because it deals with the issues executives face daily: what to pro duce, how and how much, at what price, how best to use resources (time, labor, capital), how to understand markets. Why, then, do managers often think that economists' theories are ivory-tower and impractical? Perhaps because most economics texts are mystifying, jargon-rid den, and written from every perspective except that of the line manager. In Executive Economics: Ten Essential Tools for Managers, Shlomo Maital brings economics down to earth, back to the hard day-to-day decisions that executives have to make. He shows how all decisions can be organized around two key questions: What is it worth? What must I give up to get it? Answering these questions depends upon finding and maintaining the right relation in the "triangle of profit" -- cost, price, and value. Each of Executive Economics ten chapters focuses on one or more legs of the triangle of profit, defines a decision tool, and illustrates how it can be used to improve the quality of executive decisions. Drawing on recent examples from both Fortune 500 firms and smaller companies, Maital shows why economics main contribution is to deepen executives' understanding of the structure of their costs, and to explain why some of a business's highest expenses are those that never appear on a check stub or in a profit-and-loss statement. Executive Economics is written for executives, about executives, and by an author who has both taught executives at MIT's Sloan School of Management for over a decade and served as a consultant to small and large businesses. It is must reading for executives who need simple, effective decision-making tools to give them an edge in today's competitive global economy.
John Kay has been described as the `most important business analyst in Britain bar none', and this book shows why. Here he combines common sense and rigorous economic thinking in a number of essays on business and economic issues—-the competitiveness of UK plc, the stakeholder economy, business strategy, and corporate personality. Kay is well known for his incisive and entertaining columns in the Financial Times (some of which are included here), his regular audio and TV broadcasts, and is much in demand as a speaker and consultant. In The Business of Economics he shares his analysis, thoughts and insights on a range of urgent and important issues facing the country and individual firms. His clear and direct writing style will inform, challenge, and entertain; his rigorous and clever analysis of the corporate world will offer insights into the business problems and decisions faced by executives and managers every day. The book confirms the judgement of the Economist - `that John Kay is well on the way to turning himself into a European Michael Porter.'
Often, economics is regarded as a collection of notional theories distanced far from the real world. Yet, economists maintain that theories are the foundation for predictions about what to expect in the real world. The disconnection seems particularly strong among undergraduate students immediately after taking principles of microeconomics and principles of macroeconomics. As freshman and sophomore students with no experience with the real world, they simply do not comprehend how economics can possibly be used. Later as seniors who major in business, they might have rare glimpses of economics as useful in making business decisions and crafting business strategies. After graduation and amidst their experience with business practice, they might finally see that economic principles underlie business analysis, business decisions, and business strategies. Frequently, business analysis is reductionism of complex matters into simple constituents that are studied through the lens of economic principles. In the same way, business decisions are practical applications of economic principles, and business strategies are informed by economic principles. Accordingly, managerial economics is essentially economics applied by managers, directors, and executives in their roles as decision makers and strategists. Accordingly, the focus of managerial economics should be on what managers, directors, and executives need to know and will use in business practice. Circumscribing managerial economics in this way, a lot of economics is not applied in business practice and can be left outside the limits of need to know. However, a lot of economics lies within the boundaries of use in business practice and need to know. Economics for managers, directors, and executives is centered on bringing economic principles to bear on business practices and business strategies. Of course, decisions are made and strategies are crafted within an organization, perhaps a business firm, nonprofit organization, or government agency. Regardless, organizations face countless problems requiring decisions or strategies to accomplish some mission or to achieve some objective subject to constraints, competitive or otherwise. Certain economic principles guide and lead to decisions and strategies that minimize exposure to adverse effects on organizational performance or that maximize favorable effects on organizational performance. Principles, practices, and strategies have purpose in their application to solving problems, minimizing threats, and realizing opportunities. Economics for Executives has purposeful intent. It is meant to develop comprehension of and comfort in application of economics actually used in business practice. Moreover, it is meant to address the economics that managers, directors, and executives really need to know for meaningful careers in business. Of course, this intent leaves out theories, abstractions, concepts, and constructs that might have significance and importance in other contexts such as public policy but not for business practice.
"The 2nd edition of Economics for Business and Management focuses on real-life business situations in both functional and strategic areas of business and management. It applies key concepts in economics and business to a wide variety of situations helping you to answer questions such as: Why is offshoring now a major concern for South Korea? What are the key characteristics for successful entry to new international markets? How can 'sustainability' affect decision making within businesses? This is the ideal textbook for students following courses in introductory economics with a business and management focus. Its detailed consideration of wider dimensions of the business environment, such as political, legal, ethical, sociocultural, technological and environmental issues, make it more suitable for more general courses on the business environment with an economic underpinning."--Cover.
First published as ‘Markets for Managers’, this book has proved to be a popular way for non-economists to understand and apply the key tools of economics. Professor Anthony J. Evans, one of Europe’s leading Managerial Economics instructors, brings the content that works in his classrooms to an even wider audience. Written in an engaging and informal way, whether you are a busy executive or simply an interested amateur this is your go-to guide. In this revised and updated edition, you will be led through the building blocks of economic theory and how they relate to the real world. You will see how thinking like an economist can improve your decision making, and how markets can be used to generate value within organizations and in society at large. The book incorporates the main principles of both micro and macroeconomics and takes a broad and diverse approach. In it you will encounter the most interesting economists and understand their contributions in a historical context. The practical format is perfect for professionals and students who want to gain an applied perspective on today’s most pressing economic issues.
For one semester MBA Managerial Economics courses Economics for Managers presents the fundamental ideas of microeconomics and macroeconomics and integrates them from a managerial decision-making perspective in a framework that can be used in a single-semester course. To be competitive in today's business environment, managers must understand how economic forces affect their business and the factors that must be considered when making business decisions. This is the only book that provides business students and MBAs with a thorough and applied understanding of both micro- and macroeconomic concepts in a way non-economics majors can understand. The third edition retains all the same core concepts and straightforward material on micro- and macroeconomics while incorporating new case material and real-world examples that relate to today's managerial student.
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.
Annotation Explains basic economic concepts that can simplify and improve management decisions that healthcare managers need to make. Shows how economics relates to numerous healthcare concerns, offering specific examples and cases that illustrate how economics provides a framework for understanding costs, market demand, competition, and profitability. Other topics include elasticities, supply and demand analysis, and strategic behavior. Includes a glossary. Assumes no background in economics. Lee is affiliated with the department of health policy and management at the School of Medicine of the University of Kansas. Annotation c. Book News, Inc., Portland, OR (booknews.com).
Oftentimes, the owners and entrepreneurs whose small businesses are undergoing financial problems suffer high emotional costs. These individuals can experience significant setbacks in their entrepreneurial journeys as well as depression and other negative emotions from the stress of crisis episodes. However, businesses that are in crisis also provide valuable learning opportunities for adapting and changing in order to successfully face future challenging situations. Cases on Small Business Economics and Development During Economic Crises presents a diverse range of perspectives and insights into global developments in entrepreneurship and captures a diverse collection of methodologies and outcomes from various countries in the realm of small business economics and their development. Including case studies that discuss the COVID-19 pandemic, risk management, and entrepreneurial resiliency, this case book serves as an excellent companion for entrepreneurs, small business owners, managers, executives, economists, business professionals, academicians, students, and researchers.
Cullen introduces the applications of economic concepts in hospitality management and within hospitality organisations, showing the development of policy through identification, evaluation, planning, implementation and outcome appraisal.