Economics for Business and Management

Economics for Business and Management

Economics for Business and Management

Economics for Business and Management


Economics for Business and Management by Alec Chrystal and Richard Lipsey is a concise introductory economics textbook which has been carefully crafted to meet the needs of business studies and management students. Developed using the authors' highly successful Introduction to Positive Economics as a starting point, the authors have carefully selected essential material, added new coverage, and taken the opportunity to make the text even clearer. The text draws upon Alec Chrystal's extensive experience of teaching economics to management students at City University Business School, London. With the intended readership in mind, the greater part of the text focuses upon microeconomics, including the theory of the firm, consumers and markets, market structures, and the economics of business organizations. Business and management students will also find the text's coverage of the economics of employment and investment particularly helpful. The macroeconomics included has also been chosen to be of maximum benefit to management students, focusing on business cycles and the macroeconomic factors which affect firms (such as inflation and employment), and the balance of payments and exchange rates. Economics for Business and Management includes case studies and case examples which are essential for understanding the business context of economics. Other learning aids include chapter introductions, chapter summaries, topics for review, and end of chapter questions.


Economics for Business and Management is designed to meet the needs of students who have to study some economics as part of their business course. It is a book about economics that focuses on those principles and analytic tools developed by economists that are important for an understanding of the business world.

Until recently most business studies students have had to use the same introductory texts as students who wished to go on to be professional economists. These books were written with the latter in mind and so contained much material that was inappropriate or too abstract. This book is an introduction to the key parts of economics that business people need to understand, and wherever possible it uses business examples to illustrate the ideas.

While this is a new book, some of the material in it has been tried and tested as part of our book An Introduction to Positive Economics (Oxford University Press, 1995). We believe that this will prove to be a strength of the book, since we have had considerable feedback from teachers and students in the past that has helped us to continue improving the exposition. New material and new emphases have been added to virtually all chapters, but only Chapters 10-12 are entirely new.

Another advantage of this book is that it is shorter than most of the other major introductory economics texts. Our intention is to make it suitable for single-term or single-semester courses. Although such courses will not use the whole book, they may use just the micro (Chapters 2-12) or just the macro (Chapters 13-20) sections. Only a two-term course would be likely to cover all the chapters. We offer some suggested course structures below.

So what's the big idea?

We now set out some of the most important ideas that can be understood by studying economics and that are relevant to those heading for a career in business. Some people may think that, once they have read this list, there is no need to read the rest of the book. This is not so. It is easy to state the messages of economics in simple sentences, but understanding the full implications of economic analysis takes considerably more work. It is a good idea to return to this list at the end of the course to make sure that the lessons have been learned. There are many other important things to learn in this book that are not in this list. Here we emphasize some general ideas from economics that have virtually universal application in business.

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