Economics for Business

Why study Economics for BusinessGood economic decision making is fundamental to the success of businessEconomic decisionslie at the heart of business. Economics is all about thechoices between alternativesand how to weigh up their costs and benefits. Studying this book will help you understand such choices and how to make them successfully when you take up a job or perhaps run your own business.Businesses need to make choices of what and how much to produce, what techniques to use, who to employ, what investment to make, where to locate, what markets to develop and how best to compete with rivals. Economics helps them make theright decisions.But making the right decisions depends on theeconomic environmentin which businesses operate. For example,government policyaffects business: whether through taxation, subsidies, training and education, regulation or trade policies.The economic environment is also affected bytrade relationsand the actions ofinternational bodies such as the World Trade Organization (WTO) and the International Monetary Fund (IMF). Issues such as Brexit, trade deals and migration crucially affect businesses. The book shows you how.You will be studying all these issues and more in this book. It will give you theskillstoadvisebusinesses and other organisations on how best to achieve their objectives. The advice of economists is crucial to good decision making.But to give good advice requiresunderstandingissues andassessing evidence. Studying economics helps to give you this understanding and makes you a betterproblem solver.