Modern economics : an introduction for business and professional students

Includes index.

Preface - PART 1: INTRODUCTION - What Economics is About - Methods of Allocating Resources - PART 2: WHAT TO PRODUCE - How Price is Formed in the Free Market - Applications of Demand and Supply Analysis - A Further Look at Demand - PART 3: HOW TO PRODUCE - THE THEORY OF PRODUCTION - The Firm - The Organisation and Scale of Production - The Distribution of Goods to the Consumer - The Location of Production - Combining the Factors of Production - Deciding on the Most Profitable Output - The Supply Curve of the Industry under Perfect Competition - Rewarding the Factors of Production: The Marginal Productivity Theory of Distribution - PART 4: THE GOVERNMENT AND THE ALLOCATION OF RESOURCES - Market Failure and the Role of Government - Monopoly - Imperfect Competition: Other Forms - Externalities and Cost-Benefit Analysis - The Environment: Conservation and Pollution - The Provision of Goods and Services by the Public Sector - PART 5: REWARDS TO THE DIFFERENT FACTORS OF PRODUCTION - Labour and Wages - Capital and Interest - Land and Rent - Entrepreneurship and Profit - PART 6: MONEY AND FINANCIAL INSTITUTIONS - Money and the Rate of Interest - Financial Markets - Clearing Banks - The Bank of England - PART 7: THE GOVERNMENT AND STABILISATION POLICY - Measuring the Level of Activity: National Income Calculations - Unemployment - The Level of Output and Aggregate Demand: the Keynesian Explanation - Employment and the Price Level - Inflation: Its Effects - Policies to Achieve Price Stability - Economic Growth - Balanced Regional Development - Public Finance - PART 8: INTERNATIONAL TRADE - The Nature of International Trade - The Balance of Payments - Foreign Exchange Rates - The Correction of a Balance of Payments Disequilibrium - The European Union - PART 9: LOOKING INTO THE FUTURE - The Population of the UK - Current Problems and Policies in the UK and Europe - Index

Revised and updated to reflect recent changes and developments in economic theories and policy, this book is particularly suited to the needs of students taking economics as part of professional courses in business studies, accountancy, finance, surveying and insurance.