Business and Microeconomics: An Introduction to the Market Economy

This addition to the "Elements of Business" series approaches the subject of microeconomics by focusing on the market itself and how firms interact with it. Individual chapters deal with: supply and demand; elements of market structure; market performance; market conduct; and control of collusion. Basic questions such as: "Why study markets?" and "What are markets?" are addressed before moving on to the more complex notions of cost concepts and competition. Designed for the MBA market, this text can be used not only to present economics in a "hands-on" way as part of an introductory economics course, but also as a useful addition to reading lists of more specialized courses. The authors have produced a text which allows students unfamiliar with economics to understand and apply what they learn to real life situations. The addition of theoretical models and analysis should be valuable for students new to the subject.