Overview

This textbook is a product of many years of research in Economics. Economics is the study of the ways in which society allocates its scarce resources among alternative uses and the consequences of these decisions. Business economics can be divided into two related but distinguishable Parts-Micro-economics and Macro-economics. Microeconomics deals with the individual units in the economy. It studies distinct units by laying emphasis on the behaviour of households and firms. Micro-economics deals with the study of the component units that makes up the economy and how their decisions and actions are interrelated. They include the behaviour of consumers and business firms, relations between prices of various commodities and those of factors of production, the allocation of scarce resources among alternative uses. Pricing and production under different market conditions and other related issues. Macroeconomics on the other hand deals with the economic aggregates. Its focus is not on individual economic units but rather, it directs attention to the economy as a whole. It impacts on the economy as a whole.. Macro-economics is the study of the aggregate behaviour of the economy. It focuses on issues, such as the general level of employment, particularly the employment of labour, the general level of prices, the level of money supply, National output, International trade, Balance of Payment (BOP), Fiscal policies, etc. National income falls within the scope of Macro-economics.This textbook therefore look beyond what happens in individual firms but also provide solutions to business problems in the entire economy. The objective of this textbook is to provide basic understanding of business economics to students and managers both in Public and Private Sectors of the economy. Students and Managers will be equipped with basic knowledge in solving business problems. This textbook Business Economics: Analytical Approach studies managerial decisions together with the entire business environment in which the firms finds itself. It focuses on how to understand the business environment and to enhance the decision making capabilities of students and managers in the economy. This book is divided into fifteen (15) Chapters. The areas of inquiry deal with a varied range of topics such as Basic Economic Concepts, the Concepts of Elasticity of Demand & Supply, the Concept of Cost, Price Determination & General Equilibrium Determination, Inflation & Unemployment and Basic Multiplier Concept, Labour Market Analysis etc. Broadly speaking, the goal of business economics is to train students to think analytically about social issues and, as such, provide a solid foundation for not only further studies and careers in economics, but also for careers in Law, Public service, business, and related fields. Business Economics prepares students in Analytical scales to become better managers and impact it in the development of the economy. This textbook will equip students and business Managers in taking better decisions and challenges posed by the Micro-economics and Macroeconomics environments.This book is highly commendable for its broader approach in treating the Concept Business Economics and its related issues as a field of study, instead of the narrow traditional perspective. The broader approach will enable students and managers to be introduced not only to the core concepts involved in the study of Business Economics but its application both in Micro and Macro economics for the desired impact in the economy as a whole. Liberal use also is made of examples in the book to illustrate concepts. Students will find the Objectives of the Chapter and Questions and Discussions listed at the beginning and end of each chapter to be useful guides.

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