In Economics for Business, Ivan K. Cohen argues that in order to develop effective business strategies for their companies, leaders must first gain a fundamental understanding of the complex global economy in which they operate. With such knowledge it becomes possible to make better pricing, branding, and investment decisions. To that end, Economics for Business provides a comprehensive guide to the myriad forces, institutions, and concepts of micro- and macroeconomics.
To make successful business decisions, leaders must understand the essential principles of the economic environment, including:
- Microeconomics: The study of independent economic entities like a company, industry, or market.
- Macroeconomics: The study of the economy as a whole.
- Supply: The quantity of a product that a supplier is willing to sell at a given price.
- Demand: The lifeblood of any business; the consumer desire and ability to make purchases.
- Forecasting: A strategy leaders use, informed by historic and market data, to estimate future conditions, such as demand for specific products.
- Globalization: An economic phenomenon in which national economic systems grow more interconnected through international trade and investment.
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Business Book Summaries 