|
|
|
The Economic Nature of Decision Making |
|
|
18 | (20) |
|
|
4 | (1) |
|
The Variety of Managerial Settings in a Modern Firm |
|
|
5 | (1) |
|
Strategic and Tactical Decision-Making |
|
|
6 | (2) |
|
The Nature of the Decision Problem |
|
|
8 | (1) |
|
Dimensions of the Decision Problem |
|
|
8 | (7) |
|
|
8 | (1) |
|
|
8 | (1) |
|
|
9 | (1) |
|
|
9 | (2) |
|
|
11 | (3) |
|
|
14 | (1) |
|
|
15 | (1) |
|
Entrepreneurial Decisions |
|
|
15 | (1) |
|
|
15 | (1) |
|
Summary of Important Points |
|
|
16 | (1) |
|
|
17 | (21) |
|
|
38 | (14) |
|
The Role of Modelling in Economic Analysis |
|
|
19 | (1) |
|
Eras of Managerial Behaviour Patterns |
|
|
20 | (2) |
|
|
22 | (3) |
|
Choosing a Behavioural Premise |
|
|
25 | (1) |
|
Profit in the Short and Long Runs |
|
|
26 | (1) |
|
An Object of Pursuit or an Indicator of Success |
|
|
27 | (1) |
|
Summary of Important Points |
|
|
28 | (1) |
|
|
29 | (1) |
|
|
29 | (1) |
|
|
30 | (6) |
|
Economic Method and Modelling |
|
|
30 | (1) |
|
Understanding Economic Behaviour |
|
|
30 | (1) |
|
|
31 | (1) |
|
Modern Modelling Procedures |
|
|
32 | (3) |
|
|
35 | (1) |
|
|
36 | (16) |
|
Managing for Quality Rather than Profitability |
|
|
36 | (16) |
|
The Analysis of Value and Risk |
|
|
52 | (30) |
|
The Remoteness of the Long Run |
|
|
39 | (1) |
|
A Marginal Decision Criterion for the Long Run |
|
|
40 | (2) |
|
|
42 | (1) |
|
Marginal Utility and Risk |
|
|
43 | (3) |
|
Means of Dealing with Risk |
|
|
46 | (2) |
|
Allowing for anticipated Inflation |
|
|
48 | (1) |
|
Decision Making Under Uncertainty |
|
|
49 | (1) |
|
|
49 | (1) |
|
Summary of Important Points |
|
|
50 | (1) |
|
|
50 | (1) |
|
|
50 | (32) |
|
Maximization and Optimization |
|
|
82 | (20) |
|
|
53 | (1) |
|
The Applicability of Marginal Analysis |
|
|
54 | (1) |
|
The Marginal in Managerial Decision Making |
|
|
55 | (2) |
|
Calculus and the Marginal |
|
|
57 | (2) |
|
The Marginal as Decision Criterion |
|
|
59 | (4) |
|
Multiple Independent Variables |
|
|
63 | (3) |
|
Multiple Goals and Optimization |
|
|
66 | (3) |
|
Optimization Using the Calculus |
|
|
66 | (3) |
|
Optimization by Linear programming |
|
|
69 | (1) |
|
|
70 | (1) |
|
Summary of Important Points |
|
|
70 | (1) |
|
|
71 | (1) |
|
|
72 | (1) |
|
|
72 | (2) |
|
|
74 | (7) |
|
|
74 | (1) |
|
|
74 | (1) |
|
Variables, Equations, and Inequalities |
|
|
74 | (1) |
|
A Linear Programming Computer Programme |
|
|
75 | (1) |
|
|
76 | (2) |
|
|
78 | (1) |
|
The Dual Linear Programming Problem |
|
|
79 | (1) |
|
|
80 | (1) |
|
|
81 | (21) |
|
|
81 | (21) |
|
Modelling the Decision Context |
|
|
102 | (28) |
|
Estimating a Model by Regression Analysis |
|
|
84 | (1) |
|
|
84 | (3) |
|
Multiple Regression Models |
|
|
87 | (1) |
|
Non-Linear Regression Models |
|
|
87 | (2) |
|
|
89 | (1) |
|
Inferences about the Regression Model |
|
|
90 | (1) |
|
The Existence and Strength of the Relationship |
|
|
90 | (2) |
|
The Significance of the Coefficients of the Independent Variables |
|
|
92 | (1) |
|
Problems with the Multiple Regression Context |
|
|
93 | (2) |
|
|
93 | (1) |
|
|
94 | (1) |
|
|
95 | (1) |
|
|
95 | (1) |
|
Summary of Important Points |
|
|
95 | (4) |
|
|
99 | (1) |
|
|
100 | (1) |
|
|
101 | (29) |
|
|
101 | (29) |
|
Consumer Behaviour and Demand |
|
|
130 | (24) |
|
|
104 | (3) |
|
|
107 | (1) |
|
Demand Curves and Demand Surfaces |
|
|
108 | (4) |
|
|
112 | (7) |
|
Normal and Inferior Goods |
|
|
113 | (1) |
|
Substitutes and Complements |
|
|
114 | (1) |
|
|
114 | (5) |
|
|
119 | (1) |
|
Summary of Important Points |
|
|
119 | (1) |
|
|
120 | (1) |
|
|
121 | (1) |
|
|
122 | (32) |
|
Preference and Indifference |
|
|
122 | (1) |
|
|
122 | (1) |
|
The Indifference Curve Map |
|
|
123 | (2) |
|
The Marginal Rate of Substitution |
|
|
125 | (1) |
|
|
126 | (1) |
|
The Optimal Combination of Goods |
|
|
127 | (1) |
|
Substitution and Income Effects |
|
|
128 | (26) |
|
Elasticity and Demand Specification |
|
|
154 | (1) |
|
|
131 | (4) |
|
|
135 | (1) |
|
Elasticity and Other Demand Determinants |
|
|
136 | (2) |
|
The empirical Estimation of Demand |
|
|
138 | (2) |
|
Specification Errors and the Identification Problem |
|
|
140 | (2) |
|
The Identification Problem and Demand Elasticity |
|
|
142 | (1) |
|
|
143 | (1) |
|
Summary of Important Points |
|
|
143 | (1) |
|
|
144 | (1) |
|
|
145 | (1) |
|
|
146 | (5) |
|
The Economic Tasks of Marketing |
|
|
146 | (9) |
|
|
151 | (4) |
|
Production in the Short Run |
|
|
155 | (2) |
|
Production is the Central Function of the Enterprise |
|
|
155 | (41) |
|
Varieties of Production Activity |
|
|
155 | (1) |
|
|
156 | (1) |
|
Managerial Problems in the Production Process |
|
|
156 | (1) |
|
|
157 | (1) |
|
|
157 | (1) |
|
|
157 | (1) |
|
|
158 | (2) |
|
The Long and Short-Run Time Frames |
|
|
160 | (1) |
|
The Vertical Slice Approach |
|
|
160 | (1) |
|
|
161 | (1) |
|
|
162 | (1) |
|
Total, Average and Marginal Products |
|
|
163 | (3) |
|
The Productivities of Other Inputs |
|
|
166 | (1) |
|
|
166 | (3) |
|
The Equamarginal Priciple |
|
|
169 | (1) |
|
Cost Minimization vs. Profit Maximization |
|
|
169 | (3) |
|
|
172 | (1) |
|
Summary of Important Points |
|
|
172 | (2) |
|
|
174 | (1) |
|
|
174 | (2) |
|
|
176 | (20) |
|
The Horizontal-Slice Approach |
|
|
176 | (1) |
|
|
176 | (1) |
|
|
177 | (2) |
|
The Marginal Rate of Technical Substitution |
|
|
179 | (1) |
|
The Capital Outlay Budget |
|
|
180 | (1) |
|
The Optimal Resourc Allocation Criterion |
|
|
180 | (2) |
|
The Eqamarginal Principle |
|
|
182 | (1) |
|
Stages of Production in Isoquant Analysis |
|
|
183 | (1) |
|
Extensions of Isoquant Analysis |
|
|
183 | (13) |
|
Production in the Long Run |
|
|
196 | (20) |
|
The Long-and Short-Run Time Frames |
|
|
185 | (1) |
|
Variable Proportions and Returns to Scale |
|
|
186 | (1) |
|
A Constant Capital-Labour Ratio |
|
|
186 | (1) |
|
|
187 | (1) |
|
Scale and the Production Function |
|
|
188 | (1) |
|
Changes in Technology, Entrepreneurship, Managerial Capacity |
|
|
189 | (2) |
|
The Empirical Estimation of Production Functions |
|
|
191 | (2) |
|
|
193 | (1) |
|
Summary of Important Points |
|
|
193 | (1) |
|
|
194 | (1) |
|
|
194 | (22) |
|
|
216 | (16) |
|
The Inevitability of Costs |
|
|
197 | (1) |
|
|
198 | (3) |
|
|
199 | (1) |
|
|
199 | (2) |
|
|
201 | (1) |
|
The Short and the Long Run |
|
|
201 | (1) |
|
Temporal Mismatching of Production and Costs |
|
|
201 | (1) |
|
|
202 | (1) |
|
|
202 | (1) |
|
The Cost-Production Nexus |
|
|
203 | (1) |
|
The Transition from the Production Function to the Cost Function |
|
|
203 | (2) |
|
|
205 | (1) |
|
The Law of Increasing Costs |
|
|
206 | (1) |
|
|
207 | (1) |
|
|
207 | (1) |
|
Relationships among Total, Average and Marginal Cost |
|
|
208 | (1) |
|
Relationships between Cost Functions and Product Functions |
|
|
209 | (1) |
|
Overhead Costs in the Short-Run |
|
|
209 | (2) |
|
|
211 | (1) |
|
Summary of Important Points |
|
|
211 | (2) |
|
|
213 | (1) |
|
|
214 | (18) |
|
|
232 | (20) |
|
The Short and the Long Run |
|
|
218 | (1) |
|
|
218 | (1) |
|
|
218 | (2) |
|
The Long Run Average Cost Curve |
|
|
220 | (3) |
|
Mathematical Specification and Empirical Estimation of Cost Functions |
|
|
223 | (4) |
|
|
227 | (2) |
|
|
227 | (1) |
|
|
228 | (1) |
|
Selection of an Appropriate Time Period |
|
|
228 | (1) |
|
|
229 | (1) |
|
Summary of Important Points |
|
|
230 | (1) |
|
|
231 | (1) |
|
|
231 | (21) |
|
The Competitive Environment |
|
|
252 | (10) |
|
The Maximum-Competition Extreme |
|
|
234 | (1) |
|
Short-Run Adjustment in the Competitive Industry |
|
|
235 | (2) |
|
The Operate vs. Shut-Down Criterion in the Short Run |
|
|
237 | (1) |
|
Short-Run Industry Adjustment of the Competitive Industry |
|
|
238 | (2) |
|
Long-Run Adjustments in the Competitive Industry |
|
|
240 | (3) |
|
The Managerial Implications of Pure Competition |
|
|
243 | (1) |
|
Summary of Important Points |
|
|
244 | (1) |
|
|
245 | (1) |
|
|
245 | (2) |
|
|
247 | (2) |
|
Price Changes in Competitive Markets |
|
|
247 | (2) |
|
|
249 | (13) |
|
Simulation Modelling of a Firm in a Competitive Market |
|
|
249 | (13) |
|
|
262 | (12) |
|
Short-Run Adjustments by the Monopolist |
|
|
254 | (4) |
|
Long-Run Adjustment by the Monopolist |
|
|
258 | (1) |
|
The Managerial Implications of Pure Monopoly |
|
|
259 | (1) |
|
|
259 | (1) |
|
Summary of Important Points |
|
|
259 | (1) |
|
|
260 | (1) |
|
|
260 | (14) |
|
|
274 | (20) |
|
Decision Making under Monopolistic Competition |
|
|
264 | (2) |
|
Short-Run Adjustments in the Monopolistically-Competitive Market |
|
|
266 | (4) |
|
Managerial Implications of Monopolistic Competition |
|
|
270 | (1) |
|
|
271 | (1) |
|
Summary of Important Points |
|
|
271 | (1) |
|
|
272 | (1) |
|
|
273 | (21) |
|
Oligopolistic Competition |
|
|
294 | (28) |
|
Decision Making in Oligopoly |
|
|
276 | (3) |
|
Models of Oligopolistic Adjustment |
|
|
279 | (9) |
|
|
280 | (2) |
|
|
282 | (2) |
|
Price-Leadership/Followership |
|
|
284 | (4) |
|
The Managerial Implications of Oligopolistic Competition |
|
|
288 | (1) |
|
The Societal Implications of Oligopolistic Behaviour and Industry Structure |
|
|
288 | (1) |
|
Summary of Important Points |
|
|
289 | (1) |
|
|
289 | (1) |
|
|
290 | (2) |
|
|
292 | (30) |
|
|
322 | (8) |
|
Simple Models and Complex Realities |
|
|
295 | (1) |
|
On Realism, Accuracy, and Specificity in Models |
|
|
296 | (1) |
|
Extensions of the Model of the Firm |
|
|
297 | (1) |
|
Non-Price Determinants of Demand |
|
|
297 | (1) |
|
Non-Quantity Determinants of Costs |
|
|
298 | (1) |
|
|
298 | (3) |
|
Modelling for Price Discrimination |
|
|
301 | (1) |
|
|
302 | (1) |
|
Jointly-Produced Products |
|
|
303 | (1) |
|
Increasing Size and Complexity |
|
|
304 | (1) |
|
|
305 | (4) |
|
|
309 | (1) |
|
Summary of Important Points |
|
|
309 | (2) |
|
|
311 | (1) |
|
|
311 | (2) |
|
|
313 | (4) |
|
A Mathematical Model of Price Discrimination |
|
|
313 | (4) |
|
|
317 | (13) |
|
Joint Products Produced in Variable Proportions |
|
|
317 | (13) |
|
Challenges to the Theory of the Firm |
|
|
330 | (6) |
|
|
323 | (2) |
|
Non-Marginal Decision Criteria |
|
|
325 | (1) |
|
An Assessment of Non-Marginal Pricing Practices |
|
|
326 | (2) |
|
Summary of Important Points |
|
|
328 | (1) |
|
|
328 | (1) |
|
|
328 | (8) |
|
Ethical Dimensions of Managerial Decisions |
|
|
336 | (14) |
|
|
331 | (1) |
|
A Framework for Thinking about Ethics |
|
|
332 | (1) |
|
Consequentialist Positions |
|
|
333 | (1) |
|
The Role of Justice in Ethics |
|
|
334 | (1) |
|
Ethical Orientations of Managerial Decision Makers |
|
|
334 | (1) |
|
|
335 | (15) |
|
The Role of the Government |
|
|
350 | (12) |
|
Forms of Economic Systems |
|
|
337 | (1) |
|
The Applicability of Managerial Decision Criteria |
|
|
338 | (1) |
|
|
338 | (3) |
|
Points of Contact between the Firm and the Government |
|
|
341 | (1) |
|
Rationales for Governmental Involvement in the Market Economy |
|
|
342 | (1) |
|
The Maintenance of Competitive Conditions |
|
|
342 | (2) |
|
Rationales for Reallocation, Redistribution, and Stabilization |
|
|
344 | (1) |
|
The Government's Potential for Stabilizing the Economy |
|
|
344 | (1) |
|
Summary of Important Points |
|
|
345 | (2) |
|
|
347 | (1) |
|
|
347 | (15) |
|
|
362 | (12) |
|
The Firm's Roles in Society |
|
|
352 | (1) |
|
The Firm's Societal Contacts |
|
|
353 | (2) |
|
The Workings of Economic Mechanisms |
|
|
355 | (11) |
|
Opportunities and Threats to the Firm |
|
|
366 | |
|
Ethics and the Business Community |
|
|
357 | (1) |
|
Summary of Important Points |
|
|
358 | (2) |
|
|
360 | (1) |
|
|
361 | (13) |
|
Reallocation of Resources by Government |
|
|
374 | (12) |
|
|
364 | (1) |
|
Social Goods Yielding Positive Spillovers |
|
|
365 | (3) |
|
|
368 | (2) |
|
Summary of Important Points |
|
|
370 | (2) |
|
|
372 | (1) |
|
|
372 | (14) |
|
|
386 | (14) |
|
Bases for Interregional Commerce |
|
|
377 | (1) |
|
The Principle of Comparative Advantage |
|
|
377 | (2) |
|
Qualifications to the Principle of Comparative Advantage |
|
|
379 | (1) |
|
The International Dimension |
|
|
380 | (1) |
|
|
381 | (1) |
|
|
382 | (1) |
|
|
383 | (1) |
|
Summary of Important Points |
|
|
383 | (1) |
|
|
384 | (1) |
|
|
385 | (15) |
|
The Multinationalization of Enterprise |
|
|
400 | (8) |
|
The Location of Economic Activity |
|
|
388 | (1) |
|
Opportunities in an Open Economy World |
|
|
389 | (3) |
|
Drives to Multinationalization |
|
|
392 | (1) |
|
Threats in an Open Economy |
|
|
393 | (3) |
|
|
396 | (1) |
|
Summary of Important Points |
|
|
396 | (2) |
|
|
398 | (1) |
|
|
399 | (9) |
|
Opportunities in Developing Economies |
|
|
408 | (10) |
|
Developing Economy Terminology |
|
|
401 | (1) |
|
|
402 | (1) |
|
The Role of Entrepreneurship |
|
|
402 | (1) |
|
|
402 | (1) |
|
|
403 | (1) |
|
|
403 | (1) |
|
|
404 | (1) |
|
|
404 | (1) |
|
The Role of the Government |
|
|
404 | (1) |
|
Entrepreneurial Opportunities |
|
|
405 | (1) |
|
Summary of Important Points |
|
|
405 | (2) |
|
|
407 | (1) |
|
|
407 | (11) |
|
|
|
History of International Trade |
|
|
418 | (2) |
|
|
409 | (11) |
|
Absolute Advantage Theory of International Trade |
|
|
420 | (6) |
|
Comparative Advantage Theory of International Trade |
|
|
426 | (6) |
|
|
421 | (1) |
|
|
422 | (4) |
|
|
426 | (1) |
|
|
426 | (6) |
|
|
432 | (2) |
|
|
427 | (1) |
|
Theoretical Development of the Model |
|
|
427 | (1) |
|
|
428 | (1) |
|
|
428 | (1) |
|
|
428 | (1) |
|
|
429 | (1) |
|
Both Countries have Identical Production Technology |
|
|
429 | (1) |
|
Production Output must have Constant Return to Scale |
|
|
429 | (1) |
|
The Technologies used to Produce the Two Commodities Differ |
|
|
429 | (1) |
|
Labour Mobility within Countries |
|
|
430 | (1) |
|
Capital Mobility within Countries |
|
|
430 | (1) |
|
Capital Immobility between Countries |
|
|
430 | (1) |
|
Labour Immobility between Countries |
|
|
431 | (1) |
|
Commodities have the Same Price Everywhere |
|
|
431 | (1) |
|
Perfect Internal Competition |
|
|
431 | (3) |
|
|
434 | (4) |
|
Two Country Model CIE Economics |
|
|
433 | (1) |
|
Multi-Commodity Multi-Country Model |
|
|
433 | (1) |
|
Other Terms-of-Trade Calculations |
|
|
434 | (1) |
|
|
434 | (4) |
|
Gains from International Trade |
|
|
438 | (8) |
|
|
435 | (3) |
|
Gains from Specialization |
|
|
438 | (8) |
|
|
446 | (14) |
|
Relation between National Income and Balance of Payments |
|
|
439 | (1) |
|
Balance of Trade and Balance of Payments |
|
|
440 | (1) |
|
Structure of Balance of Payment Accounting |
|
|
440 | (4) |
|
|
442 | (1) |
|
|
442 | (1) |
|
Other Items in the Balance of Payments |
|
|
443 | (1) |
|
Autonomous and Accommodating Items |
|
|
444 | (1) |
|
Disequilibrium in Balance of Payments |
|
|
444 | (16) |
|
|
444 | (1) |
|
|
445 | (1) |
|
|
446 | (14) |
|
The Foreign Exchange Market |
|
|
460 | (6) |
|
|
447 | (1) |
|
|
447 | (1) |
|
|
448 | (1) |
|
|
448 | (1) |
|
|
449 | (1) |
|
|
449 | (1) |
|
|
449 | (1) |
|
|
450 | (1) |
|
Participants in the FOREX |
|
|
450 | (1) |
|
|
450 | (1) |
|
International Investors, Banks, Arbitrageurs, etc |
|
|
450 | (1) |
|
Investment Concerns---International or Domestic |
|
|
451 | (1) |
|
|
451 | (1) |
|
|
451 | (1) |
|
|
452 | (1) |
|
|
452 | (1) |
|
Market Size and Liquidity |
|
|
452 | (1) |
|
|
453 | (1) |
|
|
453 | (1) |
|
|
453 | (1) |
|
Investment Management Firms |
|
|
454 | (1) |
|
|
454 | (1) |
|
|
454 | (1) |
|
|
454 | (1) |
|
Factors Affecting Currency Trading |
|
|
455 | (1) |
|
|
456 | (1) |
|
|
456 | (1) |
|
|
456 | (1) |
|
Algorithmic Trading in Forex |
|
|
457 | (1) |
|
|
457 | (1) |
|
|
457 | (1) |
|
|
457 | (1) |
|
|
458 | (1) |
|
|
458 | (1) |
|
|
458 | (1) |
|
The Difference between Spot and Futures in FOREX |
|
|
458 | (1) |
|
|
459 | (7) |
|
|
466 | (6) |
|
|
462 | (1) |
|
Types of Financial Markets |
|
|
462 | (1) |
|
|
462 | (1) |
|
|
463 | (1) |
|
|
464 | (1) |
|
|
464 | (1) |
|
|
464 | (1) |
|
Analysis of Financial Markets |
|
|
465 | (1) |
|
Financial Markets in Popular Culture |
|
|
465 | (7) |
|
|
472 | (10) |
|
|
468 | (1) |
|
|
468 | (1) |
|
PPP Equalization and the Law of One Price |
|
|
469 | (1) |
|
|
469 | (1) |
|
West and Central African Franc |
|
|
469 | (1) |
|
Need for PPP Adjustments to GDP |
|
|
469 | (1) |
|
|
470 | (1) |
|
Range and Quality of Goods |
|
|
470 | (1) |
|
Difficulties with PPP Comparisons in Welfare Economics |
|
|
471 | (11) |
|
International Monetary Fund |
|
|
482 | (14) |
|
|
473 | (1) |
|
|
474 | (1) |
|
IMF Governance and Organization |
|
|
475 | (1) |
|
How the IMF Promotes Global Economic Stability |
|
|
475 | (1) |
|
Why is Economic Stability Important? |
|
|
475 | (1) |
|
|
476 | (1) |
|
|
476 | (1) |
|
|
477 | (1) |
|
|
477 | (1) |
|
How the IMF Helps to Resolve Economic Crises |
|
|
477 | (1) |
|
Why do Economic Crises Occur? |
|
|
477 | (1) |
|
|
478 | (1) |
|
Resolving External Debt Crises |
|
|
479 | (1) |
|
How the IMF Helps Poor countries |
|
|
479 | (1) |
|
What can be Done to Reduce Poverty? |
|
|
479 | (1) |
|
|
480 | (16) |
|
|
480 | (1) |
|
|
481 | (1) |
|
|
481 | (15) |
|
|
496 | |
|
GATT Rounds of Negotiations |
|
|
484 | (2) |
|
|
484 | (1) |
|
|
484 | (1) |
|
|
485 | (1) |
|
Mission, Functions and Principles |
|
|
486 | (1) |
|
|
486 | (1) |
|
Principles of the Trading System |
|
|
486 | (1) |
|
|
487 | (2) |
|
Highest Level: Ministerial Conference |
|
|
487 | (1) |
|
Second Level: General Council |
|
|
487 | (1) |
|
Third Level: Councils for Trade |
|
|
488 | (1) |
|
Fourth Level: Subsidiary Bodies |
|
|
488 | (1) |
|
|
489 | (1) |
|
|
489 | (1) |
|
|
490 | (1) |
|
|
491 | (1) |
|
|
492 | (1) |
|
|
492 | (1) |
|
Agreement on Agriculture (AoA) |
|
|
492 | (1) |
|
|
493 | (1) |
|
|
493 | (1) |
|
|
493 | (1) |
|
|
493 | (1) |
|
SPS and Genetically Modified Organisms (GMOs) |
|
|
493 | (1) |
|
|
494 | (1) |
|
Agreement on Technical Barriers to Trade (TBT) |
|
|
494 | |