Have you ever wondered how football clubs decide what to charge for match tickets? Or why people pay so much for designer T-shirts? Have you ever considered why new inventions are patented? If the answer is 'yes' to any of these questions, then you have already been thinking about how economics works in business. Mulhearn and Vane's Economics for Business covers all the economics you need to know for getting to grips with the world of business. Clear and insightful, it encourages critical thinking while it entertains with humorous examples, satirical cartoons from Private Eye and a variety of case studies. The second edition is fully up to date with all new material on: * The credit crunch and its repercussions * Financial market failure, moral hazard and the uncertain relationship of government and business * Cutting-edge economic theory, including behavioural economics, risk and information, and game theory * New markets and entrepreneurial opportunities created by technological change * The changing face of the global economy.New features include: * One thing you should read (or watch): point you to one unusual source of an economic concept in action - from an extract of Roddy Doyle's The Van to a video on easyJet's business model * Reflecting on economics: delve deeper into economic concepts or highlight research from Nobel Prize-winning economists * Applying economics to business: explore economic underpinnings of current business issues, such as China's protection of its infant mobile phone industry * Business case studies: investigate economics at work in specific organizations, such as UK supermarket giant Tesco. Students: visit www.palgrave.com/economics/mulhearnvane for further resources such as interactive versions of important figures from the book accompanied with additional explanations, videos of the authors talking through key topics and providing more examples, extra business case studies, and much more. Lecturers: adopt the book now to gain access to a comprehensive testbank and a set of engaging PowerPoint presentations for your class.