Summary:
This new textbook covers the 'Introduction to Economic Understanding' year 2 option in the new suite of Edexcel GCSE Business qualifications, and is part of the Edexcel Business for GCSE series of textbooks, led by the experienced examiner, curriculum developer and bestselling author, Ian Marcousé.

The book is written in a lively and accessible manner by a team of leading business and economics experts who know exactly what is required for the delivery of the new specification. This text ensures that students will study the correct topics to the appropriate level of depth, and will motivate and prepare them to achieve the best possible results.

Key features of the text include:
- Numerous activities and exercises for classroom and homework use
- Lots of real-life case studies and examples to motivate and engage students
- Exam tips and questions to prepare students for assessment.

The accompanying Teacher's Resource provides answers and teaching advice.

• Well-known Editor, who is a bestselling author and an experienced examiner
• Publishing in the year that the option will first be taught, so will be up-to-date with the most recent economic turbulence
• Far more accessible design and writing style than competitor titles
• We are working with Edexcel to produce endorsed materials
• Hodder published for this course with Ian Marcouse during the pilot stage and so have experience and understanding of centre needs

Table of Contents:
Section 1 How can I start thinking like an economist?
What trade-offs exist?
1. Scarcity
2. Value and satisfaction
3. Opportunity cost
Does raising or lowering price always work?
4. Increasing revenue
5. Price sensitivity and substitutes
Do all stakeholders have the same perspective?
6. Conflicts of interest
7. Stakeholder power
Are there any hidden costs or benefits?
8. Positive and negative externalities
How can success be measured?
9. Measuring success
10. Gaining competitive advantage
What causes business failure?
11. Losing competiveness
12. The importance of cash flow
Section 2 Risk or certainty?
What problems does the economy face?
13. Changing demand
14. Inflation
15. Unemployment
16. Shocks!
How important are exchange rates?
17. The exchange rate and import and export prices
18. The impact of exchange rates on businesses
Can the government solve economic and social problems?
19. Interest rates
20. Government spending
21. Taxation
Section 3 Big or small?
How do businesses grow?
22. Internal and external business growth
Why do businesses grow?
23. The benefits and drawbacks of business growth
Monopoly power: good or bad?
24. The benefits and drawbacks of monopoly
Can big businesses be controlled?
25. Regulation
26. Pressure groups
Section 4 Is growth good?
What is growth?
27. Gross domestic product
28. Causes of growth
Does growth improve the standard of living?
29. Measuring standard of living
30. GDP and standard of living
Can growth be bad?
31. The benefits and drawbacks of growth
Can growth be sustainable?
32. Renewable resources
33. Responsible businesses
What can governments do?
34. Government intervention
Section 5 Is the world fair?
Is everybody equal?
35. Absolute and relative poverty
Can international trade help?
36. Trade in LEDCs
37. Single European Market
38. Trade restrictions
Is there any other help?
39. International government
40. Charities and NGOs

About the Author(s):
Jonathan Brook is an examiner for a major awarding body, and an experienced teacher.

Josephine Farmer is an examiner for a major awarding body, and an experienced teacher.

Nancy Wall is Editor of the EBEA magazine, an experienced author and a former examiner.

Ian Marcouse is chair of strategy for a major awarding body, former chief examiner, bestselling author and consultant.

Readership:
GCSE students taking this unit