Outdated management techniques cannot be expected to cope with the complex problems of modern business. Today's managers must be more flexible, knowledgeable and competitive than they have been, and have a greater understanding of the structure of their organization. In this completely revised and updated second edition of a widely adopted textbook for business students, the authors examine contemporary management issues. A special feature is its successful integration of introductory financial analysis with microeconomic theory. This book includes extensive analysis of:. * Financial markets. * Distribution channels. * Industrial Relations. * Government industry policies. The emphasis is on industrial factors, but the book also demonstrates the significant importance of market forces in business decision-making. The first edition was The Economics of Modern Business by W.D.Reekie and D.E.Allen.