External and internal social, political, economic and environmental factors that effect the business environment are discussed in various models and theories. The domestic and international economic environment is explored in the context of ethical practice. The nature of markets including the firms, market structure and business objectives, are examined with particular attention to why markets fail, the unethical practices that lead to market failure and the social and political consequences. A deeper understanding of managerial and behavioural models, cost in theory and practice, competitiveness, productivity and the labour market are also considered. Due to the nature of student population the economics of a wide range of developing nations are considered.
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