Toc: Cover: Online Title: Understanding Business Copyright About the Authors: Bill Nickels, Jim McHugh, Susan McHugh Preface Brief Contents Contents (direct linking) PROLOGUE: Getting Ready for This Course and Your Career Learning the Skills You Need to Succeed Today and Tomorrow Using This Course to Prepare for Your Career Assessing Your Skills and Personality Using Professional Business Strategies Right Now Learning to Behave Like a Professional Doing Your Best in College Study Hints Test-Taking Hints Time Management Hints Making the Most of the Resources for This Course Getting the Most from This Text Notes PART 1 : Business Trends: Cultivating a Business in Diverse, Global Environments [1-4] 1. Taking Risks and Making Profits within the Dynamic Business Environment Business and Wealth Building Revenues, Profits, and Losses Matching Risk with Profit Standard of Living and Quality of Life Responding to the Various Business Stakeholders Using Business Principles in Nonprofit Organizations The Importance of Entrepreneurs to the Creation of Wealth The Five Factors of Production The Business Environment The Economic and Legal Environment The Technological Environment The Competitive Environment The Social Environment The Global Environment The Evolution of U.S. Business Progress in the Agricultural and Manufacturing Industries Progress in Service Industries Your Future in Business Summary Key Terms Career Exploration Critical Thinking Developing Career Skills Putting Principles to Work Video Case: Grubhub and the Dynamic Business Environment Notes GETTING TO KNOW Ann-Marie Campbell of Home Depot ADAPTING TO CHANGE Up, Up, and Away REACHING BEYOND OUR BORDERS Hollywood Climbs the Great Wall ADAPTING TO CHANGE Services Expand the Circular Economy 2. Understanding Economics and How It Affects Business How Economic Conditions Affect Businesses What Is Economics? The Secret to Creating a Wealthy Economy Adam Smith and the Creation of Wealth How Businesses Benefit the Community Understanding Free-Market Capitalism How Free Markets Work How Prices Are Determined The Economic Concept of Supply The Economic Concept of Demand The Equilibrium Point, or Market Price Competition within Free Markets Benefits and Limitations of Free Markets Understanding Socialism The Benefits of Socialism The Negative Consequences of Socialism Understanding Communism The Trend Toward Mixed Economies Understanding the U.s. Economic System