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