Instructor Manual
BUSN (12th edition) by Marcella Kelly; Chuck Williams
M
Chapter 1 -20
Chapter 1
ED
Table of Contents
Purpose and Perspective of the Chapter ............................................................................... 2
C
Cengage Supplements ........................................................................................................ 2
Chapter Objectives ............................................................................................................. 2
Complete List of Chapter Activities and Assessments ............................................................. 2
O
Key Terms ......................................................................................................................... 3
What's New in This Chapter ................................................................................................ 4
N
Chapter Outline ................................................................................................................. 5
Discussion Questions .........................................................................................................12
N
Additional Activities and Assignments..................................................................................12
Additional Resources .........................................................................................................15
O
Cengage Video Resources ....................................................................................................................... 15
Appendix ..........................................................................................................................15
Generic Rubrics ....................................................................................................................................... 15
IS
Standard Writing Rubric .......................................................................................................................... 15
Standard Discussion Rubric ..................................................................................................................... 16
SE
U
R
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 1
website, in whole or in part.
, Purpose and Perspective of the Chapter
Business today is complex, global, and faster moving than ever before. This chapter introduces
the role of business in the economy and how we got to where we are. It also lists the core
factors of production and the key dimensions of today‘s business environment. Throughout the
book, we will look more closely at the impact of change in every facet of business from
M
management to marketing to money, the interrelatedness of these factors, and how business
relates to you.
Cengage Supplements
ED
The following product-level supplements provide additional information that may help you in
preparing your course. They are available in the Instructor Resource Center.
Transition Guide (provides information about what‘s new from edition to edition)
Educator‘s Guide (describes assets in the platform with a detailed breakdown of
activities by chapter with seat time)
C
PowerPoint (provides text-based lectures and presentations)
Test Bank (contains assessment questions and problems)
Guide to Teaching Online (provides information about the key assets within the product
O
and how to implement/facilitate use of the assets in synchronous and asynchronous
teaching environments)
Accelerated Course Syllabus (provides guidance on the recommended delivery of course
N
materials given a 5-week, 8-week, 12-week, and 16-week course)
MindTap User Guide (provides information on how to navigate and use MindTap)
N
Chapter Objectives
The following objectives are addressed in this chapter:
O
1-1 Discuss the role of business in the economy
1-2 Explain the evolution of modern business
1-3 Discuss the role of nonprofit organizations in the economy
IS
1-4 Outline the core factors of production and how they affect the economy
1-5 Describe today‘s business environment and each key dimension
SE
1-6 Explain how current business trends might affect your career choices
U
Complete List of Chapter Activities and Assessments
For additional guidance refer to the Guide to Teaching Online.
R
Chapter Objective PPT slide Activity/Assessment Duration
2 Icebreaker 5–10 min.
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 2
website, in whole or in part.
, 1-1 8 Discussion Activity 10 min.
1-2 13 Group Activity 1 10 min.
1-3 17 Written Reflection Activity 15–20 min.
1-4 20 Polling Activity 5 min.
M
1-5 29 Group Activity 2 15–20 min.
1-6 33 Breakout Activity 15–20 min.
ED
1-1–1-6 35 Self-Assessment 10–15 min.
Why Does Change Matter to
Me? (Chapter 01 Business
1-1–1-6 N/A 5 min.
Now: Change Is the Only
Constant)
C
Learn It 1-1 and 1-2:
Business Now: Moving at
1-1, 1-2 N/A Breakneck Speed and The 10 min.
O
History of Business: Putting It
All in Context
Learn It 1-3 and 1-4:
N
Nonprofits and the Economy:
1-3, 1-4 N/A The Business of Doing Good 5 min.
and Factors of Production:
N
The Basic Building Blocks
Learn It 1-5 and 1-6: The
Business Environment: The
O
1-5, 1-6 N/A Context for Success and 10 min.
Business and You: Making It
Personal
IS
Assignment: Chapter 01
1-1–1-6 N/A Business Now: Change Is the 25 min.
Only Constant
Case Activity: Chapter 01
SE
1-1–1-6 N/A Business Now: Change Is the 15 min.
Only Constant
[return to top]
Key Terms
U
Business environment: The setting in which business operates. The five key components are
economic environment, competitive environment, technological environment, social
environment, and global environment.
R
Business technology: Any tools—especially computers, telecommunications, and other digital
products—that businesses can use to become more efficient and effective.
Business: Any organization or activity that provides goods and services in an effort to earn a
profit.
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 3
website, in whole or in part.
, Demographics: The measurable characteristics of a population. Demographic factors include
population size and density, as well as specific traits such as age, gender, and race.
E-commerce: Business transactions conducted online, typically via the internet.
Entrepreneurs: People who risk their time, money, and other resources to start and manage a
business.
M
Factors of production: Four fundamental elements—natural resources, capital, human
resources, and entrepreneurship—that businesses need to achieve their objectives.
ED
Free trade: An international economic and political movement designed to help goods and
services flow more freely across international boundaries.
General Agreement on Tariffs and Trade (GATT): An international trade agreement that
has taken bold steps to lower tariffs and promote free trade worldwide.
Internet: The service that allows computer users to easily access and share information in the
C
form of text, graphics, video, apps, and animation.
Loss: When a business incurs expenses that are greater than its revenue.
O
Nonprofits: Businesslike establishments that employ people and produce goods and services
with the fundamental goal of contributing to the community rather than generating financial
gain.
N
Profit: The money that a business earns in sales (or revenue), minus expenses, such as the
cost of goods and the cost of salaries. Revenue - Expenses = Profit (or Loss).
N
Quality of life: The overall sense of well-being experienced by either an individual or a group.
Speed-to-market: The rate at which a new product moves from conception to
O
commercialization.
Standard of living: The quality and quantity of goods and services available to a population.
IS
Value: The relationship between the price of a good or a service and the benefits that it offers
to customers.
[return to top]
SE
What's New in This Chapter
The following elements are improvements in this chapter from the previous edition:
Updated learning objectives and content
New introduction highlighting changes in the business landscape in regard to COVID-19
U
and other major events in 2020
New feature boxes, including the following:
o "Not Every Dumb Move Is an Utter Disaster"
R
o "From Basement Dwellers to Elite Esports Athletes"
o "Spacing Out‖
New content for Exhibit 1.2 "Global Brand Champions" and Exhibit 1.3 "U.S. Population
Estimates"
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 4
website, in whole or in part.
BUSN (12th edition) by Marcella Kelly; Chuck Williams
M
Chapter 1 -20
Chapter 1
ED
Table of Contents
Purpose and Perspective of the Chapter ............................................................................... 2
C
Cengage Supplements ........................................................................................................ 2
Chapter Objectives ............................................................................................................. 2
Complete List of Chapter Activities and Assessments ............................................................. 2
O
Key Terms ......................................................................................................................... 3
What's New in This Chapter ................................................................................................ 4
N
Chapter Outline ................................................................................................................. 5
Discussion Questions .........................................................................................................12
N
Additional Activities and Assignments..................................................................................12
Additional Resources .........................................................................................................15
O
Cengage Video Resources ....................................................................................................................... 15
Appendix ..........................................................................................................................15
Generic Rubrics ....................................................................................................................................... 15
IS
Standard Writing Rubric .......................................................................................................................... 15
Standard Discussion Rubric ..................................................................................................................... 16
SE
U
R
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 1
website, in whole or in part.
, Purpose and Perspective of the Chapter
Business today is complex, global, and faster moving than ever before. This chapter introduces
the role of business in the economy and how we got to where we are. It also lists the core
factors of production and the key dimensions of today‘s business environment. Throughout the
book, we will look more closely at the impact of change in every facet of business from
M
management to marketing to money, the interrelatedness of these factors, and how business
relates to you.
Cengage Supplements
ED
The following product-level supplements provide additional information that may help you in
preparing your course. They are available in the Instructor Resource Center.
Transition Guide (provides information about what‘s new from edition to edition)
Educator‘s Guide (describes assets in the platform with a detailed breakdown of
activities by chapter with seat time)
C
PowerPoint (provides text-based lectures and presentations)
Test Bank (contains assessment questions and problems)
Guide to Teaching Online (provides information about the key assets within the product
O
and how to implement/facilitate use of the assets in synchronous and asynchronous
teaching environments)
Accelerated Course Syllabus (provides guidance on the recommended delivery of course
N
materials given a 5-week, 8-week, 12-week, and 16-week course)
MindTap User Guide (provides information on how to navigate and use MindTap)
N
Chapter Objectives
The following objectives are addressed in this chapter:
O
1-1 Discuss the role of business in the economy
1-2 Explain the evolution of modern business
1-3 Discuss the role of nonprofit organizations in the economy
IS
1-4 Outline the core factors of production and how they affect the economy
1-5 Describe today‘s business environment and each key dimension
SE
1-6 Explain how current business trends might affect your career choices
U
Complete List of Chapter Activities and Assessments
For additional guidance refer to the Guide to Teaching Online.
R
Chapter Objective PPT slide Activity/Assessment Duration
2 Icebreaker 5–10 min.
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 2
website, in whole or in part.
, 1-1 8 Discussion Activity 10 min.
1-2 13 Group Activity 1 10 min.
1-3 17 Written Reflection Activity 15–20 min.
1-4 20 Polling Activity 5 min.
M
1-5 29 Group Activity 2 15–20 min.
1-6 33 Breakout Activity 15–20 min.
ED
1-1–1-6 35 Self-Assessment 10–15 min.
Why Does Change Matter to
Me? (Chapter 01 Business
1-1–1-6 N/A 5 min.
Now: Change Is the Only
Constant)
C
Learn It 1-1 and 1-2:
Business Now: Moving at
1-1, 1-2 N/A Breakneck Speed and The 10 min.
O
History of Business: Putting It
All in Context
Learn It 1-3 and 1-4:
N
Nonprofits and the Economy:
1-3, 1-4 N/A The Business of Doing Good 5 min.
and Factors of Production:
N
The Basic Building Blocks
Learn It 1-5 and 1-6: The
Business Environment: The
O
1-5, 1-6 N/A Context for Success and 10 min.
Business and You: Making It
Personal
IS
Assignment: Chapter 01
1-1–1-6 N/A Business Now: Change Is the 25 min.
Only Constant
Case Activity: Chapter 01
SE
1-1–1-6 N/A Business Now: Change Is the 15 min.
Only Constant
[return to top]
Key Terms
U
Business environment: The setting in which business operates. The five key components are
economic environment, competitive environment, technological environment, social
environment, and global environment.
R
Business technology: Any tools—especially computers, telecommunications, and other digital
products—that businesses can use to become more efficient and effective.
Business: Any organization or activity that provides goods and services in an effort to earn a
profit.
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 3
website, in whole or in part.
, Demographics: The measurable characteristics of a population. Demographic factors include
population size and density, as well as specific traits such as age, gender, and race.
E-commerce: Business transactions conducted online, typically via the internet.
Entrepreneurs: People who risk their time, money, and other resources to start and manage a
business.
M
Factors of production: Four fundamental elements—natural resources, capital, human
resources, and entrepreneurship—that businesses need to achieve their objectives.
ED
Free trade: An international economic and political movement designed to help goods and
services flow more freely across international boundaries.
General Agreement on Tariffs and Trade (GATT): An international trade agreement that
has taken bold steps to lower tariffs and promote free trade worldwide.
Internet: The service that allows computer users to easily access and share information in the
C
form of text, graphics, video, apps, and animation.
Loss: When a business incurs expenses that are greater than its revenue.
O
Nonprofits: Businesslike establishments that employ people and produce goods and services
with the fundamental goal of contributing to the community rather than generating financial
gain.
N
Profit: The money that a business earns in sales (or revenue), minus expenses, such as the
cost of goods and the cost of salaries. Revenue - Expenses = Profit (or Loss).
N
Quality of life: The overall sense of well-being experienced by either an individual or a group.
Speed-to-market: The rate at which a new product moves from conception to
O
commercialization.
Standard of living: The quality and quantity of goods and services available to a population.
IS
Value: The relationship between the price of a good or a service and the benefits that it offers
to customers.
[return to top]
SE
What's New in This Chapter
The following elements are improvements in this chapter from the previous edition:
Updated learning objectives and content
New introduction highlighting changes in the business landscape in regard to COVID-19
U
and other major events in 2020
New feature boxes, including the following:
o "Not Every Dumb Move Is an Utter Disaster"
R
o "From Basement Dwellers to Elite Esports Athletes"
o "Spacing Out‖
New content for Exhibit 1.2 "Global Brand Champions" and Exhibit 1.3 "U.S. Population
Estimates"
© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible 4
website, in whole or in part.
