Solution Manual For BUSN:
Introduction to Business 12th edition by Kelly & Williams, All
Chapters ||Complete A+ Guide
Chapter r1 r- 17
Chapter r1
Table of Contents
r r
Purpose rand rPerspective rof rthe rChapter ....................................................................................................... 2
Cengage rSupplements ................................................................................................................................... 2
Chapter rObjectives ........................................................................................................................................ 2
Complete rList rof rChapter rActivities rand rAssessments ................................................................................. 2
Key rTerms..................................................................................................................................................... 3
What's rNew rin rThis rChapter ......................................................................................................................... 4
Chapter rOutline ............................................................................................................................................. 5
Discussion rQuestions .................................................................................................................................. 12
Additional rActivities rand rAssignments ....................................................................................................... 12
Additional rResources .................................................................................................................................. 15
Cengage rVideo rResources....................................................................................................................... 15
Appendix ..................................................................................................................................................... 15
Generic rRubrics....................................................................................................................................... 15
Standard rWriting rRubric ......................................................................................................................... 15
Standard rDiscussion rRubric .................................................................................................................... 16
1
,Purpose and Perspective of the Chapter
r r r r r
Business rtoday ris rcomplex, rglobal, rand rfaster rmoving rthan rever rbefore. rThis rchapter rintroduces rthe rrole
rof rbusiness rin rthe reconomy rand rhow rwe rgot rto rwhere rwe rare. rIt ralso rlists rthe rcore rfactors rof
rproduction rand rthe rkey rdimensions rof rtoday‘s rbusiness renvironment. rThroughout rthe rbook, rwe rwill
rlook rmore rclosely rat rthe rimpact rof rchange rin revery rfacet rof rbusiness rfrom rmanagement rto rmarketing
rto rmoney, rthe rinterrelatedness rof rthese rfactors, rand rhow rbusiness rrelates rto ryou.
Cengage Supplements r
The rfollowing rproduct-level rsupplements rprovide radditional rinformation rthat rmay rhelp ryou rin rpreparing ryour
rcourse. rThey rare ravailable rin rthe rInstructor rResource rCenter.
• Transition rGuide r(provides rinformation rabout rwhat‘s rnew rfrom redition rto redition)
• Educator‘s rGuide r(describes rassets rin rthe rplatform rwith ra rdetailed rbreakdown rof
ractivities rby rchapter rwith rseat rtime)
• PowerPoint r(provides rtext-based rlectures rand rpresentations)
• Test rBank r(contains rassessment rquestions rand rproblems)
• Guide rto rTeaching rOnline r(provides rinformation rabout rthe rkey rassets rwithin rthe rproduct rand
rhow rto rimplement/facilitate ruse rof rthe rassets rin rsynchronous rand rasynchronous rteaching
renvironments)
• Accelerated rCourse rSyllabus r(provides rguidance ron rthe rrecommended rdelivery rof rcourse
rmaterials rgiven ra r5-week, r8-week, r12-week, rand r16-week rcourse)
• MindTap rUser rGuide r(provides rinformation ron rhow rto rnavigate rand ruse rMindTap)
Chapter Objectives
r
The rfollowing robjectives rare raddressed rin rthis rchapter:
1-1 rDiscuss rthe rrole rof rbusiness rin rthe reconomy r1-2
r Explain rthe revolution rof rmodern rbusiness
1-3 Discuss rthe rrole rof rnonprofit rorganizations rin rthe reconomy
1-4 Outline rthe rcore rfactors rof rproduction rand rhow rthey raffect rthe reconomy r1-5
r Describe rtoday‘s rbusiness renvironment rand reach rkey rdimension
1-6 Explain rhow rcurrent rbusiness rtrends rmight raffect ryour rcareer rchoices
Complete List of Chapter Activities and Assessments
r r r r r r
For radditional rguidance rrefer rto rthe rGuide rto rTeaching rOnline.
Chapter rObjective PPT rslide Activity/Assessment Duration
2 Icebreaker 5–10 rmin.
1-1 8 Discussion rActivity 10 rmin.
2
,1-2 13 Group rActivity r1 10 rmin.
1-3 17 Written rReflection rActivity 15–20 rmin.
1-4 20 Polling rActivity 5 rmin.
1-5 29 Group rActivity r2 15–20 rmin.
1-6 33 Breakout rActivity 15–20 rmin.
1-1–1-6 35 Self-Assessment 10–15 rmin.
Why rDoes rChange rMatter rto rMe?
r(Chapter r01 rBusiness
1-1–1-6 N/A 5 rmin.
Now: rChange rIs rthe rOnly
rConstant)
Learn rIt r1-1 rand r1-2: rBusiness
rNow: rMoving rat rBreakneck
1-1, r1-2 N/A rSpeed rand rThe rHistory rof 10 rmin.
rBusiness: rPutting rIt
All rin rContext
Learn rIt r1-3 rand r1-4:
rNonprofits rand rthe rEconomy:
1-3, r1-4 N/A rThe rBusiness rof rDoing rGood 5 rmin.
and rFactors rof rProduction: rThe
rBasic rBuilding rBlocks
Learn rIt r1-5 rand r1-6: rThe
rBusiness rEnvironment: rThe
1-5, r1-6 N/A rContext rfor rSuccess rand 10 rmin.
Business rand rYou: rMaking rIt
rPersonal
Assignment: rChapter r01 rBusiness
1-1–1-6 N/A rNow: rChange rIs rthe rOnly 25 rmin.
rConstant
Case rActivity: rChapter r01
1-1–1-6 N/A rBusiness rNow: rChange rIs rthe 15 rmin.
rOnly rConstant
[return rto rtop]
Key Terms
r
Business renvironment: rThe rsetting rin rwhich rbusiness roperates. rThe rfive rkey rcomponents rare reconomic
renvironment, rcompetitive r environment, rtechnological renvironment, rsocial renvironment, rand rglobal
renvironment.
Business rtechnology: rAny rtools—especially rcomputers, rtelecommunications, rand rother rdigital rproducts—
that rbusinesses rcan ruse rto rbecome rmore refficient rand reffective.
Business: rAny rorganization ror ractivity rthat rprovides rgoods rand rservices rin ran reffort rto rearn ra rprofit.
3
, Demographics: rThe rmeasurable rcharacteristics rof ra rpopulation. rDemographic rfactors rinclude rpopulation rsize
rand rdensity, ras rwell ras rspecific rtraits rsuch ras rage, rgender, rand rrace.
E-commerce: rBusiness rtransactions rconducted ronline, rtypically rvia rthe rinternet.
Entrepreneurs: rPeople rwho rrisk rtheir rtime, rmoney, rand rother rresources rto rstart rand rmanage ra rbusiness.
Factors rof rproduction: rFour rfundamental relements—natural rresources, rcapital, rhuman rresources, rand
rentrepreneurship—that rbusinesses rneed rto rachieve rtheir robjectives.
Free rtrade: rAn rinternational reconomic rand rpolitical rmovement rdesigned rto rhelp rgoods rand rservices
rflow rmore rfreely racross rinternational rboundaries.
General rAgreement ron rTariffs rand rTrade r(GATT): rAn rinternational rtrade ragreement rthat rhas rtaken
rbold rsteps rto rlower rtariffs rand rpromote rfree rtrade rworldwide.
Internet: rThe rservice rthat rallows rcomputer rusers rto reasily raccess rand rshare rinformation rin rthe rform rof
rtext, rgraphics, rvideo, rapps, rand ranimation.
Loss: rWhen ra rbusiness rincurs rexpenses rthat rare rgreater rthan rits rrevenue.
Nonprofits: rBusinesslike restablishments rthat remploy rpeople rand rproduce rgoods rand rservices rwith rthe
rfundamental rgoal rof rcontributing rto rthe rcommunity rrather rthan rgenerating rfinancial rgain.
Profit: rThe rmoney rthat ra rbusiness rearns rin rsales r(or rrevenue), rminus rexpenses, rsuch ras rthe rcost rof
rgoods rand rthe rcost rof rsalaries. rRevenue r- rExpenses r= rProfit r(or rLoss).
Quality rof rlife: rThe roverall rsense rof rwell-being rexperienced rby reither ran rindividual ror ra rgroup.
Speed-to-market: rThe rrate rat rwhich ra rnew rproduct rmoves rfrom rconception rto rcommercialization.
Standard rof rliving: rThe rquality rand rquantity rof rgoods rand rservices ravailable rto ra rpopulation.
Value: rThe rrelationship rbetween rthe rprice rof ra rgood ror ra rservice rand rthe rbenefits rthat rit roffers rto
rcustomers.
[return rto rtop]
What's New in This Chapter
r r r r
The rfollowing relements rare rimprovements rin rthis rchapter rfrom rthe rprevious redition:
• Updated rlearning robjectives rand rcontent
• New rintroduction rhighlighting rchanges rin rthe rbusiness rlandscape rin rregard rto rCOVID-19 rand
rother rmajor revents rin r2020
• New rfeature rboxes, rincluding rthe rfollowing:
o "Not rEvery rDumb rMove rIs ran rUtter rDisaster"
o "From rBasement rDwellers rto rElite rEsports rAthletes"
o "Spacing rOut‖
• New rcontent rfor rExhibit r1.2 r"Global rBrand rChampions" rand rExhibit r1.3 r"U.S. rPopulation
rEstimates"
4
Introduction to Business 12th edition by Kelly & Williams, All
Chapters ||Complete A+ Guide
Chapter r1 r- 17
Chapter r1
Table of Contents
r r
Purpose rand rPerspective rof rthe rChapter ....................................................................................................... 2
Cengage rSupplements ................................................................................................................................... 2
Chapter rObjectives ........................................................................................................................................ 2
Complete rList rof rChapter rActivities rand rAssessments ................................................................................. 2
Key rTerms..................................................................................................................................................... 3
What's rNew rin rThis rChapter ......................................................................................................................... 4
Chapter rOutline ............................................................................................................................................. 5
Discussion rQuestions .................................................................................................................................. 12
Additional rActivities rand rAssignments ....................................................................................................... 12
Additional rResources .................................................................................................................................. 15
Cengage rVideo rResources....................................................................................................................... 15
Appendix ..................................................................................................................................................... 15
Generic rRubrics....................................................................................................................................... 15
Standard rWriting rRubric ......................................................................................................................... 15
Standard rDiscussion rRubric .................................................................................................................... 16
1
,Purpose and Perspective of the Chapter
r r r r r
Business rtoday ris rcomplex, rglobal, rand rfaster rmoving rthan rever rbefore. rThis rchapter rintroduces rthe rrole
rof rbusiness rin rthe reconomy rand rhow rwe rgot rto rwhere rwe rare. rIt ralso rlists rthe rcore rfactors rof
rproduction rand rthe rkey rdimensions rof rtoday‘s rbusiness renvironment. rThroughout rthe rbook, rwe rwill
rlook rmore rclosely rat rthe rimpact rof rchange rin revery rfacet rof rbusiness rfrom rmanagement rto rmarketing
rto rmoney, rthe rinterrelatedness rof rthese rfactors, rand rhow rbusiness rrelates rto ryou.
Cengage Supplements r
The rfollowing rproduct-level rsupplements rprovide radditional rinformation rthat rmay rhelp ryou rin rpreparing ryour
rcourse. rThey rare ravailable rin rthe rInstructor rResource rCenter.
• Transition rGuide r(provides rinformation rabout rwhat‘s rnew rfrom redition rto redition)
• Educator‘s rGuide r(describes rassets rin rthe rplatform rwith ra rdetailed rbreakdown rof
ractivities rby rchapter rwith rseat rtime)
• PowerPoint r(provides rtext-based rlectures rand rpresentations)
• Test rBank r(contains rassessment rquestions rand rproblems)
• Guide rto rTeaching rOnline r(provides rinformation rabout rthe rkey rassets rwithin rthe rproduct rand
rhow rto rimplement/facilitate ruse rof rthe rassets rin rsynchronous rand rasynchronous rteaching
renvironments)
• Accelerated rCourse rSyllabus r(provides rguidance ron rthe rrecommended rdelivery rof rcourse
rmaterials rgiven ra r5-week, r8-week, r12-week, rand r16-week rcourse)
• MindTap rUser rGuide r(provides rinformation ron rhow rto rnavigate rand ruse rMindTap)
Chapter Objectives
r
The rfollowing robjectives rare raddressed rin rthis rchapter:
1-1 rDiscuss rthe rrole rof rbusiness rin rthe reconomy r1-2
r Explain rthe revolution rof rmodern rbusiness
1-3 Discuss rthe rrole rof rnonprofit rorganizations rin rthe reconomy
1-4 Outline rthe rcore rfactors rof rproduction rand rhow rthey raffect rthe reconomy r1-5
r Describe rtoday‘s rbusiness renvironment rand reach rkey rdimension
1-6 Explain rhow rcurrent rbusiness rtrends rmight raffect ryour rcareer rchoices
Complete List of Chapter Activities and Assessments
r r r r r r
For radditional rguidance rrefer rto rthe rGuide rto rTeaching rOnline.
Chapter rObjective PPT rslide Activity/Assessment Duration
2 Icebreaker 5–10 rmin.
1-1 8 Discussion rActivity 10 rmin.
2
,1-2 13 Group rActivity r1 10 rmin.
1-3 17 Written rReflection rActivity 15–20 rmin.
1-4 20 Polling rActivity 5 rmin.
1-5 29 Group rActivity r2 15–20 rmin.
1-6 33 Breakout rActivity 15–20 rmin.
1-1–1-6 35 Self-Assessment 10–15 rmin.
Why rDoes rChange rMatter rto rMe?
r(Chapter r01 rBusiness
1-1–1-6 N/A 5 rmin.
Now: rChange rIs rthe rOnly
rConstant)
Learn rIt r1-1 rand r1-2: rBusiness
rNow: rMoving rat rBreakneck
1-1, r1-2 N/A rSpeed rand rThe rHistory rof 10 rmin.
rBusiness: rPutting rIt
All rin rContext
Learn rIt r1-3 rand r1-4:
rNonprofits rand rthe rEconomy:
1-3, r1-4 N/A rThe rBusiness rof rDoing rGood 5 rmin.
and rFactors rof rProduction: rThe
rBasic rBuilding rBlocks
Learn rIt r1-5 rand r1-6: rThe
rBusiness rEnvironment: rThe
1-5, r1-6 N/A rContext rfor rSuccess rand 10 rmin.
Business rand rYou: rMaking rIt
rPersonal
Assignment: rChapter r01 rBusiness
1-1–1-6 N/A rNow: rChange rIs rthe rOnly 25 rmin.
rConstant
Case rActivity: rChapter r01
1-1–1-6 N/A rBusiness rNow: rChange rIs rthe 15 rmin.
rOnly rConstant
[return rto rtop]
Key Terms
r
Business renvironment: rThe rsetting rin rwhich rbusiness roperates. rThe rfive rkey rcomponents rare reconomic
renvironment, rcompetitive r environment, rtechnological renvironment, rsocial renvironment, rand rglobal
renvironment.
Business rtechnology: rAny rtools—especially rcomputers, rtelecommunications, rand rother rdigital rproducts—
that rbusinesses rcan ruse rto rbecome rmore refficient rand reffective.
Business: rAny rorganization ror ractivity rthat rprovides rgoods rand rservices rin ran reffort rto rearn ra rprofit.
3
, Demographics: rThe rmeasurable rcharacteristics rof ra rpopulation. rDemographic rfactors rinclude rpopulation rsize
rand rdensity, ras rwell ras rspecific rtraits rsuch ras rage, rgender, rand rrace.
E-commerce: rBusiness rtransactions rconducted ronline, rtypically rvia rthe rinternet.
Entrepreneurs: rPeople rwho rrisk rtheir rtime, rmoney, rand rother rresources rto rstart rand rmanage ra rbusiness.
Factors rof rproduction: rFour rfundamental relements—natural rresources, rcapital, rhuman rresources, rand
rentrepreneurship—that rbusinesses rneed rto rachieve rtheir robjectives.
Free rtrade: rAn rinternational reconomic rand rpolitical rmovement rdesigned rto rhelp rgoods rand rservices
rflow rmore rfreely racross rinternational rboundaries.
General rAgreement ron rTariffs rand rTrade r(GATT): rAn rinternational rtrade ragreement rthat rhas rtaken
rbold rsteps rto rlower rtariffs rand rpromote rfree rtrade rworldwide.
Internet: rThe rservice rthat rallows rcomputer rusers rto reasily raccess rand rshare rinformation rin rthe rform rof
rtext, rgraphics, rvideo, rapps, rand ranimation.
Loss: rWhen ra rbusiness rincurs rexpenses rthat rare rgreater rthan rits rrevenue.
Nonprofits: rBusinesslike restablishments rthat remploy rpeople rand rproduce rgoods rand rservices rwith rthe
rfundamental rgoal rof rcontributing rto rthe rcommunity rrather rthan rgenerating rfinancial rgain.
Profit: rThe rmoney rthat ra rbusiness rearns rin rsales r(or rrevenue), rminus rexpenses, rsuch ras rthe rcost rof
rgoods rand rthe rcost rof rsalaries. rRevenue r- rExpenses r= rProfit r(or rLoss).
Quality rof rlife: rThe roverall rsense rof rwell-being rexperienced rby reither ran rindividual ror ra rgroup.
Speed-to-market: rThe rrate rat rwhich ra rnew rproduct rmoves rfrom rconception rto rcommercialization.
Standard rof rliving: rThe rquality rand rquantity rof rgoods rand rservices ravailable rto ra rpopulation.
Value: rThe rrelationship rbetween rthe rprice rof ra rgood ror ra rservice rand rthe rbenefits rthat rit roffers rto
rcustomers.
[return rto rtop]
What's New in This Chapter
r r r r
The rfollowing relements rare rimprovements rin rthis rchapter rfrom rthe rprevious redition:
• Updated rlearning robjectives rand rcontent
• New rintroduction rhighlighting rchanges rin rthe rbusiness rlandscape rin rregard rto rCOVID-19 rand
rother rmajor revents rin r2020
• New rfeature rboxes, rincluding rthe rfollowing:
o "Not rEvery rDumb rMove rIs ran rUtter rDisaster"
o "From rBasement rDwellers rto rElite rEsports rAthletes"
o "Spacing rOut‖
• New rcontent rfor rExhibit r1.2 r"Global rBrand rChampions" rand rExhibit r1.3 r"U.S. rPopulation
rEstimates"
4
