Instructor Manual: Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857; Chapter 1: Business Now: Change Is the Only
Constant
Instructor Manual
Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857;
Chapter 1: Business Now: Change Is the Only Constant
TABLE OF CONTENTS
Purpose and Perspective of the Chapter......................................................................2
Chapter Objectives........................................................................................................2
What’s New in This Chapter........................................................................................2
Chapter Outline.............................................................................................................3
Additional Activities and Assignments.......................................................................15
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 1
accessible website, in whole or in part.
, Instructor Manual: Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857; Chapter 1: Business Now: Change Is the Only
Constant
PURPOSE AND PERSPECTIVE OF THE CHAPTER
The purpose of this chapter is to provide students with a comprehensive foundation for understanding the
dynamic nature of contemporary business and its role within the broader economic environment. This
chapter analyzes business fundamentals, including the evolution of modern business practices, the
significance of nonprofit organizations, and core factors of production that drive economic activity.
Students will explore the five key dimensions of today’s business environment: economic, competitive,
technological, social, and global contexts. Additionally, the chapter examines current business trends,
ethical considerations, and social responsibility initiatives that shape organizational decision-making. By
connecting theoretical concepts to real-world applications, this chapter prepares learners to understand
how business developments may influence their future career paths and professional opportunities in an
increasingly interconnected global marketplace.
CHAPTER OBJECTIVES
The following objectives are addressed in this chapter:
1-1 Analyze the role of business in the economy
1-2 Explain the evolution of modern business
1-3 Identify the role of nonprofit organizations in the economy
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
1-6 Explain how current business trends might affect your career choices
[return to top]
WHAT’S NEW IN THIS CHAPTER
The following elements are improvements in this chapter from the previous edition:
NEW Generative AI content including key terms
NEW “Oops!” Box feature - Bic & Women’s Day, Burger King’s Impossible Southwestern
Burger
Updated exhibit on valuable brands & growth
NEW feature box - Esports
NEW content on corporate diversity initiatives
[return to top]
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 2
accessible website, in whole or in part.
, Instructor Manual: Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857; Chapter 1: Business Now: Change Is the Only
Constant
CHAPTER OUTLINE
The following outline organizes activities (including any existing discussion questions in PowerPoints or
other supplements) and assessments by chapter (and therefore by topic), so you can see how all the
content relates to the topics covered in the text.
I. Business Now: Moving at Breakneck Speed (LO 1-1, PPT Slides 4–9)
i. Industries rise—and sometimes fall—in the course of a few short months.
ii. Technologies forge instant connections across the globe.
iii. Powerful new trends surface and submerge, sometimes within less than a year.
iv. Successful firms lean forward and embrace the change.
(1) Seek opportunities and avoid pitfalls
(2) Evaluate risks
(3) Understand their market
(4) Adhere to ethical practices
(5) Meet their goal of generating profits while delivering value to customers
(a) Value: The relationship between the price of a good or a
service and the benefits that it offers to customers
a. Business Basics: Some Key Definitions
i. Business: Any organization or activity that provides goods and services in an
effort to earn a profit
(1) 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)
(2) Loss: When a business incurs expenses that are greater than its revenue
ii. Entrepreneurs: People who risk their time, money, and other resources to
start and manage a business
(1) Entrepreneurs produce a ripple effect that not only enriches them, but
everyone around them as well
iii. Successful businesses raise people’s standard of living, which, in turn, adds to
people’s quality of life.
(1) Standard of living: The quality and quantity of goods and services
available to a population
(2) Quality of life: The overall sense of well-being experienced by either
an individual or a group
iv. Business also contributes to society through innovation
(1) Business also helps raise the standard of living through taxes, which the
government spends on a variety of projects
(2) Socially responsible firms contribute even more by actively advocating
for the well-being of the society that feeds their success
v. Discussion Activity (optional): 10 minutes total. (PPT Slides 8–9)
What factors contribute to the rapid pace of change in business? Is the pace likely
to accelerate or decrease through the next decade? Why?
(1) Do you think the decisions of businesspeople are more influential than
the decisions of politicians?
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 3
accessible website, in whole or in part.
, Instructor Manual: Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857; Chapter 1: Business Now: Change Is the Only
Constant
(2) If you had to pick one factor that has caused the most change in the
global economy in recent years, what would you choose?
(3) Do you see the speed of change in the business world (global economy)
as more positive or more negative for the global population?
II. The History of Business: Putting It All in Context (LO 1-2, PPT Slides 10–14)
i. The Industrial Revolution
(1) From the mid-1700s to the mid-1800s, technological advances fueled
rapid industrialization in America
(2) Changed lifestyles in vital ways, replacing skilled artisan workshops with
large factories and more rural life with greater urbanization
(3) The result was unprecedented production efficiency but also a loss of
individual ownership and personal pride in the production process.
ii. The Entrepreneurship Era
(1) In the second half of the 1800s, large-scale entrepreneurs emerged and
built business empires
(2) Jobs became even more specialized, increasing productivity and
lowering costs and prices
(3) Saw the beginnings of great business empires, some of which took
advantage of workers and consumers, causing the government to step in
with greater regulation
iii. The Production Era
(1) In the early 1900s, businesses refined production process and created
greater efficiencies
(2) In 1913, Henry Ford introduced the assembly line, which quickly became
standard across major manufacturing industries.
(3) The Great Depression and World War II occurred during the production
era
(4) The “hard sell” emerged: aggressive persuasion designed to separate
consumers from their cash.
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 4
accessible website, in whole or in part.
Constant
Instructor Manual
Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857;
Chapter 1: Business Now: Change Is the Only Constant
TABLE OF CONTENTS
Purpose and Perspective of the Chapter......................................................................2
Chapter Objectives........................................................................................................2
What’s New in This Chapter........................................................................................2
Chapter Outline.............................................................................................................3
Additional Activities and Assignments.......................................................................15
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 1
accessible website, in whole or in part.
, Instructor Manual: Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857; Chapter 1: Business Now: Change Is the Only
Constant
PURPOSE AND PERSPECTIVE OF THE CHAPTER
The purpose of this chapter is to provide students with a comprehensive foundation for understanding the
dynamic nature of contemporary business and its role within the broader economic environment. This
chapter analyzes business fundamentals, including the evolution of modern business practices, the
significance of nonprofit organizations, and core factors of production that drive economic activity.
Students will explore the five key dimensions of today’s business environment: economic, competitive,
technological, social, and global contexts. Additionally, the chapter examines current business trends,
ethical considerations, and social responsibility initiatives that shape organizational decision-making. By
connecting theoretical concepts to real-world applications, this chapter prepares learners to understand
how business developments may influence their future career paths and professional opportunities in an
increasingly interconnected global marketplace.
CHAPTER OBJECTIVES
The following objectives are addressed in this chapter:
1-1 Analyze the role of business in the economy
1-2 Explain the evolution of modern business
1-3 Identify the role of nonprofit organizations in the economy
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
1-6 Explain how current business trends might affect your career choices
[return to top]
WHAT’S NEW IN THIS CHAPTER
The following elements are improvements in this chapter from the previous edition:
NEW Generative AI content including key terms
NEW “Oops!” Box feature - Bic & Women’s Day, Burger King’s Impossible Southwestern
Burger
Updated exhibit on valuable brands & growth
NEW feature box - Esports
NEW content on corporate diversity initiatives
[return to top]
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 2
accessible website, in whole or in part.
, Instructor Manual: Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857; Chapter 1: Business Now: Change Is the Only
Constant
CHAPTER OUTLINE
The following outline organizes activities (including any existing discussion questions in PowerPoints or
other supplements) and assessments by chapter (and therefore by topic), so you can see how all the
content relates to the topics covered in the text.
I. Business Now: Moving at Breakneck Speed (LO 1-1, PPT Slides 4–9)
i. Industries rise—and sometimes fall—in the course of a few short months.
ii. Technologies forge instant connections across the globe.
iii. Powerful new trends surface and submerge, sometimes within less than a year.
iv. Successful firms lean forward and embrace the change.
(1) Seek opportunities and avoid pitfalls
(2) Evaluate risks
(3) Understand their market
(4) Adhere to ethical practices
(5) Meet their goal of generating profits while delivering value to customers
(a) Value: The relationship between the price of a good or a
service and the benefits that it offers to customers
a. Business Basics: Some Key Definitions
i. Business: Any organization or activity that provides goods and services in an
effort to earn a profit
(1) 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)
(2) Loss: When a business incurs expenses that are greater than its revenue
ii. Entrepreneurs: People who risk their time, money, and other resources to
start and manage a business
(1) Entrepreneurs produce a ripple effect that not only enriches them, but
everyone around them as well
iii. Successful businesses raise people’s standard of living, which, in turn, adds to
people’s quality of life.
(1) Standard of living: The quality and quantity of goods and services
available to a population
(2) Quality of life: The overall sense of well-being experienced by either
an individual or a group
iv. Business also contributes to society through innovation
(1) Business also helps raise the standard of living through taxes, which the
government spends on a variety of projects
(2) Socially responsible firms contribute even more by actively advocating
for the well-being of the society that feeds their success
v. Discussion Activity (optional): 10 minutes total. (PPT Slides 8–9)
What factors contribute to the rapid pace of change in business? Is the pace likely
to accelerate or decrease through the next decade? Why?
(1) Do you think the decisions of businesspeople are more influential than
the decisions of politicians?
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 3
accessible website, in whole or in part.
, Instructor Manual: Marce Kelly, Chuck Williams, BUSN_New, 13e, ©2027, 9798214051857; Chapter 1: Business Now: Change Is the Only
Constant
(2) If you had to pick one factor that has caused the most change in the
global economy in recent years, what would you choose?
(3) Do you see the speed of change in the business world (global economy)
as more positive or more negative for the global population?
II. The History of Business: Putting It All in Context (LO 1-2, PPT Slides 10–14)
i. The Industrial Revolution
(1) From the mid-1700s to the mid-1800s, technological advances fueled
rapid industrialization in America
(2) Changed lifestyles in vital ways, replacing skilled artisan workshops with
large factories and more rural life with greater urbanization
(3) The result was unprecedented production efficiency but also a loss of
individual ownership and personal pride in the production process.
ii. The Entrepreneurship Era
(1) In the second half of the 1800s, large-scale entrepreneurs emerged and
built business empires
(2) Jobs became even more specialized, increasing productivity and
lowering costs and prices
(3) Saw the beginnings of great business empires, some of which took
advantage of workers and consumers, causing the government to step in
with greater regulation
iii. The Production Era
(1) In the early 1900s, businesses refined production process and created
greater efficiencies
(2) In 1913, Henry Ford introduced the assembly line, which quickly became
standard across major manufacturing industries.
(3) The Great Depression and World War II occurred during the production
era
(4) The “hard sell” emerged: aggressive persuasion designed to separate
consumers from their cash.
a
© 2027 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly 4
accessible website, in whole or in part.
