Solution Manual for Understanding Business, 13th Edition by William Nickels, Jim McHugh, Susan Mc

1 Instructor’s Manual – Ch 5 | Copyright 2022 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC Instructor’s Manual - Chapter 1 /McHugh/McHugh Understanding Business 13e Solution Manual for Understanding Business, 13th Edition, William Nickels Chapter 1-20 Chapter 1: Taking Risks and Making Profits within the Dynamic Business Environment I N T R O D U C T I O N This Instructor’s Manual has been revised to include all teaching resources offered for your course. It is organized for ease of use, so you can follow along in the classroom and use relevant materials as they are needed. C O N T E N T S Icebreaker Activity Brief Chapter Outline, Learning Objectives, and Classroom Activities Lecture Enhancers Critical Thinking Exercises Bonus Cases Connect Instructor’s Manual A D D I T I O N A L R E S O U R C E For more lecture -enhancing examples and videos, visit our blog at http://understandingbiz.com . W HA T ’ S N E W I N T HI S E D I T I O N Additions: ● Getting to Know Ann -Marie Campbell of Home Depot ● Name That Company: Equifax ● Issues regarding the COVID -19 pandemic and social injustice protests are addressed in several photo essays throughout the text. NURSEDOCS 2 Instructor’s Manual – Ch 5 | Copyright 2022 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC Instructor’s Manual - Chapter 1 /McHugh/McHugh Understanding Business 13e ● Adapting to Change box: Creating Sustainability through a Circular Economy ● Connecting through Social Media box: The Lucrative Challenge of Connecting with Gen Z Online ● Reaching Beyond Our Borders box: Coca -Cola’s Global Offerings Expa nd Far beyond Soda ● Video Case: Building a Shopping Community of People (Poshmark) Revisions: Statistical data and examples throughout the chapter were updated to reflect current information. In addition: ● Subsection “Managing Diversity” was enhanced with discussion of promoting inclusion and belonging in the workplace. Deletions: ● Boxes: Adapting to Change Spotlight on Small Business, Reaching Beyond Our Borders, Adapting to Change Video Case NURSEDOCS 3 Instructor’s Manual – Ch 5 | Copyright 2022 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC Instructor’s Manual - Chapter 1 /McHugh/McHugh Understanding Business 13e I C E B R E A K E R A C T I V I T Y Exercise: Puzzle Fun Learning Objectives: 1-1 Describe the relationship between profit and risk, and show how businesses and nonprofit organizations can raise the standard of living for all. Instructor Prep Time: 20–30 minutes Supplies: 5–10 small puzzles containing 5 –6 puzzle pieces. Class Type: Face -to-Face, Hybrid, and Online Ideal Class Size: N/A Set-up Time: Face -to-Face Hybrid 5 minutes to hand out puzzle pieces and create teams Online 1–2 hours to find puzzle and 15 minutes to post puzzle. Student Work Time: 30 minutes Wrap -up Time: Face -to-Face Hybrid 15–20 minutes to discuss “takeaways” Online Online chat room —1 to 2 days to answer any questions. Evaluation Suggestions: N/A Set-up: In -person and Hybrid • Depending on the class size, purchase 5 –10 small puzzles containing 5 - 6 puzzle pieces. • Divide up the puzzle pieces and place in 5 –10 sandwich bags based on the class size. • This exercise is great for the first day of class. • It serves as an “icebreaker” as well as illustrating Learning Objective 1-1. • It is a fun way to start the semester. Online NURSEDOCS 4 Instructor’s Manual – Ch 5 | Copyright 2022 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC Instructor’s Manual - Chapter 1 /McHugh/McHugh Understanding Business 13e There are free websites that you can download puzzles to post online (Here are 3 sites – there are many more) www.jigsawplanet.com/ www.jigzone.com/ https://www.thejigsawpuzzles.com/ Day of: • Form teams of 5 –6 depending on the number of puzzle pieces per bag. • Tell the teams there is a prize for th e team that finishes first. • Tell them you have to leave the classroom and will be back in a few minutes. • Depending on the class, it might take a few minutes for the students to realize that they don’t have the right pieces to comp lete the puzzle. • They will finally realize that the whole class has to collaborate to complete the puzzles. • After the students realize that there are multiple puzzles and have finally completed the puzzles, have them stay in the grou ps, discuss the process, and analyze the steps in volved. Student Instructions: • Student steps for the activity: 1. You are to put together a puzzle. 2. The first team to successfully complete the puzzle will receive a prize. Wrap -up/“Takeaways” suggested topics: • In-person/hybrid classes: Wrap -up and discussion allot 15 –20 minutes. Frame the discussion around the concept that the business world is like a puzzle with multiple components performing a myriad of functio ns and roles (refer to Figure 1. 1 A Business and Its Stakeholders ) that at first glance may not seem connected but require collaboration to create a successful business. Online: Instructor and student comments posted on the discussion page. NURSEDOCS