Manual
Table of Contents
Purpose and Perspective of the Chapter.......................................................................................................2
Cengage Supplements.................................................................................................................................2
Chapter Objectives......................................................................................................................................2
Complete List of Chapter Activities and Assessments................................................................................3
Key Terms...................................................................................................................................................4
What's New in This Chapter........................................................................................................................5
Chapter Outline...........................................................................................................................................5
Discussion Questions.................................................................................................................................13
Additional Activities and Assignments......................................................................................................14
Additional Resources.................................................................................................................................17
Cengage Video Resources......................................................................................................................17
Appendix...................................................................................................................................................17
Generic Rubrics......................................................................................................................................17
Standard Wri琀椀ng Rubric........................................................................................................................17
Standard Discussion Rubric...................................................................................................................18
,Purpose and Perspec琀椀ve 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 management to marketing to money, the
interrelatedness of these factors, and how business relates to you.
Cengage Supplements
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)
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 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
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)
Chapter Objec琀椀ves
The following objectives are addressed in this chapter:
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
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
Complete List of Chapter Ac琀椀vi琀椀es and Assessments
For additional guidance refer to the Guide to Teaching Online.
Chapter Objective PPT slide Activity/Assessment Duration
2 Icebreaker 5–10 min.
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.
1-5 29 Group Activity 2 15–20 min.
1-6 33 Breakout Activity 15–20 min.
1-1–1-6 35 Self-Assessment 10–15 min.
Why Does Change Matter to
1-1–1-6 N/A Me? (Chapter 01 Business Now: 5 min.
Change Is the Only Constant)
Learn It 1-1 and 1-2: Business
Now: Moving at Breakneck
1-1, 1-2 N/A Speed and The History of 10 min.
Business: Putting It All in
Context
Learn It 1-3 and 1-4: Nonprofits
and the Economy: The Business
1-3, 1-4 N/A of Doing Good and Factors of 5 min.
Production: The Basic Building
Blocks
Learn It 1-5 and 1-6: The
Business Environment: The
1-5, 1-6 N/A Context for Success and 10 min.
Business and You: Making It
Personal
Assignment: Chapter 01
1-1–1-6 N/A Business Now: Change Is the 25 min.
Only Constant
Case Activity: Chapter 01
1-1–1-6 N/A Business Now: Change Is the 15 min.
Only Constant
[return to top]
Key Terms
Business environment: The setting in which business operates. The five key components are economic
environment, competitive environment, technological environment, social environment, and global
environment.
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.
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.
Factors of production: Four fundamental elements—natural resources, capital, human resources, and
entrepreneurship—that businesses need to achieve their objectives.
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 form of
text, graphics, video, apps, and animation.
Loss: When a business incurs expenses that are greater than its revenue.
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.
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).
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 commercialization.
Standard of living: The quality and quantity of goods and services available to a population.
Value: The relationship between the price of a good or a service and the benefits that it offers to
customers.
[return to top]
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 and
other major events in 2020
New feature boxes, including the following:
o "Not Every Dumb Move Is an Utter Disaster"
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"
[return to top]
Chapter Outline
In the outline below, each element includes references (in parentheses) to related content. “LO CH#-#”
refers to the chapter objective; “PPT Slide #” refers to the slide number in the PowerPoint deck for this
Table of Contents
Purpose and Perspective of the Chapter.......................................................................................................2
Cengage Supplements.................................................................................................................................2
Chapter Objectives......................................................................................................................................2
Complete List of Chapter Activities and Assessments................................................................................3
Key Terms...................................................................................................................................................4
What's New in This Chapter........................................................................................................................5
Chapter Outline...........................................................................................................................................5
Discussion Questions.................................................................................................................................13
Additional Activities and Assignments......................................................................................................14
Additional Resources.................................................................................................................................17
Cengage Video Resources......................................................................................................................17
Appendix...................................................................................................................................................17
Generic Rubrics......................................................................................................................................17
Standard Wri琀椀ng Rubric........................................................................................................................17
Standard Discussion Rubric...................................................................................................................18
,Purpose and Perspec琀椀ve 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 management to marketing to money, the
interrelatedness of these factors, and how business relates to you.
Cengage Supplements
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)
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 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
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)
Chapter Objec琀椀ves
The following objectives are addressed in this chapter:
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
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
Complete List of Chapter Ac琀椀vi琀椀es and Assessments
For additional guidance refer to the Guide to Teaching Online.
Chapter Objective PPT slide Activity/Assessment Duration
2 Icebreaker 5–10 min.
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.
1-5 29 Group Activity 2 15–20 min.
1-6 33 Breakout Activity 15–20 min.
1-1–1-6 35 Self-Assessment 10–15 min.
Why Does Change Matter to
1-1–1-6 N/A Me? (Chapter 01 Business Now: 5 min.
Change Is the Only Constant)
Learn It 1-1 and 1-2: Business
Now: Moving at Breakneck
1-1, 1-2 N/A Speed and The History of 10 min.
Business: Putting It All in
Context
Learn It 1-3 and 1-4: Nonprofits
and the Economy: The Business
1-3, 1-4 N/A of Doing Good and Factors of 5 min.
Production: The Basic Building
Blocks
Learn It 1-5 and 1-6: The
Business Environment: The
1-5, 1-6 N/A Context for Success and 10 min.
Business and You: Making It
Personal
Assignment: Chapter 01
1-1–1-6 N/A Business Now: Change Is the 25 min.
Only Constant
Case Activity: Chapter 01
1-1–1-6 N/A Business Now: Change Is the 15 min.
Only Constant
[return to top]
Key Terms
Business environment: The setting in which business operates. The five key components are economic
environment, competitive environment, technological environment, social environment, and global
environment.
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.
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.
Factors of production: Four fundamental elements—natural resources, capital, human resources, and
entrepreneurship—that businesses need to achieve their objectives.
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 form of
text, graphics, video, apps, and animation.
Loss: When a business incurs expenses that are greater than its revenue.
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.
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).
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 commercialization.
Standard of living: The quality and quantity of goods and services available to a population.
Value: The relationship between the price of a good or a service and the benefits that it offers to
customers.
[return to top]
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 and
other major events in 2020
New feature boxes, including the following:
o "Not Every Dumb Move Is an Utter Disaster"
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"
[return to top]
Chapter Outline
In the outline below, each element includes references (in parentheses) to related content. “LO CH#-#”
refers to the chapter objective; “PPT Slide #” refers to the slide number in the PowerPoint deck for this
