INSTRUCTOR‘S MANUAL
CHAPTER 1
The Dynamic Business Environment
BRIEF CHAPTER OUTLINE AND LEARNING GOALS
Opening Profile: Getting to Know: Larry Tanenbaum
I. USING THIS COURSE TO PREPARE FOR YOUR CAREER
II. BUSINESS FUNDAMENTALS
Learning Objective 1
Illustrate the importance of key business fundamentals to wealth generation.
A. Revenues, Profits, and Losses
B. Matching Risk with Profit
C. Standard of Living and Quality of Life
Learning Objective 2
Identify business stakeholders and their importance to non-profit organizations
to business activities.
A. Responding to Various Business Stakeholders
B. Using Business Principles in Non-Profit Organizations
Learning Objective 3
th
1-1 Nickels, Understanding Canadian Business, 12 Canadian Edition ©McGraw Hill LLC., 2025
, INSTRUCTOR‘S MANUAL
Explain how entrepreneurship is critical to the wealth of an economy, and list the
five factors of production that contribute to wealth.
III. ENTREPRENEURSHIP VERSUS WORKING FOR OTHERS
A. The Five Factors of Production
Learning Objective 4
State the six elements that make up the business environment and explain why
the business environment is important to organizations.
IV. THE BUSINESS ENVIRONMENT
A. The Legal Environment
1. Laws Affect Business
B. The Economic Environment
C. The Technological Environment
1. How Technology Benefits Workers and You
2. The Growth of Electronic Commerce (E-Commerce)
3. Using Technology to Be Responsive to Customers
D. The Competitive Environment
1. Components of Competition
2. Competing by Exceeding Customer Expectations
3. Competing by Restructuring and Empowerment
E. The Social Environment
1. The Aging Population
2. The Rise in Gen Z‘s Economic Influence
3. Workforce Trends
4. Managing Diversity
F. The Global Environment
1. How Global Changes Affect You
2. The Ecological Environment
Learning Objective 5
Give examples of how the service sector has replaced manufacturing as the
principal provider of jobs, but why manufacturing remains vital for Canada.
V. THE EVOLUTION OF CANADIAN BUSINESS
th
1-2 Nickels, Understanding Canadian Business, 12 Canadian Edition ©McGraw Hill LLC., 2025
, INSTRUCTOR‘S MANUAL
A. Progress in the Agricultural and Manufacturing Industries
1. Canada‘s Manufacturing Industry
B. Progress in Service Industries
C. Progress in the Information Age
D. Your Future in Business
Key Terms
baby boomers Generation Y regulations
business Generation Z revenue
business environment goods risk
climate change greening services
creative destruction identity theft social enterprises
crowdsourcing insourcing social entrepreneurs
database intellectual capital stakeholders
demography loss standard of living
e-business non-profit organization sustainability
e-commerce offshoring technology
empowerment outsourcing
entrepreneur profit
Generation X quality of life
entrepreneurship
factors of production
Resource Checklist
FIGURES FROM TEXT
Fig. 1.1 A Business and Its Stakeholders
Fig. 1.2 The Five Factors of Production
Fig. 1.3 Today's Dynamic Business Environment
Fig. 1.4 Population Projections by Age Group
Fig. 1.5 The Importance of the Services-Producing and Goods-Producing Sectors in
Canada
Fig. 1.6 What Is the Service Sector?
EXERCISES AND BOXED FEATURES FROM TEXT
Indigenous Business Insights
- An Indigenous Welcome: Honouring the Land, History, and Peoples of Turtle Island
(See the Indigenous Business Insights Instructor’s Manual for notes and teaching
suggestions)
Making Ethical Decisions
th
1-3 Nickels, Understanding Canadian Business, 12 Canadian Edition ©McGraw Hill LLC., 2025
, INSTRUCTOR‘S MANUAL
- How Ethical Are You?
Adapting To Change
- The Lucrative Challenge of Connecting with Gen Z Online
Seeking Sustainability
- Sport Facilities are LEEDing the Way
End of Chapter Content
- Career Exploration
- Critical Thinking
- Developing Career Skills
- Analyzing Management Decisions: Canada‘s Fastest-Growing Companies
SUPPLEMENTARY EXERCISES IN THIS MANUAL
Lecture Link 1-1: Jubzi
Lecture Link 1-2: Improving World Health Without Profits
Lecture Link 1-3: Education‘s New Whiteboard
Critical Thinking Exercise 1-1: Making Ethical Decisions
Critical Thinking Exercise 1-2: Job and Career Versus Owning A Business
Supplemental Case 1-1: The World‘s Largest Charity
Lecture Outline
Outline Supplements
The PROFILE at the beginning of the chapter focuses on Canadian
entrepreneur Larry Tanenbaum, who is the chairman of Maple Leaf
Sports and Entertainment Limited (MLSE). Born in Toronto,
Tanenbaum is one of few billionaire team owners who
simultaneously sat on the board of governors for the National
Hockey League and National Basketball Association Tanenbaum
effectively identified new revenue for MSLE. This visionary
entrepreneur has given Toronto some incredible sports legacies –
so it is exciting to see what comes next.
I. USING THIS COURSE TO PREPARE FOR YOUR CAREER
Experts say today‘s post-secondary graduates will likely hold many
careers and several different careers in their lifetime. One of the
th
2-4 Nickels, Understanding Canadian Business, 12 Canadian Edition © McGraw Hill LLC., 2025
CHAPTER 1
The Dynamic Business Environment
BRIEF CHAPTER OUTLINE AND LEARNING GOALS
Opening Profile: Getting to Know: Larry Tanenbaum
I. USING THIS COURSE TO PREPARE FOR YOUR CAREER
II. BUSINESS FUNDAMENTALS
Learning Objective 1
Illustrate the importance of key business fundamentals to wealth generation.
A. Revenues, Profits, and Losses
B. Matching Risk with Profit
C. Standard of Living and Quality of Life
Learning Objective 2
Identify business stakeholders and their importance to non-profit organizations
to business activities.
A. Responding to Various Business Stakeholders
B. Using Business Principles in Non-Profit Organizations
Learning Objective 3
th
1-1 Nickels, Understanding Canadian Business, 12 Canadian Edition ©McGraw Hill LLC., 2025
, INSTRUCTOR‘S MANUAL
Explain how entrepreneurship is critical to the wealth of an economy, and list the
five factors of production that contribute to wealth.
III. ENTREPRENEURSHIP VERSUS WORKING FOR OTHERS
A. The Five Factors of Production
Learning Objective 4
State the six elements that make up the business environment and explain why
the business environment is important to organizations.
IV. THE BUSINESS ENVIRONMENT
A. The Legal Environment
1. Laws Affect Business
B. The Economic Environment
C. The Technological Environment
1. How Technology Benefits Workers and You
2. The Growth of Electronic Commerce (E-Commerce)
3. Using Technology to Be Responsive to Customers
D. The Competitive Environment
1. Components of Competition
2. Competing by Exceeding Customer Expectations
3. Competing by Restructuring and Empowerment
E. The Social Environment
1. The Aging Population
2. The Rise in Gen Z‘s Economic Influence
3. Workforce Trends
4. Managing Diversity
F. The Global Environment
1. How Global Changes Affect You
2. The Ecological Environment
Learning Objective 5
Give examples of how the service sector has replaced manufacturing as the
principal provider of jobs, but why manufacturing remains vital for Canada.
V. THE EVOLUTION OF CANADIAN BUSINESS
th
1-2 Nickels, Understanding Canadian Business, 12 Canadian Edition ©McGraw Hill LLC., 2025
, INSTRUCTOR‘S MANUAL
A. Progress in the Agricultural and Manufacturing Industries
1. Canada‘s Manufacturing Industry
B. Progress in Service Industries
C. Progress in the Information Age
D. Your Future in Business
Key Terms
baby boomers Generation Y regulations
business Generation Z revenue
business environment goods risk
climate change greening services
creative destruction identity theft social enterprises
crowdsourcing insourcing social entrepreneurs
database intellectual capital stakeholders
demography loss standard of living
e-business non-profit organization sustainability
e-commerce offshoring technology
empowerment outsourcing
entrepreneur profit
Generation X quality of life
entrepreneurship
factors of production
Resource Checklist
FIGURES FROM TEXT
Fig. 1.1 A Business and Its Stakeholders
Fig. 1.2 The Five Factors of Production
Fig. 1.3 Today's Dynamic Business Environment
Fig. 1.4 Population Projections by Age Group
Fig. 1.5 The Importance of the Services-Producing and Goods-Producing Sectors in
Canada
Fig. 1.6 What Is the Service Sector?
EXERCISES AND BOXED FEATURES FROM TEXT
Indigenous Business Insights
- An Indigenous Welcome: Honouring the Land, History, and Peoples of Turtle Island
(See the Indigenous Business Insights Instructor’s Manual for notes and teaching
suggestions)
Making Ethical Decisions
th
1-3 Nickels, Understanding Canadian Business, 12 Canadian Edition ©McGraw Hill LLC., 2025
, INSTRUCTOR‘S MANUAL
- How Ethical Are You?
Adapting To Change
- The Lucrative Challenge of Connecting with Gen Z Online
Seeking Sustainability
- Sport Facilities are LEEDing the Way
End of Chapter Content
- Career Exploration
- Critical Thinking
- Developing Career Skills
- Analyzing Management Decisions: Canada‘s Fastest-Growing Companies
SUPPLEMENTARY EXERCISES IN THIS MANUAL
Lecture Link 1-1: Jubzi
Lecture Link 1-2: Improving World Health Without Profits
Lecture Link 1-3: Education‘s New Whiteboard
Critical Thinking Exercise 1-1: Making Ethical Decisions
Critical Thinking Exercise 1-2: Job and Career Versus Owning A Business
Supplemental Case 1-1: The World‘s Largest Charity
Lecture Outline
Outline Supplements
The PROFILE at the beginning of the chapter focuses on Canadian
entrepreneur Larry Tanenbaum, who is the chairman of Maple Leaf
Sports and Entertainment Limited (MLSE). Born in Toronto,
Tanenbaum is one of few billionaire team owners who
simultaneously sat on the board of governors for the National
Hockey League and National Basketball Association Tanenbaum
effectively identified new revenue for MSLE. This visionary
entrepreneur has given Toronto some incredible sports legacies –
so it is exciting to see what comes next.
I. USING THIS COURSE TO PREPARE FOR YOUR CAREER
Experts say today‘s post-secondary graduates will likely hold many
careers and several different careers in their lifetime. One of the
th
2-4 Nickels, Understanding Canadian Business, 12 Canadian Edition © McGraw Hill LLC., 2025
