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Solution Manual For M Business 2024 Release By O. C. Ferrell, Geoffrey Hirt and Linda Ferrell Chapter 1-16
Solution Manual For M Business 2024 Release By O. C. Ferrell, Geoffrey Hirt and Linda Ferrell Chapter 1-16
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Solution Manual ForM Business 2024 Release By O. C. Ferrell, Geoffrey Hirt and Linda Ferrell
Chapter 1-16
Chapter 1: The Dynamics of Business and Economics
Use this Instructor’s Manual to facilitate class discussion and incorporate the unique features of the text’s highlights. Follow-
up via the Connect exercises is then encouraged to provide a holistic understanding of the chapter. Use the hyperlinked Table
of Contents below to jump to different sections of the manual.
Table of Contents
Chapter Forecast ..............................................................................................................................................................................1
Learning Objectives ..........................................................................................................................................................................2
Key Terms and Definitions ................................................................................................................................................................2
Content Outline ................................................................................................................................................................................4
Boxed Text Critical Thinking Questions ......................................................................................................................................... 12
ARE YOU PREPARED to Take Advantage of Emerging Job Opportunities? ................................................................................... 14
Team Exercise ................................................................................................................................................................................ 14
Bonus Teaching Resources ............................................................................................................................................................ 15
Chapter Review Questions ............................................................................................................................................................ 17
Connect Exercises .......................................................................................................................................................................... 19
Class Discussion Questions ............................................................................................................................................................ 19
Build Your Skills ............................................................................................................................................................................. 20
Term Paper or Project Topics ........................................................................................................................................................ 22
Guest Speaker Suggestions ........................................................................................................................................................... 22
Teaching Suggestions .................................................................................................................................................................... 22
Chapter Forecast
We begin our study of business in this chapter by examining the fundamentals of business and economics. First, we introduce
the nature of business, including its goals, activities, and participants. Next, we describe the basics of economics and apply
them to the U.S. economy. Finally, we establish a framework for studying business in this text.
1
,Learning Objectives
LO 1-1 Define basic concepts such as business, product, profit, and economics.
LO 1-2 Identify the main participants and activities of business.
LO 1-3 Explain why studying business is important.
LO 1-4 Compare the four types of economic systems.
LO 1-5 Describe the role of supply, demand, and competition in a free-enterprise system.
LO 1-6 Specify why and how the health of the economy is measured.
LO 1-7 Outline the evolution of the American economy.
LO 1-8 Explain the role of the entrepreneur in the economy.
Key Terms and Definitions
Artificial intelligence (AI)
Relates to machine (computer) learning that is able to perform activities and tasks that usually require human intelligence
Big data
Refers to large volumes of structured and unstructured data that are transmitted at very fast speeds
Blockchain
A decentralized record-keeping technology that stores linked blocks of ordered transactions over time
Budget deficit
The condition in which a nation spends more than it takes in from taxes
Business
Individuals or organizations who try to earn a profit by providing products that satisfy people’s needs
Capitalism (free enterprise)
An economic system in which individuals own and operate the majority of businesses that provide goods and services
Communism
First described by Karl Marx as a society in which the people, without regard to class, own all the nation’s resources
Competition
The rivalry among businesses for consumers’ dollars
Demand
The number of goods and services that consumers are willing to buy at different prices at a specific time
Depression
A condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply
reduced
Drones
Unmanned aerial devices
Economic contraction
A slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and
lay off workers
Economic expansion
The situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the
production of goods and services, which in turn stimulates employment
2
,Economic system
A description of how a particular society distributes its resources to produce goods and services
Economics
The study of how resources are distributed for the production of goods and services within a social system
Entrepreneur
An individual who risks their wealth, time, and effort to develop for profit an innovative product or way of doing something
Equilibrium price
The price at which the number of products that businesses are willing to supply equals the amount of products that
consumers are willing to buy at a specific point in time
Financial resources
The funds used to acquire the natural and human resources needed to provide products, also called capital
Free-market system
Pure capitalism, in which all economic decisions are made without government intervention
Gross domestic product (GDP)
The sum of all goods and services produced in a country during a year
Human resources
The physical and mental abilities that people use to produce goods and services, also called labor
Inflation
A condition characterized by a continuing rise in prices
Mixed economies
Economies made up of elements from more than one economic system
Monopolistic competition
The market structure that exists when there are a large number of businesses competing for market share and the differences
among the goods they sell are small
Monopoly
The market structure that exists when there is only one business providing a product in a given market
Natural resources
Land, forests, minerals, water, and other things that are not made by people
Nonprofit organizations
Organizations that may provide goods or services but do not have the fundamental purpose of earning profits
Oligopoly
The market structure that exists when there are very few businesses selling a product
Open economy
An economy in which economic activities occur between the country and the international community
Product
A good, service, or idea with tangible and intangible characteristics that provide satisfaction and benefits
Profit
3
, The difference between what it costs to make and sell a product and what a customer pays for it
Pure competition
The market structure that exists when there are many small businesses selling one standardized product
Recession
A decline in production, employment, and income
Socialism
An economic system in which the government owns and operates basic industries, but individuals own most businesses
Stakeholders
Groups that have a stake in the success and outcomes of a business
Supply
The number of products—goods and services—that businesses are willing to sell at different prices at a specific time
Standard of living
Refers to the level of wealth and material comfort that people have available to them
Technology
Includes the methods and processes creating applications to solve problems, perform tasks, and make decisions
Unemployment
The condition in which a percentage of the population wants to work but is unable to find jobs
Content Outline
The following section provides the flow of information using the LEARNING OBJECTIVES as a guide, KEY TERMS learners will
need to take away from the course, and a notation of when to use POWERPOINT SLIDES with LECTURE NOTES to drive home
teaching points. There is also a section on which CONNECT activities can be used in the chapter. This is created so that you can
facilitate in-class or online discussion effectively.
LO 1-1 Define basic concepts such as business, product, profit, Key terms:
and economics. Business
Product
Introduction Profit
The Nature of Business Nonprofit organizations
o The Goal of Business Stakeholders
PowerPoint Slides Lecture Outline and Notes:
PPT 1.3 I. The Nature of Business
a. Business refers to the individuals and organizations who try to earn a profit
by providing products that satisfy people’s needs.
b. Products refer to goods or services with tangible and intangible attributes
that provide satisfaction and benefits. A product can be a good, service, or
idea.
i. Examples of tangible goods include an automobile, a smartphone,
jeans, or some other tangible item.
ii. Examples of services include dry cleaning, a telemedicine visit, a
movie, or sports event.
PPT 1.4 iii. A product can also be an idea. Accountants and attorneys, for
4
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