Chapter 1: The Dynamics of Business and Economics
SUMMARY
LEARNING OBJECTIVES
KEY TERMS AND DEFINITIONS
CONTENT OUTLINE
BOXED TEXT DISCUSSION QUESTIONS WITH SUGGESTED ANSWERS
Enter the World of Business: Inside the Zoom Boom
Responding to Business Challenges: Taylor Swift Fights Scalpers
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Business Foundations: A Changing World ell
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13th Edition Ferrell SOLUTION MANUAL B
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Chapter 1: The Dynamics of Business and Economics Fe
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SUMMARY :
LEARNING OBJECTIVES B
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KEY TERMS AND DEFINITIONS
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CONTENT OUTLINE i
BOXED TEXT DISCUSSION QUESTIONS WITH SUGGESTED ANSWERS n
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Enter the World of Business: Inside the Zoom Boom s
Responding to Business Challenges: Taylor Swift Fights Scalpers s
Business Disruption: Competition Is Brewing in Kombucha Market
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Technology and the Economy: Up in the Air: Drones and Air Traffic Control o
So You Want a Job in the Business World n
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END OF CHAPTER TEACHING RESOURCES
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Check Your Progress t
Get Involved i
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Build Your Skills: The Forces of Supply and Demand
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Solve the Dilemma: Mrs. Acres Homemade Pies s
Build Your Business Plan: The Dynamics of Business and Economics
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See for Yourself Case: Tesla: More Than a Car Company 3
Team Exercise e
CONNECT ACTIVITIES
GrubHub Excels Amidst the Changing Business Environment
Uber and Its Effect on the Sharing Economy
iSeeIt! Video Case: Supply and Demand
BONUS TEACHING RESOURCES
Term Paper or Project Topic
Guest Speaker Suggestions
Teaching Suggestions
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SUMMARY
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We begin our study of business in this chapter by examining the fundamentals of business and Fe
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economics. First, we introduce the nature of business, including its goals, activities, and
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participants. Next, we describe the basics of economics and apply them to the U.S. economy.
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Finally, we establish a framework for studying business in this text. B
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LEARNING OBJECTIVES i
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LO 1-1 Define basic concepts such as business, product, profit, and economics. e
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LO 1-2 Identify the main participants and activities of business. s
LO 1-3 Explain why studying business is important.
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LO 1-4 Compare the four types of economic systems. o
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LO 1-5 Describe the role of supply, demand, and competition in a free enterprise system. d
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LO 1-6 Specify why and how the health of the economy is measured. t
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LO 1-7 Outline the evolution of the American economy. o
LO 1-8 Explain the role of the entrepreneur in the economy. n
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LO 1-9 Evaluate a small business owner’s situation and propose a course of action.
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KEY TERMS AND DEFINITIONS
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big data Large volumes of structured and unstructured data that are Fe
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transmitted at very fast speeds.
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blockchain A decentralized record-keeping technology that stores linked. :
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budget deficit The condition in which a nation spends more than it takes in from u
taxes. s
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business Individuals or organizations who try to earn a profit by providing n
products that satisfy people’s needs. e
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capitalism (free An economic system in which individuals own and operate the s
enterprise) majority of businesses that provide goods and services.
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communism First described by Karl Marx as a society in which the people,
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without regard to class, own all the nation’s resources. n
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competition The rivalry among businesses for consumers’ dollars.
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demand The number of goods and services that consumers are willing to buyt
at different prices at a specific time. i
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depression A condition of the economy in which unemployment is very high, n
consumer spending is low, and business output is sharply reduced. s
drones unmanned aerial devices, can be programed with AI to perform 1
human tasks such as delivering products or collecting 3
environmental data and imagery. e
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.
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.
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