Introduction to the World of Business
Edition: 5
Copyright: 2023
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$73.50
Regardless of discipline, individuals function in the business world on a daily basis, and therefore, need to understand how business works and how it applies to oneself.
Introduction to the World of Business is an introductory business textbook designed with students and instructors in mind. It covers major areas essential in developing a wide-ranging view of business while simultaneously laying the foundation for future development in higher-level business courses. Featuring thirteen chapters, the book is designed to be covered within a semester (or shorter term) – allowing time for the development of concepts in and out of the classroom that promote deeper learning. The publication captures students’ attention and maintains focus on relevant materials in order to provide an overview of business functions, while laying the groundwork for future success.
Now in a fourth edition, Introduction to the World of Business by John Mago and Jill Friestad-Tate:
- promotes comprehension! The text Incorporates Chapter Outcomes, Concept Checks, and Business Terminology vignettes to help your students focus on important content.
- is easy to adopt! Introduction to the World of Business is a turn-key package that includes an interactive website that features PowerPoint™ presentations, notes handouts, automatically graded quizzes and exams, interactive exercises, and gradebook.
- is engaging! The text incorporates Discussion Questions, Learning Activities, and Case Studies to help readers apply concepts to real life.
- features visually stunning graphics and images to enhance text content.
- prepares students for the future by dedicating an entire chapter to career success. The material covers career choices, interviewing skills, application materials, and more.
CHAPTER 1: Understanding the Business Environment
What Is Business?
For-Profit Organizations
Non-Profit Organizations
History of Business
Workforce Dynamics
Workforce Challenges
Workforce Diversity
Population and Labor Pool
Other Challenges
Ethics Corner: Outsourcing
Business Stakeholders
Government’s Role in Business
How Do Businesses & Government Relate?
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: To Diversify or Not?
CHAPTER 2: Corporate Social Responsibility and Ethics
Law versus Ethics
Business Law
Determining Ethical Behaviors
Concerns of Stakeholders
Responsibilities to Stakeholders
Management’s Role in Ethical Standards
Ethics Corner: Code of Ethics
Workplace Safety
Investors
Good Faith and Fair Dealing
Social Responsibility
International Business and Ethical Behaviors
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: Perceptions Matter
CHAPTER 3: Understanding Economic Systems
Economics
Types of Economic Systems
Types of Competition
History of Economic Theory
Managing Economic Performance
Federal Reserve Bank Creation
The Great Recession of 2008
Ethics Corner: Big Banks and Ethics
Global Economic Challenges
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: Marketplace Decisions
CHAPTER 4: Entrepreneurship
Entrepreneurship
Types of Entrepreneurs
Small Businesses
Ethics Corner: Entrepreneurs and Ethics
Business Ownership Options
Funding Options
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: Starting a Business Together
CHAPTER 5: Understanding Accounting and Finance
Accounting
Accounting vs. Bookkeeping
Types of Accounting
Ethics Corner: Accounting and Ethics
Users of Accounting Information
FASB and GAAP
Accounting Cycle
The Accounting Equation
Financial Statements
Analysis Using Financial Ratios
International Accounting
Importance of Finance
Short-term and Long-term Financing
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: A Little off the Top
CHAPTER 6: Understanding Marketing
What Is Marketing?
Six Eras in Marketing History
Utility
B2B versus B2C Marketing
Non-profit Marketing
Digital Marketing
Marketing Terminology
The Marketing Research Process
The Four P’s of Marketing
Ethics Corner: Avon and Marketing
Product Life Cycle (PLC)
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: Playing the Price Game
CHAPTER 7: Management vs. Leadership
What Is Management?
Basic Management Functions
Management Skills
Vision and Mission Statements
Planning
Programmed versus Non-programmed Decisions
Management versus Leadership
Leadership
Types of Leadership
Management Communication
Ethics Corner: Management and Leadership
Organizational Structure
Types of Organizational Structures
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: The Communication Trap
CHAPTER 8: Human Resources and Employee Management
Human Resource Management
Role of HR in Organizations
Employee Recruitment
Selection
Training
Retention
Evaluation
Compensation and Benefits
Labor Laws
Ethics Corner: Human Resources and Employee Management
Motivational Theories
Labor–Management Relations
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: To Unionize or Not to Unionize?
CHAPTER 9: Production and Operations Management
What Is Production?
Types of Production
Additional Manufacturing Processes
Technological Developments
Green Manufacturing
Ethics Corner: Operations Management
Facility Layouts
Quality Control
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: The Production Blues
CHAPTER 10: International Trade
Global Trade
Exports and Imports
Balance of Trade versus Balance of Payments
Absolute versus Comparative Advantage
Barriers to Trade
Trade Protectionism
Organizations to Promote Global Trade
Involvement in Global Markets
Ethics Corner: International Trade
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: Expansion: Which Way to Go?
CHAPTER 11: Technology in the Workplace
Technology and Business
Business and Data
Information Systems
Computer Networking
Security and Ethical Concerns
Ethics Corner: Technology
Trends in Information Technology
E-business and E-commerce
Social Media
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: To Hack or Not to Hack?
CHAPTER 12: Personal Finance
Financial Changes Are Coming
Financial Planning
Credit Scores and Reports
Ethics Corner: Credit Scores
Types of Debt
Investment Options
Retirement Planning
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: How Much Insurance?
CHAPTER 13: Planning for Career Success
Career Choices
Application Materials
Ethics Corner: Career Planning
Interviewing Skills
Wrapping Up
Business Terminology
Discussion Questions
Learning Activities
Case Study: Master the Social Networking World
APPENDIX A: Future and Present Value
Future and Present Value Calculations
Future and Present Value Problems
Self-Check
APPENDIX B: Creating a Business Plan
Sample Business Plan Format
APPENDIX C: Supplemental Case Studies
NASA: Deadly Decision-Making?
McDonald’s: Expanding the Arches
Leadership: Joining Cultures
Elmira Lilic: Aspiring Artist and Entrepreneur
References
Glossary
Index