Chapter One Introduction to Business OpenStax
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This document outlines the key learning outcomes and concepts for an introduction to business course. It includes 8 main learning outcomes that cover topics such as how businesses impact standard of living, the different sectors of the business environment, economic systems, macroeconomic and microeconomic indicators of economic health, government monetary and fiscal policies, demand and supply concepts, different market structures, and trends reshaping the business environment. Each learning outcome lists related concept check questions to test understanding of the key topics. Diagrams and exhibits are also included to illustrate various economic concepts.
Chapter One Introduction to Business OpenStax
- 1. PowerPoint Image Slideshow Introduction to Business
- 2. Learning Outcomes 1. How do businesses and not-for-profit organizations help create our standard of living? 2. What are the sectors of the business environment, and how do changes in them influence business decisions? 3. What are the primary features of the world’s economic systems, and how are the three sectors of the U.S. economy linked? 4. How do economic growth, full employment, price stability, and inflation indicate a nation’s economic health? 5. How does the government use monetary policy and fiscal policy to achieve its macroeconomic goals? 6. What are the basic microeconomic concepts of demand and supply, and how do they establish prices? 7. What are the four types of market structure? 8. Which trends are reshaping the business, microeconomic, and macroeconomic environments and competitive arena?
- 3. 1. How do businesses and not-for-profit organizations help create our standard of living? • CONCEPT CHECK 1. Explain the concepts of revenue, costs, and profit. 2. What are the five factors of production? 3. What is the role of an entrepreneur in society.
- 4. 2. What are the sectors of the business environment, and how do changes in them influence business decisions • CONCEPT CHECK 1. Define the components of the internal and the external business environments. 2. What factors within the economic environment affect businesses? 3. Why do demographic shifts and technological developments create both challenges and new opportunities for business?
- 5. Exhibit 1.4 The Dynamic Business Environment
- 6. 3. What are the primary features of the world’s economic systems, and how are the three sectors of the U.S. economy linked? • CONCEPT CHECK 1. What is economics, and how can you benefit from understanding basic economic concepts? 2. Compare and contrast the world’s major economic systems. Why is capitalism growing, communism declining, and socialism still popular? 3. What is the difference between macroeconomics and microeconomics?
- 7. Table 1.1 The Basic Economic Systems of the World
- 8. Table 1.1, The Basic Economic Systems of the World - Continued
- 9. Exhibit 1.6 Economics as a Circular Flow
- 10. 4. How do economic growth, full employment, price stability, and inflation indicate a nation’s economic health? • CONCEPT CHECK 1. What is a business cycle? How do businesses adapt to periods of contraction and expansion? 2. Why is full employment usually defined as a target percentage below 100 percent? 3. What is the difference between demand-pull and cost-push inflation?
- 11. 5. How does the government use monetary policy and fiscal policy to achieve its macroeconomic goals? • CONCEPT CHECK 1. What are the two kinds of monetary policy? 2. What fiscal policy tools can the government use to achieve its macroeconomic goals? 3. What problems can a large national debt present?
- 12. Exhibit 1.9 Revenues and Expenses for the Federal Budget
- 13. 6. What are the basic microeconomic concepts of demand and supply, and how do they establish prices? • CONCEPT CHECK 1. What is the relationship between prices and demand for a product? 2. How is market equilibrium achieved? Describe the circumstances under which the price for gasoline would have returned to equilibrium in the United States after Hurricane Katrina. 3. Draw a graph that shows an equilibrium point for supply and demand.
- 14. Exhibit 1.11 Demand Curve for Jackets for Snowboarders
- 15. Exhibit 1.12 Supply Curve for Jackets for Snowboarders
- 16. Exhibit 1.13 Equilibrium Price and Quantity for Jackets for Snowboarders
- 17. Exhibit 1.14 Shifts in Demand for Jackets for Snowboarders
- 18. Table 1.2 Factors That Cause Demand and Supply Curves to Shift
- 19. Table 1.3 Comparison of Market Structures
- 20. Table 1-3, Comparison of Market Structures - continued
- 21. 7. What are the four types of market structure? • CONCEPT CHECK 1. What is meant by market structure? 2. Compare and contrast perfect competition and pure monopoly. Why is it rare to find perfect competition? 3. How does an oligopoly differ from monopolistic competition?
- 22. 8. Which trends are reshaping the business, microeconomic, and macroeconomic environments and competitive arena? • CONCEPT CHECK 1. What steps can companies take to benefit from the aging of their workers and to effectively manage a multigenerational workforce? 2. Why is the increasing demand for energy worldwide a cause for concern? 3. Describe several strategies that companies can use to remain competitive in the global economy. This OpenStax ancillary resource is © Rice University under a CC-BY 4.0 International license; it may be reproduced or modified but must be attributed to OpenStax, Rice University and any changes must be noted. Any images credited to other sources are similarly available for reproduction, but must be attributed to their sources.