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Ch.1 Basic Business Concepts(Contemporary Business World)

Ch.1 Basic Business Concepts(Contemporary Business World)



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Published by: koray_uruk2750 on Jan 04, 2009
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2 Business Essentials |
Chapter 1: The U.S. Business Environment
Resources for This Chapter
Chapter 1
What’s New in ThisEdition?
New chapter-openingvignetteRemoved Aftermath of9/11 sectionUpdated examples andstatisticsUpdated figures andphotos
See page 1-1.
See page 1-2.
See page 1-3.
See page 1-7.
The following resources are available for this chapter:
In This Instructor’s Manual
List of In-Class Activities to Accompany This Chapter:See page 1-1.List of Homework Assignments to Accompany This Chapter:Seepage1-2.Detailed Lecture Outline:See page 1-3.Chapter Outline:See page 1-7.Additional Handout:Business Accountability:When Smoke GetsinYour Eyes.See page 1-8.Additional Handout:Supplemental Case Study:Supply and Demandfor Pollution Permits.See page 1-9.
 Additional Materials
PowerPoint Presentation:Available on the Instructor’s Resource CD (IRCD).Test Item File:Available on the Instructor’s Resource CD (IRCD).Video:
Helping Businesses Do Business:U.S.Department of Commerce 
.Available on VHS/DVD.Online Materials:See www.prenhall.com/ebertfor online supple-ments to this chapter.
Making the Transitionfrom
If you’re switching fromRicky Griffin and RonEbert’s hardcover eighth edi-tion of 
to this edi-tion of 
Business Essentials
,you’ll find some of the extracontent you’re used to seeingin
online atwww.prenhall.com/ebert
Chapter 1: The U.S. Business Environment
| Business Essentials 3
In this section, usePowerPoint 1-1,1-2, 1-3.
Chapter Overview
Many students come to an introduction to business class not quite surewhat’s in it for them,but the course has something for everyone,fromthose who have been in the business world a while to those just gettingstarted.As this book unfolds,you’ll develop an understanding of thefoundations of business,and you’ll be able to apply what you alreadyknow (or what you are starting to learn) about business to many parts ofthe course.This first chapter dives right into the world of business,explaining justwhat business is,what its main goals and functions are,and how theexternal environments of business affect the success and failure of anyorganization.The chapter also describes global economic systemsaccording to the means by which they control the factors ofproduction,shows how markets,demand,and supply affect resource distribution inthe United States,and discusses the elements of private enterprise andthe degrees of competition in the U.S.economic system.Finally,thechapter explains the importance of the economic environment to busi-ness and identifies the factors used to evaluate the performance of aneconomic system.
4 Business Essentials |
Chapter 1: The U.S. Business Environment
In-Class Activity: Ice-Breaker
What Do You Know About Business? 
 Activity Overview:
This activity helps students assess their level of knowledge aboutbusiness and set their own learning goals for the class.
Time Limit:
20 minutes
What to Do:
1.Ask each student to take out a piece of paper and divide it intotwocolumns.In the first column,students should write the mostimportant four or five things they currently know about business,and in the second column,the four or five things they would liketolearn.Tell them if they are having difficulty coming up withitemsto list,take a look at the table of contents of the text.Itwillgive them some clues so that this task doesn’t frustratethem.(5 minutes)2.Divide students into groups of three to five people and ask them toshare their lists with each other.As they listen,they can delete or addanything that seems relevant.(5 minutes)3.Ask them to switch groups so that they are with all new people,andrepeat the process of sharing their lists.(5 minutes)4.Ask students to switch to a third group of all new people.With thisgroup,the goal is to synthesize their lists into one big idea of whatthey know,and one big idea of what they want to learn.(5 minutes)
Don’t Forget:
This activity allows students to get to know each other as well as setexpectations for the course.The underlying agenda is to get them talking toeach other,setting the stage for active participation throughout the class.
Wrap up the discussion by having each group report back to the class. You may want to record their responses and post them in the room forreference as you move through the course.

Activity (7)

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