Chapter 1 End Page

Recap

We began our study of business with an introduction to the primary functions of a business, the relationship between risk and profits, and the importance of not-for-profit organizations. We’ll also examined the major components of the business environment and how changing demographic, social, political and legal, and competitive factors affect all business organizations. Next, we explored how economies provide jobs for workers and also compete with other businesses to create and deliver products to consumers. We also learned how governments attempt to influence economic activity through policies such as lowering or raising taxes. Next, we discussed how supply and demand determine prices for goods and services. Finally, we concluded by examining key trends in the business environment, economic systems, and the competitive environment.

Resources

  1. What makes a company good to work for or most admired? Find out by checking Fortune’s special lists at http://www.fortune.com.
  2. Which country has the largest GDP? The most people? The answers can be found in The World Factbook at https://www.cia.gov.
  3. Get the scoop on the latest technology trends affecting our lives from CNET’s website at http://www.cnet.com. The site also includes product reviews, how-to videos, and smart home features.
  4. The Federal Reserve Board issues a variety of statistical information about the state of the U.S. economy. Find it at the Federal Reserve’s site by clicking on the Economic Research and Data links: http://www.federalreserve.gov.
  5. Want to know the current public debt per citizen, or even what it was in 1790? Go to https://www.transparency.treasury.gov/ and click on National Debt.
  6. The U.S. Bureau of Economic Analysis (BEA) tracks national and regional economic statistics, including the GDP. To find the latest GDP statistics, visit the BEA at.
  7. How are the job prospects in your area? Your region’s unemployment statistics can give you an idea of how hard it will be to find a job. Find the most recent unemployment statistics from the Bureau of Labor Statistics at http://www.bls.gov.
  8. How do the PPI and the CPI differ? Get the answers to this and other questions about the PPI by visiting the Bureau of Labor Statistics PPI site at http://www.bls.gov/ppi.

Looking Ahead

Next week we will cover Making Ethical Decision and Managing a Socially Responsible Business.