Instructor Manual: Pride, Hughes, and Kapoor, Foundations of Business, 7e, 2023, 9780357717943; Chapter 1: Exploring the

Instructor Manual: Pride, Hughes, and Kapoor, Foundations of Business, 7e, ©2023, 9780357717943; Chapter 1: Exploring the World of Business and Economics

© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1 Instructor Manual

Pride, Hughes, and Kapoor, Foundations of Business, 7e, Chapter 1:

Exploring the World of Business and Economics Table of Contents Purpose and Perspective of the Chapter ..................................................................................... 2 Supplements .................................................................................................................. 2 Chapter Objectives ........................................................................................................................ 2 Complete List of Chapter Activities and Assessments ............................................................... 3 Key Terms ....................................................................................................................................... 4 What's New in This Chapter .......................................................................................................... 7 Chapter Outline ............................................................................................................................. 8 Discussion Questions .................................................................................................................. 21 Concept Checks ........................................................................................................................... 22 Case 1: The Keys to Zoom’s Success .......................................................................................... 28 Building Skills for Career Success ............................................................................................... 29 Social Media Exercise .............................................................................................................................. 29 Building Team Skills ................................................................................................................................. 29 Researching Different Careers ................................................................................................................. 29 Additional Resources ................................................................................................................... 30 Resources ....................................................................................................................... 30 Appendix ...................................................................................................................................... 31 Generic Rubrics ....................................................................................................................................... 31 Standard Writing Rubric .......................................................................................................................... 31 Standard Discussion Rubric ..................................................................................................................... 32

Foundations of Business, 7e William Pride, Robert Hughes, Jack Kapoor 1 / 4

Instructor Manual: Pride, Hughes, and Kapoor, Foundations of Business, 7e, ©2023, 9780357717943; Chapter 1: Exploring the World of Business and Economics

© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

2 Purpose and Perspective of the Chapter The purpose of this chapter is to explore what business is and how it became that way.First, we discuss what you must do to be successful in the world of business and explore some important reasons for studying business. Second, we define business, noting how business organizations satisfy their customers’ needs and earn profits. Third, we examine how capitalism and command economies answer four basic economic questions. Next, our focus shifts to how the nations of the world measure economic performance, the phases in a typical business cycle, and the four types of competitive situations. Finally, we look at the events that helped shape today’s business system, the current business environment, and the challenges that businesses face.Supplements The following product-level supplements provide additional information that may help you in preparing your course. They are available in the Instructor Resource Center.• Transition Guide (provides information about what’s new from edition to edition) • Educator’s Guide (describes assets in the platform with a detailed breakdown of activities by chapter with seat time) • PowerPoint (provides text-based lectures and presentations) • Test Bank (contains assessment questions and problems) • Guide to Teaching Online (provides information about the key assets within the product and how to implement/facilitate use of the assets in synchronous and asynchronous teaching environments) • Accelerated Course Syllabus (provides guidance on the recommended delivery of course materials given a 5-week, 8-week, 12-week, and 16-week course) • MindTap User Guide (provides information on how to navigate and use MindTap) Chapter Objectives

The following objectives are addressed in this chapter:

1-1 Discuss what you must do to be successful in today’s business world.1-2 Identify the potential risks and rewards of business.

1-3 Describe the two types of economic systems: capitalism and command economy.

1-4 Identify the ways to measure economic performance.1-5 Examine the different phases in the typical business cycle.1-6 Outline the four types of competition. 2 / 4

Instructor Manual: Pride, Hughes, and Kapoor, Foundations of Business, 7e, ©2023, 9780357717943; Chapter 1: Exploring the World of Business and Economics

© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

3 1-7 Summarize the development of American business and the challenges that businesses and society will encounter in the future.Complete List of Chapter Activities and Assessments For additional guidance refer to the Guide to Teaching Online.Chapter Objective PPT Slide Activity/Assessment Duration 1-1 7 Polling Activity 1 in PPT 5 min.1-3 24 Knowledge Check in PPT 5 min.1-4 30–31 Discussion Activity in PPT 10 min.1-6 41 Polling Activity 2 in PPT 5 min.1-7 49–50 Group Activity in PPT 45 min.

1-1–1-7 N/A Why Does the Business Cycle Matter to Me?(Chapter 01 Exploring the World of Business and Economics)

• min.

1-1 N/A Learn It 1-1: Your Future

in the Changing World of Business

• min.

1-2 N/A Learn It 1-2: Business: A Definition

• min.

1-3 N/A Learn It 1-3: Types of

Economic Systems 10 min.

1-4 N/A Learn It 1-4: Measuring

Economic Performance

• min.

1-5 N/A Learn It 1-5: The Business

Cycle

• min.

1-6 N/A Learn It 1-6: Types of

Competition 10 min.

1-7 N/A Learn It 1-7: American

Business Today 10 min.

1-1–1-7 N/A Assignment: Chapter 01

Exploring the World of Business and Economics 25 min. 3 / 4

Instructor Manual: Pride, Hughes, and Kapoor, Foundations of Business, 7e, ©2023, 9780357717943; Chapter 1: Exploring the World of Business and Economics

© 2023 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

4

1-1–1-7 N/A Case Activity: Chapter 01

Exploring the World of Business and Economics 15 min.

1-1–1-7 N/A Practice Quiz: Chapter 01

Exploring the World of Business and Economics N/A Chapters 1–3

N/A You Make the Decision:

Part 1 The Environment of Business* 15–20 min.

• This activity appears at the end of Part 1.

[return to top] Key Terms Business cycle: The recurrence of periods of growth and recession in a nation’s economic activity Business: The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs Capitalism: An economic system in which individuals own and operate the majority of businesses that provide goods and services

Command economy : An economic system in which the government decides what goods

and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production

Competition: Rivalry among businesses for sales to potential customers

Consumer price index (CPI): A monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area

Consumer products: Goods and services purchased by individuals for personal

consumption Cultural (or workplace) diversity: A system that recognizes and respects the differences among people because of their age, race, ethnicity, gender, sexual orientation, and ability

Deflation: A general decrease in the level of prices

Demand: The quantity of a product that buyers are willing to purchase at each of various prices

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