The Economy and You · 2021. 1. 24. · Section 1.1 A Look at Wants and Needs Think about the difference between the things you want and the things you need. Read to Learn • State

The Economy and You

Unit 1

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P.B.Loco produces and sells gourmet peanut butter in cafés and online. At the end of this unit, you will learn about the founders of P.B.Loco and how they achieved their success.

Decision Making Do you use a decision-making process every time you buy something?

Unit 1 Thematic Project PreviewTrends in the World of Business After completing the unit, you will research trends in the world of business to fi nd out how they can affect business and workers.

Project Checklist As you read the chapters in this unit, use this checklist to prepare for the unit project.

✔ Think about how economic events affect workers you know.

✔ Consider how technology has evolved during your lifetime.

✔ Look for cultural diversity in your community.✔ Notice how globalization affects business.

Real-World Business and Career Profi le

Preview

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Chapter 1

Basic Economic Concepts

After completing this chapter, you will be able to:

Section 1.1 A Look at Wants and Needs• State the differences between wants and needs.• Describe how resources limit the number of wants people and businesses can satisfy.• Explain how to use the decision-making process to make the most of your resources.

Section 1.2 Business Activities• Explain how profit and competition motivate businesses.• List the activities businesses undertake when developing products and services.• Explain how business impacts you and how you impact business.

Ask

Q: How do you build wealth by investing in stocks?A: Stocks represent a partial ownership of a given company. To raise money for their

current and future operations, “public” or “publicly traded” companies let anyone purchase a stake in their business. That’s why one unit of stock is called a share. There are different types of stock, including common stock and preferred stock. Common stock is what most investors purchase—it gives the holder basic ownership of the company and a vote equivalent to the number of shares held. The key here is “ownership”—that’s why stocks are considered equity investments—because as an owner of the company, you benefi t or lose when the company benefi ts or loses.

Mathematics A friend of yours bought 100 shares of stock in the Greg Corporation for $48 each. She calls you up to tell you that the stock is now at of the price at which she bought it. If you buy 100 shares too, how much will you spend?

Writing a Fraction as a Decimal Any fraction , where b ≠ 0 can be written as a decimal by dividing the numerator by the denominator. So = a ÷ b. If the division ends, or terminates, when the remainder is zero, the decimal is a terminating decimal. Not all fractions can be written as terminating decimals. Some have a repeating decimal element. A bar indicates that the decimal repeats forever. For example, the fraction can be converted to a repeating decimal, .

Investing in Stocks: Initial Investment, Capital Gains, and Dividends

4 Unit 1 The Economy and You

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Choosing What Is Most Important We cannot have everything we want and need. We must choose what we want or need the most. This man has chosen to spend time with his son. Do you consider spending time with family a want or a need?

Chapter 1 Basic Economic Concepts 5

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Section 1.1

A Look at Wants and Needs

Think about the difference between the things you want and the things you need.

Read to Learn• State the differences between wants and

needs.• Describe how resources limit the number of

wants people and businesses can satisfy.• Explain how to use the decision-making

process to make the most of your resources.

The Main IdeaBusinesses make money by offering goods and services to satisfy the wants and needs of consumers and other businesses. In this way, wants and needs drive the U.S. economy.

Key Concepts• Wants and Needs Drive the Economy• How Resources Limit the Ability to Satisfy

Wants and Needs• Making the Most of Your Resources

VocabularyKey Terms

wants servicesneeds resourcesgoods

Academic VocabularyYou will fi nd these words in your reading and on your tests. Make sure you know their meanings.

determine consideridentify evaluate

Graphic OrganizerOn a chart like this, list things you want in the WANTS column and things you need in the NEEDS column.

Academic StandardsEnglish Language Arts

NCTE 1 Read texts to acquire new informationNCTE 4 Use written language to communicate effectivelyNCTE 9 Develop an understanding of diversity in language use across cultures

MathNumber and Operations Understand meanings of operations and how they relate to one another

ScienceContent Standard A Students should develop understandings about scientifi c inquiry

Go to the Introduction to Business Online Learning Center through glencoe.com for a printable graphic organizer.

WANTS NEEDS

6 Chapter 1 Basic Economic Concepts glencoe.com


http://www.glencoe.comhttp://www.glencoe.com

Wants and Needs Drive the EconomyEvery day you make decisions about how to spend your

money. Suppose you have $10. You could use it to buy lunch or to go to a movie. Which of these things do you want, and which do you need? What is the difference between what you want and what you need?

An Abundance of Wants and NeedsWants and needs determine what products and services busi-

nesses provide. Wants are things that you do not have to have to survive, but would like to have. You might want a mountain bike, while your best friend may want a new computer. Needs are things that you must have in order to survive. The basic needs of people include food, water, shelter, and clothing.

A group of people may share the same wants. A family may want a new kitchen table. A business may want an advanced computer system. Although these wants are shared, they are con-sidered private wants. Individual people also have private wants.

Public wants are wants that are widely shared by many people. Examples include highways, public libraries, and parks. Local, state, and federal governments satisfy public wants.

Contrast How are public wants different from private wants?

Goods and Services Service businesses dominate the American economy. Does this business offer goods, services, or both?

Think about the last thing you bought. Was it a want or a need?

Section 1.1 A Look at Wants and Needs 7Photo Credit: Larry Hirshowitz/Corbis


Satisfying Wants and NeedsBusinesses provide goods and services to satisfy wants and

needs. Goods are physical products. Skates, groceries, and tele-phones are examples of goods.

Services are tasks that businesses perform for consumers. These include tasks that people or machines do. Like goods, services are provided for a fee. For example, when you pay H & R Block to prepare your taxes, you are buying a service. Insurance, sports and entertainment, tourism, banking, and education involve offering services. Most companies that sell goods also provide services to their customers.

How Resources Limit the Ability to Satisfy Wants and Needs

Most people have unlimited wants for goods and services. In the United States, most consumers are able to satisfy their basic needs. Marketers promote goods and services that will appeal to people’s wants.

The more money you make, the more goods or services you can buy. However, few people have enough resources to satisfy all of their wants. Resources are items that people can use to make or obtain what they need or want. Examples of resources include money, fuel, and labor.

Resources limit the number of needs and wants people can satisfy. For example, you may want a new pair of jeans and a new camera. You may have only enough money to buy one of these things. Businesses and governments are infl uenced by the same problem. They lack the resources to do all the things that they want to do. To make the best use of limited resources, determine what your needs are and satisfy them fi rst.

Think of a decision you have made about how to use your resources.

Service Businesses H & R Block and Jackson Hewitt are businesses that offer tax preparation services. Even the Internal Revenue Service will help you with your taxes. Look in your local business directory and list three businesses in your community that offer tax preparation services.

Real Real World World

A Confl ict of Interest Critical Reading Life is full of important decisions. Think about the kinds of decisions that you make as you read the question below.

You work as an event planner for a local company. You are in charge of hiring a caterer for the company’s 10th anniversary celebration. You have bids from four caterers in town. One of the bids is from a caterer who is an old friend. His bid is higher than the three others.

Decision Making Would your relationship with the caterer affect which company you would hire? Explain your answer.

8 Chapter 1 Basic Economic Concepts

Making the Most of Your ResourcesEvery day you make choices about how you will spend your

resources to satisfy your needs and wants. You should make these important decisions carefully. You can make the most of your resources by making the best choices about what to buy.

Explain How can you make the most of your resources?

The Decision-Making ProcessThe decision-making process can help you make good choices.

It helps you to identify and consider your various alternatives and their consequences before you make a fi nal decision. The essential steps of the process are outlined in Figure 1.1.

The Decision-Making ProcessFigure 1.1

Step 1: Identify the situation.Whether the problem is one that occurs daily or comes up only a few times in a lifetime, identifying the problem is the fi rst step.

Step 2: Identify possible courses of action.Take time to think through the situation so you can identify and consider all the important alternatives.

Step 3: Determine the pros and cons.Consider your values and goals when determining the advantages and disad-vantages of each alternative. You can use this information to compare and evaluate your choices.

Step 4: Make a decision.Use the information you gathered to rank the alternatives and make a deci-sion. Once you have made your decision, you can plan how to reach your goal.

Step 5: Evaluate your decision.Once your decision is put into effect, ask yourself whether you achieved the results you expected. Would you make the same choice again?

Making Better Choices The decision-making process can be used to make all kinds of decisions. What major decisions have you made recently?

Section 1.1 A Look at Wants and Needs 9


Personal Decision Making You may not use all of the steps of the decision-making process every time you buy something. When you decide to buy orange juice, you may always buy the same brand, such as Tropicana. However, many decisions need more careful thought. A bike can be an important purchase because you are likely to keep it for some time. When you con-sider what kind of bike to buy at what price, you will probably use all fi ve steps of the decision-making process. The longer a decision will affect your life, the more you need to evaluate your options and consider the possible consequences.

Business Decision Making Competition among businesses is intense. For this reason, businesses must decide how to best use and conserve their resources. Businesses must make thoughtful decisions that are consistent with their goals. Business manag-ers constantly make decisions. Most companies allow managers to make routine decisions independently. Higher-level business managers usually make more important decisions that affect the future of their companies.

Local Brands Besides national orange juice brands such as Tropicana and Minute Maid, there are local brands, too. Go to your local grocery store. List the brands it sells.


Section 1.1

Review Key Concepts 1. Describe the difference between public wants and private wants. 2. Defi ne resources. 3. List the steps in the decision-making process.

Academic Skills 4. Mathematics In making a house-

hold budget, you determine that your basic needs require 75 percent of your monthly income. The items you listed as “wants” cost another 15 percent. If your monthly income is $2,500, how much are you spending on wants? How much do you have left to save?

Number and Operations: Percents A percent is a ratio comparing a number to 100. It can also be represented as a fraction with 100 as the denominator. To fi nd a decimal equivalent, divide the percent by 100. Multiply that decimal by the total amount to determine the dollar amount that it represents.

Go to the Introduction to Business Online Learning Center through glencoe.com to check your answers.

For math help, go to the Math Appendix.



Section 1.2

Business Activities

Academic VocabularyYou will fi nd these words in your reading and on your tests. Make sure you know their meanings.

analyzerespondaffectmodify

Graphic OrganizerOn a chart like the one below, list the six activities businesses undertake when developing products or services.

Read to Learn• Explain how profi t and competition motivate

businesses.• List the activities businesses undertake

when developing products and services.• Explain how business impacts you and how

you impact business.

The Main IdeaBusinesses seek profi t by providing goods and services in exchange for money. Companies thrive on competition, the contest between businesses to win customers. Competition and profi t motivate businesses to continually strive to fi nd new ways to satisfy customers.

Key Concepts• How to Defi ne Business• Business Activities• Business and You

VocabularyKey Terms

businessprofi tcompetitionmarket researchconsumer

Academic StandardsEnglish Language Arts

NCTE 5 Use different writing process elements to communicate effectivelyNCTE 8 Use information resources to gather information and create and communicate knowledge

Go to the Introduction to Business Online Learning Center through glencoe.com for a printable graphic organizer.

Business Activities

1 2 3 4 5 6

Think about all the things a business must do in order to sell products and services.

glencoe.com Section 1.2 Business Activities 11



How to Defi ne BusinessWhether you need to buy food for dinner or want a new bike,

your wants and needs are usually satisfi ed by business. Business is any commercial activity that seeks profi t by providing goods and services to others in exchange for money. Profi t is the money left over after a business has paid the cost of providing its goods and services.

Businesses provide consumers and other businesses with neces-sities, such as food, clothing, housing, medical care, and trans-portation. Businesses also provide goods and services that make life easier and better. For entrepreneurs, owning a business also offers an opportunity to earn a good living.

Apply Think of your favorite retail store. What companies are its competition?

The Motive of Business: To Make a Profi tBusinesses supply goods and services with the motivation of

making profi ts. Without profi t, a company cannot survive. Profi t is the reward for satisfying the needs and wants of consumers and businesses. The wealth created by businesses benefi ts the entire community because businesses pay taxes and provide jobs.

The Green RevolutionIn 1798, Thomas Malthus, the great social scientist, showed

that even as population increases geometrically (2, 4, 8, 16,…), the food supply increases arithmetically (1, 2, 3, 4,…). He pre-dicted that hunger and confl ict would be the result. In the 1960s, the Green Revolution promised to eliminate hunger by increasing crop yields. This was accomplished by using genetics to develop new varieties of grains and educating farmers in the technology of agriculture. Between 1960 and 1990, food production increased 1,000 percent, famine decreased 20 percent, caloric consumption increased 25 percent, and people around the world saw a rise in their incomes and standard of living.

Go to the Introduction to Business Online Learning Center through glencoe.com for links to Web sites where you can research how the technology of agriculture fueled the revolution in farming practices around the world. Look for information on irrigation strategies, the use of fertilizers and pesticides, and crop rotation. Write a few para-graphs about how farmers in countries, such as Mexico, increased their crop yields.

Think about the types of businesses in your community and the activities they do to sell their products and services.




The Signifi cance of CompetitionCompanies thrive on competition, the contest between busi-

nesses to win customers. For example, Skechers competes with other shoe retailers, such as Foot Locker, for business. Competi-tion is a direct response to wants and needs.

Competition is possible because companies have the freedom to produce the products they think will be the most profi table. Because the American economy is based on freedom and volun-tary exchange, buyers can compete to fi nd the best products at the lowest prices. The result is that goods and services are pro-duced and sold at the lowest possible cost.

Competition among businesses has never been greater than it is today. Some companies fi nd a competitive edge by focus-ing on making high-quality products. Others compete by focusing on making products with no defects. However, simply making a high-quality, defect-free product is not enough to allow a company to stay competitive in the global marketplace. For companies to successfully compete in the global economy, they must offer quality products with outstanding service at competitive prices.

Target Market A target market is a group of people identifi ed as those most likely to become customers. The target market of Foot Locker is 12- to 20-year-olds, and the target market of Skechers is 12 to 25-year-olds. Develop a list of shoe stores in your area and the likely target market for each.


The Functions of Business The success of a business depends on how well key activities are coordinated, managed, and performed. Why should businesses use market research when making important decisions?

Section 1.2 Business Activities 13Photo Credit: Gabe Palmer/zefa/Corbis

Business ActivitiesYou might be surprised to know all the activities a business

undertakes when developing products or services. They must:

• identify opportunities for products or services;• evaluate the demand for products or services;• obtain start-up money and operating capital;• manage the production of goods and/or services;• market the goods and/or services;• keep records to satisfy government requirements and

improve processes.

Some business activities should be supported by market research. Market research is the act of gathering and analyzing information about the wants, needs, and preferences of consum-ers in a certain market. Market research provides information that can help a business identify opportunities, analyze demand, and respond to consumer demand for goods and services.

Reader and Case Study

From Adversity, Software SuccessAn idea for a new business can strike any-

where: In the shower, in the car, even in a dream. Mike Jetter got his in a cancer ward.

In 1994, the German programmer was stuck in a hospital room in Munich, following his sec-ond leukemia relapse and his second bone-marrow transplant. Given a 50% chance to live another year, Jetter needed a distraction badly.

At the time, so-called mind-mapping was all the rage in Europe. Hailed as a more creative way to think, it involves organizing ideas in a visual way, with big concepts written in a circle in the middle of a page, surrounded by smaller ideas that branch off from them. But with pencil and paper, you couldn’t drag and drop, edit, or collaborate. So Jetter set out to write a com-puter program.

After his release from the hospital, he and his wife Bettina handed marketing for the product over to a German CD-ROM distributor,

assuming not much would come of it. Today the software has spawned a $20 million-a-year business called Mindjet, headquartered in San Francisco.

Now the Jetters are turning this desktop prod-uct into something companies can use broadly to help brainstorm, plan, collaborate, and orga-nize a host of business activities.

CASE STUDY Go to the Introduction to Business Online Learning Center through glencoe.com for the BusinessWeek Reader Case Study.

Team up with a classmate and work together to identify and research a successful com-pany with a unique business concept. Write a brief presentation about the business. Give the presentation to your class.

Active Learning




Business and YouBusinesses make many decisions that impact you, the con-

sumer. A consumer is a person who uses goods or services. Busi-nesses decide what goods and services to produce to meet the needs and wants of consumers. Businesses also affect consum-ers when they modify or discontinue products. The decision to stop manufacturing products is often because there is a decreas-ing demand for them. Businesses affect you as a wage earner. In order to make goods and provide services, businesses hire people to work.

Consumers also affect businesses. Consumers decide what kinds of goods and services they want and where they will buy them. You reward companies by making the decision to purchase their products. When consumers choose not to purchase a busi-ness’s products or services, the business usually fails. To avoid failure, a business can modify its products, services, and business practices to satisfy consumers.

Section 1.2

Review Key Concepts 1. Defi ne business. 2. List the activities that every business undertakes when developing new products and

services. 3. Describe why it is important to understand how business impacts you.

Academic Skills 4. English Language Arts Competition

between similar businesses is one of the basic characteristics of the Ameri-can economy. Competition is good for consumers because it provides choices. It also forces companies to improve quality and lower prices. Think of your favorite retail store. Write two or more paragraphs that describe the store and its competition, and explain how the competition among these businesses has affected you as a consumer.

5. English Language Arts In order to better understand the challenges and opportunities small businesses face, you decide to interview three business owners in your area. To prepare, iden-tify three businesses that each provide a different type of product or service. Then write a series of questions that will help you understand how the prod-ucts or services were chosen, whether they have changed in response to con-sumer demands, and how the business owner keeps in touch with consumers.

Go to the Introduction to Business Online Learning Center through glencoe.com to check your answers.

Section 1.2 Business Activities 15glencoe.com



Section 1.2 SummarySection 1.1 Summary

A Look at Wants and Needs Everyone has wants and needs. Wants are things that you do not have to have to survive, but would like to have. Needs are things that you must have in order to survive. People use resources to make or obtain what they need or want. Resources limit the number of needs and wants people can satisfy. The decision-making process can help you make good choices and make the most of your resources by considering alternatives and their consequences. The longer a decision will affect your life, the more you need to consider all of the possible consequences.

Business Activities Businesses supply goods and services with the motivation of making profi ts. Companies thrive on competition, the contest between businesses to win customers. All businesses undertake these activities: identifying opportunities, evaluating demand, obtaining money, managing production, marketing to consumers and businesses, and keeping records. Consumers affect businesses by deciding what kind of goods and services to buy. Businesses affect consumers by making decisions about what products and services to offer and by providing jobs.

Chapter 1 Review and Activities

2. Explain the differences between wants and needs.

3. Describe how resources limit the number of wants people and businesses can satisfy.

4. Explain how to use the decision-making process to make the most of your resources.

5. Explain how profi t and competition motivate businesses.

6. List the activities businesses undertake when developing products and services.

7. Explain how business impacts you and how you impact business.

Review Key Concepts

1. On a sheet of paper, use each of these key terms and academic vocabulary terms in a sentence.

wantsneedsgoodsservicesresources

businessprofi tcompetitionmarket researchconsumer

determineidentifyconsiderevaluate

analyzerespondaffectmodify

Vocabulary Review

Key Terms Academic Vocabulary

16 Chapter 1 Review and Activities


Critical Thinking Write About It

Subtitle 21. Text

8. Explain how your wants and needs have changed over the years. How do you think they will change as you get older?

9. Consider the resources that you have that are limited and those that are plentiful. How do you decide to use your resources to get the things you want and need?

10. What do you think is the most important service available where you live? What would your life be like without this service?

11. Think of a small business in your community. What do you think that business could do to increase its profi ts?

12. A niche is a small, specialized segment of the market, usually based on customer needs discovered in market research. Think of a company that has succeeded by focusing on a niche market. What kinds of advantages and disadvantages does it have over a store that sells a variety of products?

13. As a consumer, what are some of the things about products and services that matter most to you? Explain your answer.

14. Draw a Venn diagram of two overlapping circles. Label the left circle WANTS and the right circle NEEDS. Label the area where the two circles intersect BOTH. Then list your wants in the left circle and your needs in the right circle. List things that are both wants and needs in the area where the two circles overlap.

15. List three reasons why the decision-making process is important to use when making choices. Then describe a decision you recently made and explain how you made it.

16. Market research is the act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market. Write two or more paragraphs to explain how market research can be used as a basis for business activities.

17. In a letter to your teacher, explain how the decisions businesses make affect you as a consumer.

18. Write a journal entry about how the decisions you make affect businesses.

19. Describe a situation in which you made a decision that greatly infl uenced your life.

Business EthicsTechnology Applications

Spreadsheet 20. When there are limited resources,

you need to make decisions about the best use of those resources. Imagine you are managing a concession stand at a school basketball game. Use a spreadsheet program to list and categorize all of the resources you will need to operate the concession stand for one day. Resources include equipment, money, supplies, and labor.

Confi dentiality Agreements 21. A confi dentiality agreement is a

contract that requires the employee or contractor not to reveal information that they acquire while working for an employer or client. Use library or Internet resources to research confi dentiality agreements. Find several examples, and write a report detailing their similarities and explaining their importance.

Chapter 1 Review and Activities 17


Chapter 1 Review and Activities

Applying Academics to Business

English Language Arts 22. Select two words from this chapter

that were unfamiliar to you or that you would like to know more about. Using your own words and ideas about how to represent sounds, write a pronunciation guide and a defi nition of each of the words. Then write two sentences using the words. Keep a personal glossary of words you have chosen and researched in this way.

Mathematics23. When shopping for a new winter coat,

you fi nd one that suits your needs and costs $50. A more stylish coat that you want costs $65. Describe the difference between the two prices using a percentage.

Number and Operations: Percents To describe how much more the stylish coat costs, create a fraction using the difference in price as the numerator and the cost of the basic coat as the denominator. To convert the fraction to a percent, divide the numerator by the denominator and multiply the product by 100.

English Language Arts 24. Research and write a list of synonyms

or closely related words and phrases for each of the following terms from the chapter: services, resources, business, and limit. For example, for the word goods, you might list merchandise, commodities, supplies, wares, and cargo. Choose two of the words in your list and write a sentence telling how their meanings are alike and different.

Mathematics 25. Imagine you have $100 for next

month’s expenses. Make a budget showing how you would spend the money on needs and wants. Express the relationship between needs and wants as a ratio. Compare your ratio with your classmates by writing equations or inequalities.

Algebra: Equations and Inequalities Equations and inequalities are used to describe the relationship between two algebraic expressions. Equations consist of two equivalent numbers or expressions with an equal sign between them. An inequality consists of two nonequivalent numbers or expressions with a “greater than” (>) or a “less than” (

RolePlay

BusinessCAREERS

Standardized Test PracticeDirections Find the value of each algebraic expression. Write the letter of the

answer on a separate piece of paper.

READING Go to the Introduction to Business Online Learning Center through glencoe.com for a list of outside reading suggestions.

INTERPERSONAL SKILLS 28. The strength of your interpersonal skills

can make or break how successful you are in the workplace. Interpersonal skills are essentially people skills—the nontechnical, intangible, personality-specifi c skills that determine your strengths as a leader, listener, negotiator, and confl ict mediator. Write a one-page report that explains why it is important for businesses to have employees with good interpersonal skills.

FIND YOUR DREAM JOB 29. Go to glencoe.com for a link to the

Occupational Outlook Handbook Web site. Click on the “OOH Search/A-Z Index” link and enter the search term “Tomorrow’s Jobs” to read about the future job market. Then write a one-page report about this topic. Conclude your report with a list of things you could do now to prepare yourself to pursue the occupation.

THE IMPORTANCE OF BUSINESS 30. Situation You are an assistant manager

for a company that makes household appliances. Your manager has asked you to put together a presentation about the activities of business for its new sales associates.

Activity Prepare a presentation that describes all of the activities that businesses undertake in order to sell products and services. Use magazines to fi nd photos that represent all of the activities, and include the photos in your presentation. Then give the presentation to your classmates (sales associates).

Evaluation You will be evaluated on how well you meet the following performance indicators:

• Explain the motivations of business.• Describe business activities.• Discuss how competition impacts the

company’s decisions.• Prepare a written report.

1. If 3x = 6x − 15 then x + 8 = A 10 B 11 C 12 D 13

2. Evaluate 5t + 4 if t = 3. F 7 G 13 H 19 J 21

TEST-TAKING TIP When answering multiple-choice questions, read the question fi rst, then read all the answer choices before choosing your answer. Eliminate answers you know are not right.

glencoe.com Chapter 1 Review and Activities 19

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Glencoe - Introduction to BusinessBrief Table of ContentsTable of ContentsUnit 1: The Economy and YouChapter 1: Basic Economic ConceptsAsk Standard & Poor's: Stocks: Initial Investment, Capital Gains, and DividendsSection 1.1: A Look at Wants and NeedsEthics in Business: A Conflict of InterestSection 1.2: Business ActivitiesScience/Tech Trends: The Green RevolutionBusinessWeek: Reader and Case Study - From Adversity, Software SuccessChapter 1: Review and Activities

Chapter 2: Economic Resources and SystemsAsk Standard & Poor's: Getting Your Financial Life in Order: The Proper Use of Credit CardsSection 2.1: Economic ResourcesInternational Business: Global MarketplaceBusinessWeek: Reader and Case Study - Graphing the Development GapSection 2.2: Economic SystemsScience/Tech Trends: Finding Natural ResourcesChapter 2: Review and Activities

Chapter 3: Economic Activity in a Changing WorldAsk Standard & Poor's: Understanding Financial RiskSection 3.1: U.S. Economic HistoryBusinessWeek: Reader and Case Study - Net or Newspapers?Ethics in Business: Environmental AwarenessSection 3.2: The Business CycleScience/Tech Trends: Jobs in Your FutureChapter 3: Review and Activities

Chapter 4: Business Ethics and Social ResponsibilityAsk Standard & Poor's: The Time Value of MoneySection 4.1: Business EthicsInternational Business: Trade BarriersSection 4.2: Social ResponsibilityBusinessWeek: Reader and Case Study - It's Getting Easier Being GreenScience/Tech Trends: BiotechnologyChapter 4: Review and Activities

Unit 1: Real-World Business and Career Profile: P.B. LocoUnit 1: Unit Thematic Project: Trends in the World of Business

Unit 2: Owning and Operating a BusinessChapter 5: EntrepreneurshipAsk Standard & Poor's: The Value of a Long-Term Investment StrategySection 5.1: Rewards and Challenges of EntrepreneurshipBusinessWeek: Reader and Case Study - Get Creative! How to Build Innovative CompaniesEthics in Business: Facing Money ProblemsSection 5.2: The Business PlanScience/Tech Trends: The Technology SectorChapter 5: Review and Activities

Chapter 6: Business Ownership and OperationsAsk Standard & Poor's: The First Steps in Investing: DiversificationSection 6.1: Types of Business OwnershipInternational Business: Understanding Cultural DifferencesSection 6.2: Types and Functions of BusinessesBusinessWeek: Reader and Case Study - For the Poor, Help from MBAsScience/Tech Trends: The History of Information TechnologyChapter 6: Review and Activities

Chapter 7: Business ManagementAsk Standard & Poor's: Establishing Investment GoalsSection 7.1: Management FunctionsEthics in Business: A Conflict of InterestSection 7.2: Management StructuresScience/Tech Trends: Decision ScienceBusinessWeek: Reader and Case Study - A Board of Your OwnChapter 7: Review and Activities

Chapter 8: Leadership in ManagementAsk Standard & Poor's: Getting Professional Help with InvestingSection 8.1: Leadership QualitiesInternational Business: Total Quality ManagementSection 8.2: Leadership StylesBusinessWeek: Reader and Case Study - Memo to Students: Writing Skills MatterScience/Tech Trends: Contamination CrisisChapter 8: Review and Activities

Chapter 9: Technology and BusinessAsk Standard & Poor's: Researching StocksSection 9.1: The History of TechnologyBusinessWeek: Reader and Case Study - Wherever You Go, You're on the JobEthics in Business: Employment ContractsSection 9.2: E-CommerceScience/Tech Trends: High-Tech ClothingChapter 9: Review and Activities

Unit 2: Real-World Business and Career Profile: Seventh GenerationUnit 2: Unit Thematic Project: Entrepreneurship in a Global World

Unit 3: Influences on BusinessChapter 10: Business in a Global EconomyAsk Standard & Poor's: Evaluating Investment AlternativesSection 10.1: The Global MarketplaceInternational Business: Devaluing CurrencySection 10.2: Global CompetitionBusinessWeek: Reader and Case Study - Going Global for an MBAScience/Tech Trends: Motoring TechnologyChapter 10: Review and Activities

Chapter 11: The Role of Government in Our EconomyAsk Standard & Poor's: Types of InvestmentsSection 11.1: Government as RegulatorBusinessWeek: Reader and Case Study - How China Controls the InternetEthics in Business: Out of State AdvertisingSection 11.2: Government as ProviderScience/Tech Trends: Commercial Space TravelChapter 11 Review and Activities

Chapter 12: Money and Financial InstitutionsAsk Standard & Poor's: Statistical AnalysisSection 12.1: Money and BankingInternational Business: Investment BankingSection 12.2: Types of Financial InstitutionsScience/Tech Trends: Digital CashBusinessWeek: Reader and Case Study - Peter Kight's Excellent AdventureChapter 12: Review and Activities

Unit 3: Real-World Business and Career Profile: JenzabarUnit 3: Unit Thematic Project: Community Outreach and Service Learning

Unit 4: MarketingChapter 13: Marketing in Today's WorldAsk Standard & Poor's: Industry SurveysSection 13.1: Marketing EssentialsEthics in Business: Marketing QuestionsBusinessWeek: Reader and Case Study - The Art of Chinese RelationshipsSection 13.2: Market Research and Product DevelopmentScience/Tech Trends: Flat-Screen TVsChapter 13: Review and Activities

Chapter 14: AdvertisingAsk Standard & Poor's: Industry ClassificationsSection 14.1: Advertising MediaInternational Business: Cross-Cultural AdvertisingSection 14.2: Media Measurement and RatesScience/Tech Trends: Sensory BrandingBusinessWeek: Reader and Case Study - TV Eyeballs Close-UpChapter 14: Review and Activities

Unit 4: Real-World Business and Career Profile: Expeditiontrips.comUnit 4: Unit Thematic Project: Marketing in a Global Economy

Unit 5: Human ResourcesChapter 15: Human Resources ManagementAsk Standard & Poor's: Earnings and the P/E RatioSection 15.1: Employees: The Key to SuccessEthics in Business: Psychological TestingSection 15.2: Developing and Retaining EmployeesBusinessWeek: Reader and Case Study - What Works: Eyes on the PrizeScience/Tech Trends: Human Resource Management SystemsChapter 15: Review and Activities

Chapter 16: Culture and Diversity in BusinessAsk Standard & Poor's: The Balance SheetSection 16.1: Culture in BusinessInternational Business: Customer ServiceBusinessWeek: Reader and Case Study - Fashion, with a ConscienceSection 16.2: Diversity in the WorkplaceScience/Tech Trends: Adaptive TechnologiesChapter 16: Review and Activities

Unit 5: Real-World Business and Career Profile: AlienwareUnit 5: Unit Thematic Project: Cultural Diversity in the Business World

Unit 6: Financial and Technological ResourcesChapter 17: Managing Business FinancesAsk Standard & Poor's: Venture CapitalSection 17.1: Financial ManagementBusinessWeek: Reader and Case Study - I Am My Own AccountantEthics in Business: Recognizing BribesSection 17.2: AccountingScience/Tech Trends: EDIChapter 17: Review and Activities

Chapter 18: Technology in the WorkplaceAsk Standard & Poor's: Fundamental ResearchSection 18.1: Information TechnologyInternational Business: TelecommutingSection 18.2: Internet BasicsBusinessWeek: Reader and Case Study - Math Will Rock Your WorldScience/Tech Trends: ErgonomicsChapter 18: Review and Activities

Chapter 19: The Basics of ComputersAsk Standard & Poor's: Stock Buying StrategiesSection 19.1: Computer HardwareEthics in Business: Intellectual PropertySection 19.2: Computer SoftwareBusinessWeek: Reader and Case Study - Digital Books Start a New ChapterScience/Tech Trends: Heads-Up DisplayChapter 19: Review and Activities

Unit 6: Real-World Business and Career Profile: Enlightened, Inc.Unit 6: Unit Thematic Project: Technology's Effect on Global Business

Unit 7: Career Planning in a Global EconomyChapter 20: Career PlanningAsk Standard & Poor's: Developing a Retirement Plan: IRAsSection 20.1: Preparing for a CareerBusinessWeek: Reader and Case Study - Picture Your Business with a LogoInternational Business: Offshore OutsourcingSection 20.2: Developing a Career PlanScience/Tech Trends: Job Stress and Healthy CareersChapter 20: Review and Activities

Chapter 21: Getting a JobAsk Standard & Poor's: Getting a Job: Employee Stock OptionsSection 21.1: Qualifying for a JobEthics in Business: Applying for a JobBusinessWeek: Reader and Case Study - These Technicians Are Better Than RobotsSection 21.2: Getting the Job You WantScience/Tech Trends: Becoming an AstronautChapter 21: Review and Activities

Unit 7: Real-World Business and Career Profile: GirlstartUnit 7: Unit Thematic Project: Lifelong Learning

Unit 8: Buying Goods and ServicesChapter 22: Making Consumer DecisionsAsk Standard & Poor's: Making Consumer Decisions: Buying BondsSection 22.1: Consumer ChoicesBusinessWeek: Reader and Case Study - All Together NowInternational Business: Adapting to New CulturesSection 22.2: How to Be a Smart ConsumerScience/Tech Trends: AsteroidsChapter 22: Review and Activities

Chapter 23: Consumer Rights and ResponsibilitiesAsk Standard & Poor's: Taxes and InvestingSection 23.1: Consumer RightsEthics in Business: Product SafetyBusinessWeek: Reader and Case Study - HP Wants Your Old PCs BackSection 23.2: Consumer ResponsibilitiesScience/Tech Trends: Eco-Friendly PackagingChapter 23: Review and Activities

Chapter 24: Protecting ConsumersAsk Standard & Poor's: Protecting Consumers: Protecting InvestorsSection 24.1: Consumer Organizations and AgenciesInternational Business: Import RegulationsSection 24.2: Consumer Protection LawsScience/Tech Trends: Safety BeltsBusinessWeek: Reader and Case Study - How to Stand Up To Nickel-and-DimersChapter 24: Review and Activities

Unit 8: Real-World Business and Career Profile: New Leaf PaperUnit 8: Unit Thematic Project: How the Consumer Movement Affects Business

Unit 9: CreditChapter 25: The Basics of CreditAsk Standard & Poor's: The Basics of Credit: The Advantages of DebtSection 25.1: Credit EssentialsEthics in Business: Credit CardsSection 25.2: Types of CreditBusinessWeek: Reader and Case Study - Big Plastic's Online ChallengerScience/Tech Trends: Smart CardsChapter 25: Review and Activities

Chapter 26: How to Get and Keep CreditAsk Standard & Poor's: How to Get and Keep Credit: Inflation RiskSection 26.1: Applying for CreditInternational Business: International Monetary FundBusinessWeek: Reader and Case Study - Personal Finance for FreshmenSection 26.2: Maintaining CreditScience/Tech Trends: Online SecurityChapter 26: Review and Activities

Chapter 27: Credit and the LawAsk Standard & Poor's: Bulls, Bears, and CrashesSection 27.1: Credit LawsEthics in Business: Information CollectionSection 27.2: Solving Credit ProblemsBusinessWeek: Reader and Case Study - Stopping a Scam from SpreadingScience/Tech Trends: Becoming a Credit ScientistChapter 27: Review and Activities

Unit 9: Real-World Business and Career Profile: GeomagicUnit 9: Unit Thematic Project: Making Credit Decisions

Unit 10: Money ManagementChapter 28: Managing Personal FinancesAsk Standard & Poor's: Understanding Hedge FundsSection 28.1: Personal Financial PlanningBusinessWeek: Reader and Case Study - Follow My MoneyInternational Business: The EuroSection 28.2: Money ManagementScience/Tech Trends: Budgeting for IT ProductivityChapter 28: Review and Activities

Chapter 29: Checking AccountsAsk Standard & Poor's: Checking Accounts: BudgetingSection 29.1: The Basics of Checking AccountsEthics in Business: Buyer's RemorseBusinessWeek: Reader and Case Study - The Check Cashed Around the WorldSection 29.2: Account RecordsScience/Tech Trends: BiometricsChapter 29: Review and Activities

Chapter 30: Savings AccountsAsk Standard & Poor's: Savings AccountsSection 30.1: Savings Account BasicsInternational Business: Guarding Savings SecurityBusinessWeek: Reader and Case Study - Fiscal Fitness for TeensSection 30.2: Types of Savings AccountsScience/Tech Trends: NanotechnologyChapter 30: Review and Activities

Chapter 31: InvestingAsk Standard & Poor's: Corporate Financial Performance and the Effect on Credit QualitySection 31.1: BondsEthics in Business: Putting the Client FirstSection 31.2: StocksScience/Tech Trends: Stock TickersBusinessWeek: Reader and Case Study - Not Your Average Science ProjectChapter 31: Review and Activities

Chapter 32: Real Estate and Other Investment OptionsAsk Standard & Poor's: Investing in Bonds and Real Estate: Credit Quality and VolatilitySection 32.1: Real EstateInternational Business: International Real EstateSection 32.2: Other Investment OptionsBusinessWeek: Reader and Case Study - Copper's Golden HueScience/Tech Trends: Eco-Friendly BuildingChapter 32: Review and Activities

Unit 10: Real-World Business and Career Profile: Integrated Management Services EngineersUnit 10: Unit Thematic Project: Building a Financial Future

Unit 11: Risk ManagementChapter 33: The Basics of Risk ManagementAsk Standard & Poor's: The Basics of Risk Management: Credit Risk ManagementSection 33.1: Types of RiskEthics in Business: Conduct in the WorkplaceSection 33.2: Handling RiskBusinessWeek: Reader and Case Study - Winning the Game of RiskScience/Tech Trends: Air BagsChapter 33: Review and Activities

Chapter 34: Vehicle and Property InsuranceAsk Standard & Poor's: Risk ManagementSection 34.1: Vehicle InsuranceInternational Business: Lloyd's of LondonBusinessWeek: Reader and Case Study - The Fixer-Upper Fixes UpSection 34.2: Property InsuranceScience/Tech Trends: Autonomous Underwater VehiclesChapter 34: Review and Activities

Chapter 35: Life and Health InsuranceAsk Standard & Poor's: Life and Health Insurance: Whole Life vs. Term InsuranceSection 35.1: Life InsuranceEthics in Business: Gambling on Self-InsuranceSection 35.2: Health InsuranceBusinessWeek: Reader and Case Study - Health Care: Benefits SurpriseScience/Tech Trends: Medical TechnologyChapter 35: Review and Activities

Unit 11: Real-World Business and Career Profile: Advanced Physical Therapy, P.CUnit 11: Unit Thematic Project: Understanding Risk

Math AppendixBusiness Plan AppendixKey Terms GlossaryAcademic Vocabulary GlossaryIndex

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The Economy and You · 2021. 1. 24. · Section 1.1 A Look at Wants and Needs Think about the difference between the things you want and the things you need. Read to Learn • State