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business
understanding business ethics
Understanding Business 13th Edition William Nickels, Jim McHugh, Susan McHugh - Solutions
How does the free market work?
What are the basic rights people have under capitalism?
What is state capitalism?
Who decides what to produce under capitalism?
What is capitalism?
How does capitalism create a climate for economic growth?
How can we be assured of having enough resources?
What are the two branches of economics?
What is economics?
Contrast fiscal policy and monetary policy, and explain how each affects the economy
Describe the economic system of the United States, including the significance of key economic indicators (especially GDP), productivity, and the business cycle.
Analyze the trend toward mixed economies.
Compare socialism and communism.
Explain what capitalism is and how free markets work.
Explain basic economics.
How did the Telfers finance their start-up? Why is it difficult for budding entrepreneurs to secure bank financing or venture capital?
What personal characteristics helped Jennifer and Clint Telfer succeed as entrepreneurs and build C.J. Products into the multimillion-dollar business it is today?
How does the notion of taking an existing idea and making it better relate to the successful launch of Pillow Pets?
If you have entrepreneurial traits and decide you would like to start your own business, you’ll need to develop a business plan. Go to www.bplans.com/sample_ business_plans.cfm and click on Coffee Shops. Review the sample business plan for Internet Café. Although the plan may not follow the same
Go to www.bizmove.com/other/quiz.htm and take the interactive entrepreneurial quiz to find out whether you have the qualities to be a successful entrepreneur.
Choose a partner from among your classmates and put together a list of factors that might mean the difference between success and failure of a new company entering the business technology industry. Can small start-ups realistically hope to compete with companies such as Microsoft and Intel? Discuss
Select a small business in your area or a surrounding area that has failed. List the factors you think led to its failure. Compile a list of actions the business owners might have taken to keep the company in business.
Contact the Small Business Administration by visiting a local office or the organization’s website at www.sba.gov. Write a brief summary of the services the SBA offers.
Select a small business that looks attractive as a career possibility for you. Talk to at least one person who manages such a business. Ask how he or she started it.Ask about financing; human resource management (hiring, firing, training, scheduling);accounting issues; and other managerial matters.
Find issues of Entrepreneur, Black Enterprise, and Inc. magazines online. Read about the entrepreneurs who are heading today’s dynamic new businesses. Write a profile about one.
Imagine yourself starting a small business. What kind of business would it be?How much competition is there? What could you do to make your business more attractive than those of competitors? Would you be willing to work 60 to 70 hours a week to make the business successful?
Are there any similarities between the characteristics demanded of an entrepreneur and those of a professional athlete? Would an athlete be a good prospect for entrepreneurship? Why or why not? Could teamwork be important in an entrepreneurial effort? Why or why not?
Do you have the entrepreneurial spirit? What makes you think that?
Why has there been such an increase in the number of home-based and web-based businesses in the last few years?The increase in power and decrease in price of computer technology have leveled the field and made it possible for small businesses to compete against larger companies—regardless of
What is intrapreneuring?Intrapreneuring is the establishment of entrepreneurial centers within a larger firm where people can innovate and develop new product ideas internally.
What is a micropreneur?Micropreneurs are people willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.
What have modern entrepreneurs done to ensure longer terms of management?They have formed entrepreneurial teams with expertise in the many skills needed to start and manage a business.
What are the attributes of successful entrepreneurs?Successful entrepreneurs are self-directed, self-nurturing, action-oriented, highly energetic, and tolerant of uncertainty.
What are a few of the reasons people start their own businesses?Reasons include profit, independence, opportunity, and challenge.
What are some of the advantages small businesses have over large businesses in selling in global markets?
Why do many small businesses avoid doing business globally?
A business plan is probably the most important document a smallbusiness owner will ever create. There are nine sections in the business plan outline shown in the chapter. Can you describe at least five of those sections now?
What does the government do to promote entrepreneurship?
How do micropreneurs differ from other entrepreneurs?
What are the advantages of entrepreneurial teams?
Why are people willing to take the risks of entrepreneurship?
What is the main difference between capitalism and a mixed economy? Which model is used in the United States?
Identify the four major requirements necessary for a free-market system to operate.
Why is there a need for organizations like Opportunity International? Can’t poor people get loans from banks and other sources?
Based on the information you have gathered, write a brief summary of what may happen to company sales over the next couple of years.
Return to the Bureau of Labor Statistics’ home page and use the Search feature to find trends in employment for the state of Illinois. Look around the website to see what other information is available. Plot the trend in manufacturing employment in Illinois over the last four years. On your own,
At the Bureau of Labor Statistics’ website (www.bls.gov) under Industries, click on Industries at a Glance to find the information about the manufacturing industry.What is the employment trend in manufacturing over the last four years (percentage change from preceding period)?
Go to the Bureau of Economic Analysis’s website (www.bea.gov) and locate the gross domestic product data. Compare the annual figure for the last four years.What do the figures indicate for the next couple of years?
Break into small groups. In your group discuss how the following changes have affected people’s purchasing behavior and attitudes toward the United States and its economy: the wars in Iraq and Afghanistan, the increased amount spent on homeland security, the government involvement in banking and
Draw a line and mark one end “Free-Market Capitalism” and the other end “Central Planning.” Mark where on the line the United States is now. Explain why you marked the spot you chose. Students from other countries may want to do this exercise for their own countries and explain the
This exercise will help you understand socialism from different perspectives.Form three groups. Each group should adopt a different role in a socialist economy:one group will be the business owners, another group will be workers, and another will be government leaders. Within your group discuss and
Show your understanding of the principles of supply and demand by looking at the oil market today. Go online and search for a chart of oil prices for the last few years. Why does the price of oil fluctuate so greatly? What will happen as more and more people in China and India decide to buy
In teams, develop a list of the advantages of living in a capitalist society. Then develop lists headed “What are the disadvantages?” and “How could such disadvantages be minimized?” Describe why a poor person in a socialist country might reject capitalism and prefer a socialist state.
Many people say that businesspeople do not do enough for society. Some students choose to go into the public sector instead of business because they want to help others. However, businesspeople say that they do more to help others than nonprofit groups do because they provide jobs for people rather
Are there other public functions that might benefit from more competition, including competition from private firms?
Do you believe economic principles, like competition, apply in both private and public organizations? Be prepared to defend your answer.
What does the term monetary policy mean? What organization is responsible for monetary policy?
How does the government manage the economy using fiscal policy?
What’s the difference between a recession and a depression?
Name the three economic indicators and describe how well the United States is doing based on each indicator.
What are the characteristics of a mixed economy?
What countries still practice communism?
What are the benefits and drawbacks of socialism?
What led to the emergence of socialism?
What are the four degrees of competition, and what are some examples of each?
How are prices determined?
How do businesspeople know what to produce and in what quantity?
What are the four basic rights that people have under free-market capitalism?
What does Adam Smith’s term invisible hand mean? How does the invisible hand create wealth for a country?
What is better for an economy than teaching a man to fish?
What is the difference between macroeconomics and microeconomics?
Does a benefits program like Thrive@Hilton build employee loyalty? Do employees generally like this type of structure? Why or why not?
What’s the major value of Hilton’s Virtual Instructor Led Training (VILT) program?
Why is careful recruitment and selection particularly important in a direct service business such as Hilton?
Read several current business periodicals or search online to find information about the latest court rulings on benefits, affirmative action, accommodating disabilities, and other human resource issues. Summarize your findings. Is there a trend in these decisions? If so, what is it, and what will
Look for job listings online, at your college, or in your local newspaper and find at least two positions you might like to have when you graduate. List the qualifications specified in each of the ads and identify methods the companies might use to determine how well applicants meet them.
Go to Monster.com, click on “Career Advice,” then “Interview Practice Questions.” This list of articles identifies some of the more common questions asked during an interview. Read the articles for advice about how to best answer these common questions. This will give you the opportunity to
Imagine you must fire an employee. What effect might the dismissal have on remaining employees? Explain how you would tell the employee to be fired and your other employees.
If you were a human resource manager, how would you address the brain drain that occurs as knowledgeable, older workers retire?
How can employees move within a company?
What scheduling plans can adjust work to employees’ need for flexibility?
What are fringe benefits?
What types of compensation are appropriate for teams?
What are common types of compensation systems?
How do managers evaluate performance?
How does networking fit in this process?
What methods help develop managerial skills?
What are some training activities?
Why has there been such an increase in hiring contingent workers?
Why has recruitment become more difficult?
What methods do human resource managers use to recruit new employees?
What are the steps in human resource planning?
What are some of the key laws?
What are current challenges and opportunities in the human resource area?
What are the benefits and challenges of flextime? Telecommuting?Job sharing?
Describe how employees can move through a company: promotion, reassignment, termination, and retirement.
Demonstrate how managers use scheduling plans to adapt to workers’ needs.
Summarize the objectives of employee compensation programs, and evaluate pay systems and fringe benefits.
Trace the six steps in appraising employee performance.
Illustrate employee training and development methods.
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