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Introduction to Business 2e

by Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma and James C. Hyatt

Published by OpenStax

BusinessCollege

Introduction to Business 2e provides a strong, multidimensional foundation in the concepts, skills, and real-world examples of contemporary business. Welcoming and relevant narratives support students as they engage in core themes such as decision making, ethics, customer satisfaction, entrepreneurship, global business, and managing technological and societal changes. The material includes hundreds of current business examples from a range of industries and geographic locations. Extensive illustrations, case studies, review materials, and assessments offer instructors and learners the tools needed to develop a deep, practical understanding. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for success in further studies and careers. The Second Edition was written with extensive input from faculty, industry experts, and students. Revisions focus on currency, emerging technologies, changing business practices, and evolving legal and ethical dynamics. The authors emphasize course-wide themes, including the impacts and implications of artificial intelligence, the changing nature of the workplace, and new approaches to team dynamics. A detailed transition guide is available in the instructor resources. Introduction to Business 2e is supported by instructor ancillaries, and is available in OpenStax Assignable. As described in OpenStax’s accessibility statement and related documentation, we focus on inclusive development and detailed evaluation to ensure that our platforms and course materials meet relevant WCAG guidelines.

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Attribution

Adapted from Introduction to Business 2e by Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, and James C. Hyatt, published by OpenStax (Rice University) under CC BY-NC-SA 4.0 (https://creativecommons.org/licenses/by-nc-sa/4.0/). Access the original for free at https://openstax.org/details/books/introduction-business-2e. Changes: converted to CuraCourse lessons, with interactive practice added.

Table of contents

153 pages in 19 modules. Sign up to read and adopt them.

  1. Preface1 page
    1. Preface
  2. 1Understanding Economic Systems and Business9 pages
    1. Introduction
    2. 1.1The Nature of Business
    3. 1.2Understanding the Business Environment
    4. 1.3How Business and Economics Work
    5. 1.4Macroeconomics: The Big Picture
    6. 1.5Achieving Macroeconomic Goals
    7. 1.6Microeconomics: Zeroing in on Businesses and Consumers
    8. 1.7Competing in a Free Market
    9. 1.8Trends in the Business Environment and Competition
  3. 2Making Ethical Decisions and Managing a Socially Responsible Business6 pages
    1. Introduction
    2. 2.1Understanding Business Ethics
    3. 2.2How Organizations Influence Ethical Conduct
    4. 2.3Managing a Socially Responsible Business
    5. 2.4Responsibilities to Stakeholders
    6. 2.5Trends in Ethics and Corporate Social Responsibility
  4. 3Competing in the Global Marketplace10 pages
    1. Introduction
    2. 3.1Global Trade in the United States
    3. 3.2Why Nations Trade
    4. 3.3Barriers to Trade
    5. 3.4Fostering Global Trade
    6. 3.5International Economic Communities
    7. 3.6Participating in the Global Marketplace
    8. 3.7Threats and Opportunities in the Global Marketplace
    9. 3.8The Impact of Multinational Corporations
    10. 3.9Trends in Global Competition
  5. 4Forms of Business Ownership8 pages
    1. Introduction
    2. 4.1Going It Alone: Sole Proprietorships
    3. 4.2Partnerships: Sharing the Load
    4. 4.3Corporations: Limiting Your Liability
    5. 4.4Specialized Forms of Business Organization
    6. 4.5Franchising: A Popular Trend
    7. 4.6Mergers and Acquisitions
    8. 4.7Trends in Business Ownership
  6. 5Entrepreneurship: Starting and Managing Your Own Business9 pages
    1. Introduction
    2. 5.1Entrepreneurship Today
    3. 5.2Characteristics of Successful Entrepreneurs
    4. 5.3Small Business: Driving America's Growth
    5. 5.4Ready, Set, Start Your Own Business
    6. 5.5Managing a Small Business
    7. 5.6Small Business, Large Impact
    8. 5.7The Small Business Administration
    9. 5.8Trends in Entrepreneurship and Small-Business Ownership
  7. 6Management and Leadership in Today's Organizations9 pages
    1. Introduction
    2. 6.1The Role of Management
    3. 6.2Planning
    4. 6.3Organizing
    5. 6.4Leading, Guiding, and Motivating Others
    6. 6.5Controlling
    7. 6.6Managerial Roles
    8. 6.7Managerial Skills
    9. 6.8Trends in Management and Leadership
  8. 7Designing Organizational Structures9 pages
    1. Introduction
    2. 7.1Building Organizational Structures
    3. 7.2Contemporary Structures
    4. 7.3Using Teams to Enhance Motivation and Performance
    5. 7.4Authority—Establishing Organizational Relationships
    6. 7.5Degree of Centralization
    7. 7.6Organizational Design Considerations
    8. 7.7The Informal Organization
    9. 7.8Trends in Organizational Structure
  9. 8Managing Human Resources and Labor Relations11 pages
    1. Introduction
    2. 8.1Achieving High Performance through Human Resources Management
    3. 8.2Employee Recruitment
    4. 8.3Employee Selection
    5. 8.4Employee Training and Development
    6. 8.5Performance Planning and Evaluation
    7. 8.6Employee Compensation and Benefits
    8. 8.7The Labor Relations Process
    9. 8.8Managing Grievances and Conflicts
    10. 8.9Legal Environment of Human Resources and Labor Relations
    11. 8.10Trends in Human Resource Management and Labor Relations
  10. 9Motivating Employees9 pages
    1. Introduction
    2. 9.1Early Theories of Motivation
    3. 9.2The Hawthorne Studies
    4. 9.3Maslow's Hierarchy of Needs
    5. 9.4McGregor's Theories X and Y
    6. 9.5Herzberg's Motivator-Hygiene Theory
    7. 9.6Contemporary Views on Motivation
    8. 9.7From Motivation Theory to Application
    9. 9.8Trends in Employee Motivation
  11. 10Achieving World-Class Operations Management9 pages
    1. Introduction
    2. 10.1Production and Operations Management—An Overview
    3. 10.2The Production Process: How Do We Make It?
    4. 10.3Location, Location, Location: Where Do We Make It?
    5. 10.4Pulling It Together: Resource Planning
    6. 10.5Production and Operations Control
    7. 10.6Looking for a Better Way: Improving Production and Operations
    8. 10.7Transforming the Factory Floor with Technology
    9. 10.8Trends in Production and Operations Management
  12. 11Creating Products and Pricing Strategies to Meet Customers' Needs11 pages
    1. Introduction
    2. 11.1The Marketing Concept
    3. 11.2Creating a Marketing Strategy
    4. 11.3Developing a Marketing Mix
    5. 11.4Buyer Behavior
    6. 11.5Market Segmentation
    7. 11.6What Is a Product?
    8. 11.7Creating Products That Deliver Value
    9. 11.8The Product Life Cycle
    10. 11.9Pricing Strategies and Future Trends
    11. 11.10Trends in Developing Products and Pricing
  13. 12Distributing and Promoting Products and Services12 pages
    1. Introduction
    2. 12.1The Nature and Functions of Distribution (Place)
    3. 12.2Wholesaling
    4. 12.3The Competitive World of Retailing
    5. 12.4Using Supply Chain Management to Increase Efficiency and Customer Satisfaction
    6. 12.5Promotion Strategy
    7. 12.6The Huge Impact of Advertising
    8. 12.7The Importance of Personal Selling
    9. 12.8Sales Promotion
    10. 12.9Public Relations Helps Build Goodwill
    11. 12.10Trends in Social Media
    12. 12.11Trends in E-Commerce
  14. 13Using Technology to Manage Information7 pages
    1. Introduction
    2. 13.1Transforming Businesses through Information
    3. 13.2Linking Up: Computer Networks
    4. 13.3Management Information Systems
    5. 13.4Technology Management and Planning
    6. 13.5Protecting Computers and Information
    7. 13.6Trends in Information Technology
  15. 14Using Financial Information and Accounting9 pages
    1. Introduction
    2. 14.1Accounting: More than Numbers
    3. 14.2The Accounting Profession
    4. 14.3Basic Accounting Procedures
    5. 14.4The Balance Sheet
    6. 14.5The Income Statement
    7. 14.6The Statement of Cash Flows
    8. 14.7Analyzing Financial Statements
    9. 14.8Trends in Accounting
  16. 15Understanding Money and Financial Institutions7 pages
    1. Introduction
    2. 15.1Show Me the Money
    3. 15.2The Federal Reserve System
    4. 15.3U.S. Financial Institutions
    5. 15.4Insuring Bank Deposits
    6. 15.5International Banking
    7. 15.6Trends in Financial Institutions
  17. 16Understanding Financial Management and Securities Markets9 pages
    1. Introduction
    2. 16.1The Role of Finance and the Financial Manager
    3. 16.2How Organizations Use Funds
    4. 16.3Obtaining Short-Term Financing
    5. 16.4Raising Long-Term Financing
    6. 16.5Equity Financing
    7. 16.6Securities Markets
    8. 16.7Buying and Selling at Securities Exchanges
    9. 16.8Trends in Financial Management and Securities Markets
  18. 17Your Career in Business7 pages
    1. Introduction
    2. 17.1Learn the Basics of Business
    3. 17.2Developing Interpersonal Skills Is Key to Your Success
    4. 17.3Make Your Future Happen: Learn to Plan
    5. 17.4Optimize Your Education
    6. 17.5Get Your Career Off on the Right Track
    7. 17.6Self-Test Scoring Guidelines
  19. Appendices1 page
    1. AUnderstanding the Legal and Tax Environment