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You can browse or download additional books there. ii Table of Contents About the Author .................................................................................................................. 1 Acknowledgments................................................................................................................. 2 Dedication............................................................................................................................... 5 Preface..................................................................................................................................... 6 Chapter 1: The Foundations of Business........................................................................ 11 Introduction ................................................................................................................................................. 14 Getting Down to Business............................................................................................................................ 16 What Is Economics? ..................................................................................................................................... 22 Perfect Competition and Supply and Demand.......................................................................................... 29 Monopolistic Competition, Oligopoly, and Monopoly ............................................................................. 35 Measuring the Health of the Economy ...................................................................................................... 38 Government’s Role in Managing the Economy......................................................................................... 47 Cases and Problems...................................................................................................................................... 51 Chapter 2: Business Ethics and Social Responsibility ................................................. 56 Misgoverning Corporations: An Overview ................................................................................................ 59 The Individual Approach to Ethics............................................................................................................. 64 Identifying Ethical Issues ............................................................................................................................ 71 The Organizational Approach to Ethics..................................................................................................... 79 Corporate Social Responsibility.................................................................................................................. 84 Environmentalism ....................................................................................................................................... 96 Stages of Corporate Responsibility .......................................................................................................... 101 Cases and Problems.................................................................................................................................... 106 Chapter 3: Business in a Global Environment............................................................. 113 The Globalization of Business................................................................................................................... 115 Opportunities in International Business ................................................................................................. 126 The Global Business Environment............................................................................................................ 136 Trade Controls............................................................................................................................................ 148 Reducing International Trade Barriers ................................................................................................... 153 Preparing for a Career in International Business................................................................................... 159 Cases and Problems.................................................................................................................................... 162 iii Chapter 4: Selecting a Form of Business Ownership ................................................. 168 Factors to Consider .................................................................................................................................... 170 Sole Proprietorship.................................................................................................................................... 173 Partnership................................................................................................................................................. 176 Corporation ................................................................................................................................................ 181 Other Types of Business Ownership......................................................................................................... 187 Mergers and Acquisitions.......................................................................................................................... 195 Cases and Problems.................................................................................................................................... 199 Chapter 5: The Challenges of Starting a Business ..................................................... 205 What Is an Entrepreneur?......................................................................................................................... 207 The Place of Small Business in the Business Landscape ........................................................................ 216 What Industries Are Small Businesses In? .............................................................................................. 222 Advantages and Disadvantages of Business Ownership......................................................................... 227 Starting a Business..................................................................................................................................... 232 The Business Plan....................................................................................................................................... 241 How to Succeed in Managing a Business ................................................................................................. 249 Cases and Problems.................................................................................................................................... 256 Chapter 6: Managing for Business Success.................................................................. 262 What Do Managers Do?.............................................................................................................................. 264 Planning ...................................................................................................................................................... 266 Organizing .................................................................................................................................................. 276 Directing ..................................................................................................................................................... 290 Controlling.................................................................................................................................................. 294 Managerial Skills........................................................................................................................................ 297 Cases and Problems.................................................................................................................................... 304 Chapter 7: Recruiting, Motivating, and Keeping Quality Employees .................... 313 Human Resource Management................................................................................................................. 316 Developing Employees............................................................................................................................... 325 Motivating