Chapter 2: Economics - McGraw-Hill Introduction to Business

[VIDEO] How NFTs Are Fueling a Boom in Digital Art

March 19, 2021

Last month, we looked at how NBA Top Shot sells digital basketball cards for thousands of dollars through its online marketplace. Since then, non-fungible tokens (NFTs) like Top Shot cards have skyrocketed in value, with one viral gif selling for $600,000 while a NFT artwork was sold through Christie’s auction house for tens of millions. This video explains how NFTs operate along with their possible drawbacks.

Questions:

How did some NFTs come to be worth thousands or even millions Continue reading →

Marketing, Ethics, Entrepreneurship, Product Development, Pricing, Value, Product Distribution, E-commerce, Blockchain, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media, Videos

Latest Stimulus Bill Looks to Provide Relief for American Households

March 18, 2021

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Last week, Congress passed a $1.9 trillion stimulus package aimed primarily at easing the financial burdens that many Americans have felt during the pandemic. While previous stimulus bills were directed more towards businesses, this latest package provides $960 billion in aid towards individuals through $1,400 checks, unemployment coverage, and provisions for child care. The bill also includes tax credits as well as programs that seek to make rent, food, and healthcare more affordable.

According to economists, low-to-middle income Americans will Continue reading →

Economics, Ethics, Human Resources, Labor Relations, Unemployment, Regulation, Health, Crisis management, Layoffs, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 7: Management & Leadership, Chapter 10: Motivation, Chapter 11: Human Resource Management, Bonus Chapter A: Business Law

Millions of Americans Face Tax Bills on Unemployment Payments

March 2, 2021

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The coronavirus pandemic caused millions of people to lose their jobs last year and file for unemployment benefits, which were expanded several times through federal legislation. Now, many Americans are discovering that they owe taxes on these payments that were vital for them to make ends meet. For example, Erika Rose of Los Angeles has been on unemployment insurance since the start of the pandemic and has spent the winter stretching every penny to pay rent and utilities. When she Continue reading →

Ethics, Human Resources, Unemployment, Coronavirus, Stimulus, Pandemic

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 11: Human Resource Management, Bonus Chapter A: Business Law

Digital NBA Trading Cards Sell For Thousands of Dollars

February 23, 2021

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In February 2020 during a regular season NBA game, Lebron James performed a two-handed windmill slam dunk that he afterwards said was a tribute to the late Kobe Bryant. A clip of James’ dunk placed side-by-side with a nearly identical one of Bryant’s from 2001 quickly went viral and can be easily found from multiple sources on YouTube. Then again, you could also do what social media entrepreneur Jack Settleman did in January: pay $47,500 for a clip of the Continue reading →

Economics, Marketing, Ethics, Entrepreneurship, Pricing, Product Distribution, Blockchain, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

[VIDEO] How Options-Trading Redditors Fed the GameStop Frenzy

February 2, 2021

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Last week, GameStop stock shot through the roof as users on forums like Reddit bought up shares in droves after some hedge funds shorted the stock by as much as 240 percent. This video takes a look at how both professional and at-home options traders upended expectations for many market observers.

Questions:

Why did GameStop’s stock price skyrocket last week?
Do you think stock trading apps like RobinHood should have restricted users from buying shares in GameStop? Why or why not?

Economics, Ethics, Entertainment, GameStop, Stock Market, Options trading, Volatility

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 19: Securities Markets, Videos

GDP in 2020 Dropped to Lowest Point Since World War II

January 28, 2021

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Last year, the U.S. economy shrank by 3.5 percent as Americans had their lives turned upside down by the coronavirus pandemic. This made 2020 the worst year for growth since 1946 when the economy contracted by more than 11 percent in the immediate aftermath of World War II. It’s also the first time since 2009 that GDP has contracted over the course of an entire year, although the economy did begin to recover in the latter half of 2020.

“There Continue reading →

GDP, Product Distribution, Federal Reserve, Coronavirus, Pandemic

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 20: Money and Financial Institutions

Caterers Struggle as Events Stay Small and Sparse

January 19, 2021

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The food service industry has been hit especially hard during the pandemic as restaurants and bars try to stay afloat with fewer customers. But while the struggles of the nation’s eateries have received a lot of attention, catering companies have suffered just as much behind the scenes. With restrictions in place that keep gatherings small, not many people need caterers to provide food for their weddings or office parties. As a result, catering companies across the country are laying off Continue reading →

Marketing, Entrepreneurship, Product Distribution, Food & Drink, Supply & Demand, Coronavirus, Pandemic

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Gaming Consoles Claim Vital Microchips before Car Makers

January 14, 2021

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At the start of the pandemic, auto companies anticipated a drop in car sales that indeed lasted throughout spring and summer of 2020. As a result, manufacturers cut back on orders of expensive items like microchips while demand remained low. By the end of the year, though, auto sales bounced back quicker than expected, which sent car companies scrambling for supplies. But try as they might, none of the major firms could seem to secure the microchips they needed for Continue reading →

Economics, Operations Management, Global, Manufacturing, Entertainment, Health, Product Distribution, Supply & Demand, Coronavirus, Pandemic, Gaming

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 9: Production and Operations Management, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

The U.S. Lost 140,000 Jobs in December 2020

January 12, 2021

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According to the Labor Department, the U.S. economy lost 140,000 jobs in December 2020 as businesses across the country continue to struggle during the pandemic. While restaurants and bars have been hit especially hard since winter weather has shut down outdoor dining, states have also laid off thousands of teachers and other public workers. All told, 9.8 million fewer Americans are working now than at this time last year.

And as long as the pandemic persists, it will be difficult Continue reading →

Ethics, Unemployment, Health, Layoffs, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 11: Human Resource Management

[VIDEO] The Logistics Behind the U.S. Covid Vaccine Rollout

December 16, 2020

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This video looks at how pharmaceutical companies like Pfizer and Moderna will distribute the Covid-19 vaccine in the coming months.

Questions:

Who will receive first priority for receiving the Covid-19 vaccine?
What sort of logistical issues are pharmaceutical companies expected to face while distributing the vaccine?

Operations Management, Global, Ethics, Supply chains, Health, Product Distribution, Supply & Demand, Coronavirus, Covid-19

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 15: Distribution