Chapter 2: Economics - McGraw-Hill Introduction to Business

Face Mask Sales Send Etsy Stock Skyrocketing

December 10, 2020

The e-commerce site Etsy was founded in 2005 as a place where crafty, independent creators could sell their wares online to consumers. In 2015 the company went public and greatly expanded its product offerings to include items from larger brands. The following years saw Etsy struggle with its brand identity as it cycled through different leadership and organizational structures. Then came 2020 and the coronavirus pandemic, which has caused countless businesses to struggle or outright close in the last few Continue reading →

Marketing, Entrepreneurship, Stocks, Product Distribution, Etsy, Layoffs, E-commerce, Supply & Demand, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 11: Human Resource Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

[VIDEO] How PlayStation Saved Sony

November 19, 2020

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Sony’s PlayStation 5 launched earlier this month and is expected to be one of the blockbuster products of the holiday season. This video looks at the evolution of the console throughout the years and how it became a central focus of Sony’s business.

Questions:

How did the PlayStation help Sony transition from a consumer electronics manufacturer into a gaming company?
Why did Sony decide to focus closely on the gamer market for future generations of the PlayStation, and how did they accomplish this task?

Marketing, Operations Management, Global, Manufacturing, Product Development, Entertainment, Product Distribution, Video Games, Sony

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media, Videos

Rising Coronavirus Cases Leads to Stock Market Drop

October 27, 2020

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The stock market plunged in March as the coronavirus emerged in the U.S. but eventually recovered as some businesses reopened and consumers received economic relief. With cases once again on the rise, however, the combination of potential closings and a lack of another stimulus package caused the Dow to plummet by 650 points on Monday. “Financial markets are getting a reality check, as investors come to terms with the failure of Congress to agree to a pre-election stimulus package and Continue reading →

Economics, Global, Ethics, Dow Jones, Health, Stock Market, Coronavirus, Stimulus package

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 19: Securities Markets, Chapter 20: Money and Financial Institutions, Bonus Chapter A: Business Law

High Unemployment Rate Continues in Strained Economy

October 22, 2020

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Last week, another 787,000 Americans filed for unemployment benefits. This represents a drop from the stretch of months where more than 1 million people filed for unemployment week after week, but it nevertheless reflects a deeply strained economy. “The ranks of people applying for extended unemployment are starting to make it look like a traditional recession,” said economist Diane Swonk. “This leaves scars in the labor force, is demoralizing, and increases health risks for workers…We’re not calling people back Continue reading →

Economics, Ethics, Human Resources, Unemployment, Coronavirus, Stimulus

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

Justice Department Files Antitrust Suit Against Google

October 20, 2020

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Since its founding in 1998, Google has grown into one of the largest companies in history. Last year it earned more than $34 billion from search revenue, an enormous amount that analysts predict will grow to $42.5 billion by 2022. Google’s parent company Alphabet is valued at more than $1 trillion and holds $120 billion in cash reserves. The company’s name has even become synonymous with search as millions of people around the world “google” all sorts of information every Continue reading →

Ethics, Silicon Valley, Google, Regulation, Competition, Monopolies, Antitrust

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 5: Forms of Business Ownership, Bonus Chapter A: Business Law, Bonus Chapter B: Technology and New Media

Retailers Stock up on Seasonal Warehouse Workers

October 13, 2020

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As brick-and-mortar retailers struggle to make ends meet during the pandemic, e-commerce outlets like Amazon are thriving as consumers purchase more products from home than ever before. Experts expect that this trend will continue into the holiday shopping season, which can drive as much as 30 percent of retailers’ overall sales. So while companies would normally be hiring extra cashiers to prepare for Christmas, this year they’re bringing in warehouse workers to handle the high volume of online orders. Continue reading →

Operations Management, Ethics, Human Resources, Health, Product Distribution, E-commerce, Coronavirus, Seasonal hiring

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 11: Human Resource Management, Chapter 12: Labor Management and Unions, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Costume Shops Struggle with Low Seasonal Sales

October 6, 2020

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October is usually the month that Halloween store owners look forward to all year round. Adult customers often spend well over $100 on costumes and accessories as they prepare for parties or haunted pub crawls. But with many of these social events now canceled due to the pandemic, Halloween stores are struggling to make up this essential source of revenue. At Lorenzo Caltagirone’s Virginia costume shop, for instance, sales are down 80 percent. “I’ve never been this worried before,” said Continue reading →

Marketing, Entrepreneurship, Health, Product Distribution, Halloween, Seasonal, Supply & Demand, Coronavirus

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, Chapter 16: Place and Promotion

Major Airlines Cut 32,000 Jobs as Relief Expires

October 1, 2020

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Back in March, airlines received $25 billion in relief so that workers could stay on the payroll as the coronavirus pandemic caused a massive disruption in world travel. But with that money now spent, major carriers had been hoping for another round of economic stimulus from the federal government as demand for travel remains low. Legislators have been unable to come to an agreement so far, however, leading American Airlines and United Airlines to announce that more than 32,000 employees Continue reading →

Operations Management, Global, Ethics, Unions, Labor Relations, Regulation, Health, Travel, Coronavirus, Airlines, Economic Stimulus

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 11: Human Resource Management, Chapter 12: Labor Management and Unions, Bonus Chapter A: Business Law

Winter Could Bring an End to Outdoor Dining in 2020

September 29, 2020

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According to the National Restaurant Association, during the pandemic more than 100,000 restaurants have closed either indefinitely or permanently and millions of jobs have been lost. Experts expect that the nation’s eateries will lose more than $240 million this year and warn that the worst could be yet to come. Along with takeout and curbside business, many restaurants have relied on outdoor dining to drive sales as many customers remain wary about eating inside. With winter on the horizon, however, Continue reading →

Operations Management, Ethics, Entrepreneurship, Health, Product Distribution, Supply & Demand, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 11: Human Resource Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

Popcorn Farmers Look for New Markets as Theater Business Dwindles

September 24, 2020

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With audiences largely reluctant to return to the movies, it’s not just theater chains that are struggling to adapt to life during the pandemic. Farmers who supply theaters with popcorn have seen orders for their product almost disappear as retail suppliers have seen sales surge. While Orville Redenbacher, Jolly Time, and Pop Secret have benefited from consumers staying home, the Preferred Popcorn company in Nebraska has millions of tons of unsold kernels on hand.

Preferred Popcorn primarily supplies snack distributors Continue reading →

Operations Management, Entertainment, Supply chains, Packaging, Product Distribution, Movies, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 9: Production and Operations Management, Chapter 14: Product and Price, Chapter 15: Distribution