Chapter 2: Economics - McGraw-Hill Introduction to Business

Increased Competition and Costs Lead to Higher Prices at Hershey

February 8, 2019

Sorry, candy lovers, but today we’ve got more bad news. Not only will millions of Americans soon be forced to spend Valentine’s Day without their SweetHearts, but there’s also something wrong with the nation’s supply of Hershey’s Kisses. While the chocolate treats will still be available for next week’s big day, they’ll be missing one of their most distinctive features: the tips. Since December consumers have been puzzled by the tips’ absence, fearing that Hershey had changed the candy’s Continue reading →

Product Development, Branding, Pricing, Marketing, Packaging, Manufacturing, Candy, Food & Drink

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Candy Factory’s Closing Leads to SweetHearts Shortage

February 7, 2019

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With Valentine’s Day just a week away, lovebirds across the nation are running out of time to stock up on romantic gifts like flowers and candy. But while stores should have many of the seasonal items that shoppers are looking for, there’s one iconic Valentine treat that consumers won’t be able to get their hands on. Due to the sudden closing of the Necco candy factory in July, there will be no SweetHearts available this year.

The colorful heart-shaped candies Continue reading →

Product Distribution, Production, Seasonal, Economics, Valentine’s Day, Operations Management, Branding

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

[VIDEO] Brooklyn’s Last Seltzer Men

February 1, 2019

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Many years ago, hundreds of delivery men used to criss-cross New York City transporting big bottles of seltzer water directly to customers. As soda and other pre-packaged drinks became popular, however, most of the city’s “seltzer men” began to disappear once demand for their product plummeted. But the old-school seltzer trade isn’t entirely dead in the Big Apple. The video below shows how Brooklyn Seltzer Boys carries on this legacy by combining traditional methods with a new marketing strategy.

Questions: Continue reading →

Marketing, Operations Management, Product Distribution, Entrepreneurship, Delivery, Economics, Packaging

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Videos

CBO Says Government Shutdown Cost $11 Billion

January 29, 2019

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From December 22, 2018, up until last Friday, the federal government remained shut down due to a budget dispute between the White House and congressional Democrats. During the course of this 35-day shutdown, thousands of federal employees either worked without pay or were sent home until the government reopened. And according to a new report from the bipartisan Congressional Budget Office (CBO), the shutdown cost the U.S. economy an estimated $11 billion.

The report says that most of the lost Continue reading →

Regulation, Economics, Government shutdown, Operations Management, Legal, Ethics, Compensation

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, Bonus Chapter A: Business Law

2019 Could Be the Breakout Year for “Alternative Meats”

January 17, 2019

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Nearly four years ago, we published a blog post centered on companies like Impossible Foods and Beyond Meat who claimed to be creating the future of food. Both of these startups developed plant-based alternatives to meat that looked and tasted similar to the real thing, an idea which seemed straight out of science fiction at the time. Fast forward to 2019, though, and now consumers can purchase Beyond Meat’s burger patties at any Whole Foods location that manages to keep Continue reading →

Marketing, Global, Ethics, Product Development, Entrepreneurship, Innovation, Sustainability, Product Distribution, Synthetic Meat, Economics

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, 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

The Price of Bitcoin Plummets

November 29, 2018

NickelsMcHughMcHugh

Last year, the price of bitcoin nearly reached $20,000, leading some optimistic analysts to label the cryptocurrency as the future of money. According to them, the value of the decentralized currency could only go up since it was free of manipulation from any single government or institution. Soon after reaching this peak in late 2017, however, bitcoin began a steady drop that continued throughout the year. In fact, on Monday the price of the cryptocurrency fell below $3,650, Continue reading →

Economics, Innovation, Currency, Bitcoin, Blockchain

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 20: Money and Financial Institutions, Bonus Chapter B: Technology and New Media

The Cost of the Average Thanksgiving Dinner Drops Slightly

November 20, 2018

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With Thanksgiving only a couple of days away, America’s grocery stores will soon be flooded with consumers looking to pick up a few last minute ingredients. And while these time-crunched cooks will likely spend a long time waiting in the checkout line, they at least won’t be greeted with a steep bill once they reach the register. That’s because the American Farm Bureau Federation said that this year’s average price for a Thanksgiving dinner has dropped slightly in comparison to Continue reading →

Economics, Pricing, Thanksgiving, Holidays, Food & Drink

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 14: Product and Price

Toys ‘R’ Us Bankruptcy Hurts Sales at Hasbro

October 23, 2018

NickelsMcHughMcHugh

Earlier this year, Toys ‘R’ Us announced that it would be closing most of its U.S. stores after filing for bankruptcy in 2017. And while this was certainly bad news for anyone who loved the store “where a kid can be a kid,” it was especially unpleasant for toy manufacturers like Hasbro and Mattel. These companies depended on large holiday orders from Toys ‘R’ Us to fund operations throughout the entire year. Without a big retailer to sell to, though, Continue reading →

Bankruptcy, Toys ‘R’ Us, Operations Management, Hasbro, Retail, Supply chains, Product Distribution

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 9: Production and Operations Management, Chapter 15: Distribution, Bonus Chapter A: Business Law

[VIDEO] Six Big Changes NAFTA’s Replacement, the USMCA, Makes

October 12, 2018

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Last week representatives from the U.S., Mexico, and Canada reached an agreement to update NAFTA, the international trade deal that went into effect in 1994. Now known as the USMCA, this video looks at how the new deal could affect various industries throughout North America. Click here to watch it.

Questions:

Which industries will be most affected by the USMCA?
What is the purpose of international trade deals like NAFTA or the USMCA?

Photo by Nicoguaro.

Tariffs, Global, USMCA, Regulation, NAFTA, Free Trade, Operations Management

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 9: Production and Operations Management, Bonus Chapter A: Business Law, Videos

Low License Plate Numbers Fetch High Prices at Auction

September 25, 2018

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Determining the right price for a product can be one of the trickiest aspects of business. After all, not everyone calculates value in the same way. Where one person sees trash, another person could see treasure. Take an item that could be considered the most boring part of a car: the license plate. To most Americans, this piece of metal amounts to little more than the legal ID for their vehicle. If you happen to live in Delaware, however, the Continue reading →

Economics, Pricing, Value, Transportation, Delaware

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 14: Product and Price, Uncategorized