Chapter 2: Economics - McGraw-Hill Introduction to Business

[VIDEO] How Kodak Invented the “Snapshot”

October 10, 2024

Photography was once a specialized field where only trained professionals had the expertise to shoot and develop prints. Then in the late 19th century, Kodak released the first of many “point-and-shoot” cameras that would change the industry forever. The video below explores the fascinating history behind the “snapshot” and how technological innovations can bring niche products to a wider market.

Questions:

How did the introduction of point-and-shoot cameras change the photography market?
Do you see any similarities between the Continue reading →

Eggs Are Getting Expensive Again

October 4, 2024

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After facing months of sticker shock at grocery stores around the country, American consumers are finally receiving some relief from inflation as prices for many products start to stabilize. Food prices went up by just 0.1 percent in August, a far smaller increase than in months past and a possible sign of lower prices to come. Still, there’s one major exception to this trend: eggs. American families paid an average of $3.20 for a dozen Grade A large eggs in Continue reading →

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] Xbox Stakes its Future on Cloud Gaming

September 27, 2024

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For decades, the video game console market has been dominated by two major players: Microsoft’s Xbox and Sony’s Playstation. While the latter has consistently outsold the former, in recent years Microsoft has been buying up game developers in an effort to control the software side of the business. The video below explores Microsoft’s bet on cloud gaming through Xbox Game Pass, and whether the tech giant’s gamble will pay off in the long run.

Questions:

Why do companies like Microsoft Continue reading →

Global, Product Development, Promotions, Entertainment, Product Distribution, Video Games, Supply & Demand, Microsoft, Sony

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media

Car Insurance Rates Climb as Vehicle Prices Fall

September 25, 2024

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During the Covid-19 pandemic, the disruption of global supply chains sent car prices soaring as auto deliveries became erratic and spare parts went scarce. Now that worldwide logistics networks are largely back to normal, however, the cost of cars has been steadily going down. According to the Consumer Price Index (CPI), used car prices fell by 10 percent over the past year while new vehicles are about 4 percent cheaper compared to 2023. Rental cars costs have dropped as well, Continue reading →

Ethics, Supply chains, Transportation, Insurance, Product Distribution, Risk Management, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter C: Managing Risk

Bad Weather and Competing Crops Hurt the Coffee Industry

September 20, 2024

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When it comes to global commodities like coffee beans, even the slightest change in the environment or the economy can drastically change prices and supplies. That’s what happened in 2021 when a sudden and severe frost in Brazil destroyed 500,000 acres of coffee plantations, sending prices for unroasted coffee beans soaring. The extensive damage reduced the country’s coffee production by more than 10 million bags annually for three consecutive years. Brazil is the world’s largest producer of Arabica beans, the Continue reading →

Operations Management, Global, Entrepreneurship, Product Development, Product Distribution, Agriculture, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 14: Product and Price, Chapter 15: Distribution

[VIDEO] How a Cork Company Produces 22 Million Stoppers Per Day

September 12, 2024

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Although wine corks might seem like simple items, the video below shows why they’re anything but. Along with examining the production and manufacturing processes around cork, this lengthy video also explains how one company uses it to produce everything from flooring to footwear.

Questions:

What are cork companies like Amorim doing to address the shortage of skilled laborers needed for bark harvesting?
How did Amorim diversify its operations after a fungi infection nearly destroyed its cork stopper business?

Cash-Strapped Customers Lead to Declining Sales at Dollar Stores

September 10, 2024

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Dollar stores are famous for low prices. Even when economic times get tough, discount retailers usually continue to do well because they draw customers looking to pay less than they would in a typical store. But that’s changing as customers have less money to spend, and now dollar stores are struggling to stay in business. For instance, Family Dollar recently announced it will close 1,000 stores over the next several years while 99 Cents Only filed for bankruptcy this year Continue reading →

Marketing, Entrepreneurship, Product Development, Promotions, Pricing, Product Distribution, Supply & Demand, Inflation

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

Ice Cream Trucks Struggle to Keep Sales Sweet

September 6, 2024

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Although summertime is drawing to a close and jack-o-lanterns are already starting to appear, meteorologists say that most of the country can still expect plenty of hot days to come. And when the temperature is high, there’s nothing quite like ice cream to stay cool. That’s why for nearly a century, ice cream trucks have roamed neighborhoods across the country serving customers of all ages looking to beat the heat.

In 1926 Good Humour became the first brand to Continue reading →

Marketing, Operations Management, Franchising, Entrepreneurship, Product Development, Product Distribution, Food & Drink, Supply & Demand, Seasonal businesses

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 5: Forms of Business Ownership, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

Theme Parks and Retailers Get an Early Start on Halloween

September 4, 2024

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September may have just begun, but Halloween has already arrived. The late-October holiday known for costumes and lots of candy has become an increasingly lucrative occasion for businesses like theme parks and retailers. “[Halloween] has become this time of the year that’s grown in explosive ways,” said Edithann Ramey, chief marketing officer at Six Flags. “It’s become a billion-dollar industry in the last five years.” With 45 percent of consumers saying they’ll start Halloween shopping before October this year, businesses Continue reading →

Marketing, Entrepreneurship, Promotions, Entertainment, Product Distribution, Halloween, Holidays, Supply & Demand, Seasonal businesses

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 5: Forms of Business Ownership, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

[VIDEO] How the Pandemic Began a “Pop-Up” Restaurant Boom

August 29, 2024

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The onset of the Covid-19 pandemic brought the restaurant industry to a standstill as countless kitchens closed and diners largely remained at home. But that didn’t stop some entrepreneurs from finding opportunities in this chaotic situation. The video below breaks down the boom of “pop-up” restaurants that flourished during the pandemic thanks to low overhead and mobile setups that met customers closer to where they lived.

Questions:

How did the pandemic change the restaurant industry?
What are some advantages Continue reading →