Natural Disasters - McGraw-Hill Introduction to Business

Wildfires Cause Multibillion Dollar Destruction in Maui

August 16, 2023

Last week, wildfires on the Hawaiian island of Maui caused unprecedented destruction, killing 106 people and leveling thousands of buildings. The worst damage occurred in the resort town of Lahaina, which will cost billions of dollars and several years to rebuild. Like many other Hawaiian communities, Lahaina relies heavily on the tourism industry, drawing 2 million visitors annually. Of course, thousands of tourists and residents have evacuated the town and the western side of Maui in recent weeks as dry Continue reading →

Economics, Operations Management, Tourism, Ethics, Regulation, Entrepreneurship, Product Distribution, Hawaii, Natural Disasters

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 15: Distribution, Bonus Chapter A: Business Law, Bonus Chapter C: Managing Risk

Hurricane Ian Upends Florida’s Real Estate Market

October 14, 2022

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Last month, Hurricane Ian devastated communities across the state of Florida, leading to more than 100 deaths and billions of dollars in damage. According to the catastrophe modeling firm RMS, privately insured losses are expected to reach as high as $67 million, making Ian second only to Hurricane Katrina in terms of economic destruction. Unlike previous storms like Katrina and Hurricane Andrew, however, today’s scientists blame climate change for the increasing regularity of severe weather events. That means experts see Continue reading →

Hurricanes, Global, Florida, Real Estate, Climate change, Insurance, Natural Disasters, Risk Management

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Bonus Chapter C: Managing Risk

[VIDEO] Why the Western Drought Will Have Major Ripple Effects

July 21, 2021

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Over the last month, communities across the Western United States have imposed restrictions on water use as a major drought wreaks havoc on the region. This video looks at how the drop in the supply of surface water has hurt California farmers and why their pain could soon ripple out across the country.

Questions:

How has the drought in the Western U.S. affected farmers in the region?
Do you think regulators should place restrictions on the use of groundwater Continue reading →

Regulation, Supply chains, Operations Management, Product Distribution, Ethics, Agriculture, Natural Disasters, Farming, Supply & Demand, Drought

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 15: Distribution, Bonus Chapter A: Business Law, Videos

Hurricane Dorian Causes Billions in Damages to the Bahamas

September 10, 2019

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Last week, Hurricane Dorian tore through the Caribbean and up the Southeastern Coast of the U.S., causing major damage all along the way. Two islands in particular, Abaco Island and Grand Bahama, faced huge devastation as a result of the tropical storm. According to the United Nations, more than 70,000 people in the Bahamas are now homeless and in need of food and water. (Click here to view a list of vetted relief organizations that are currently seeking donations.) Continue reading →

Travel, Global, Natural Disasters, Ethics, Risk Management, Hurricanes, Bahamas, GDP, Tourism, Marketing

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 13: Marketing, Bonus Chapter C: Managing Risk

Hurricane Florence Causes Billions of Dollars in Damage

September 20, 2018

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Last week, Hurricane Florence made landfall on the coast of the Carolinas as a Category 1 storm. So far its effects have been devastating, claiming the lives of 32 people as millions more deal with widespread flooding and loss of power. The storm has also caused a huge amount of damage to buildings and roadways along the coast. According to one estimate by Moody’s Analytics, the total cost to repair all this destruction could climb as high as $20 billion. Continue reading →

Ethics, Natural Disasters, Risk Management, Hurricanes, South Carolina, North Carolina, Economics

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Bonus Chapter C: Managing Risk

Experts Advise Treating Charitable Donations Like Investments

November 21, 2017

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From flooding in Texas to Puerto Rico’s struggle to recover after Hurricane Maria, we’ve taken a look at the economic impacts of several natural disasters over the last few months. Whenever we write posts like these, we always include a link to a list of organizations you can donate to if you feel so inclined. Along with spreading awareness, we also want to make sure our readers have access to a reliable selection of charitable options vetted by journalists. Continue reading →

Ethics, Philanthropy, Charity, Natural Disasters, Hurricanes, Puerto Rico

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

Chipotle Encounters Setbacks on Its Road to Recovery

October 26, 2017

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In 2015 the popular burrito chain Chipotle faced a crisis so large that some wondered if the company would ever recover. Towards the end of the year, stories about norovirus outbreaks originating from Chipotle restaurants became national news. People were shocked to learn how this supposedly safe and sustainable place to eat had poisoned hundreds of people with tainted produce. Soon Chipotle’s stock price dropped and its sales plummeted, leading many in the company to worry that its reputation Continue reading →

Natural Disasters, Ethics, Food, Product Development, Branding, Chipotle, Management

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 7: Management & Leadership, Chapter 13: Marketing, Chapter 14: Product and Price, Uncategorized

Northern California’s Wineries Face Uncertainty after Wildfires

October 24, 2017

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For the last few weeks wildfires have ravaged the northern portion of California, claiming dozens of lives and destroying at least 5,700 buildings. This catastrophic state of affairs is a far cry from the sunny paradise that many imagine when they think of wine country. In fact, October and November are usually the region’s busiest months as tourists arrive by the busload to sample vintages and enjoy the countryside. Not this year, though: one winery owner said she’s already Continue reading →

Product Development, Tourism, Marketing, California, Operations Management, Natural Disasters, Food, Wildfires, Wine

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Hurricane Maria Deals Major Damage to Puerto Rico

September 28, 2017

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Over the last month hurricanes have torn through America’s southern coast, inflicting massive amounts of damage to Texas, Florida, and other states in the region. Of course, the U.S. mainland is far from the only place that’s been harmed by these major weather emergencies. Along with devastating Caribbean islands like Barbados and Barbuda, recent tropical storms have also hammered the American territory of Puerto Rico. First it had to endure Hurricane Irma, which only clipped the island’s northern portion Continue reading →

Natural Disasters, Risk Management, Hurricanes, Hurricane Maria, Puerto Rico, Ethics

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Bonus Chapter C: Managing Risk

Consumers Accuse Businesses of Price Gouging during Harvey

September 5, 2017

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Since Hurricane Harvey made landfall in Texas a couple of weeks ago, the region has been hit with devastating floods that have upended the lives of millions. And although the waters are finally starting to recede in cities like Houston, that just means the serious cleanup work is about to begin. The financial forecasting firm Moody’s Analytics now estimates that Harvey inflicted as much as $108 billion in damage to the region. Thankfully, dedicated volunteers have been working around the Continue reading →

Product Distribution, Ethics, Natural Disasters, Hurricane Harvey, Price-Gouging, Pricing, Regulation, Supply chains, Legal

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 14: Product and Price, Chapter 15: Distribution