第1部分商务趋势：在多变的全球环境中培育企业 1
第1章动态商务环境下的管理：承担风险，获取收益 1
第2部分企业所有权：组建小企业 25
第2章组建企业的方式 25第3章创业与组建小企业 55
第3部分企业管理：激励员工为顾客提供满意服务 83
第4章管理和领导 83第5章使组织适应当今的挑战 106第6章生产与运作管理 132
第4部分人力资源管理：激励员工提供优质产品和服务 155
第7章员工激励 155第8章人力资源管理：寻找和留住优秀员工 182
第5部分营销：制订和实施以顾客为导向的营销计划 214
第9章营销：帮助消费者购买 214第10章产品与服务的开发和定价 239第11章产品的分销 265第12章采用有效的促销方式 293
第6部分管理财务资源 317
第13章了解会计与财务信息 317第14章财务管理 345第15章证券市场：融资和投资机会 371第16章货币、金融机构与美联储 402尾声 427
Gold Standard xvi Prologue： Getting Ready for This Course and Your Career P
PaRT 1
Business Trends： Cultivating a Business in Diverse, Global Environments
1 Taking Risks and Making Profits within the Dynamic Business Environment 1
PaRT 2
Business Ownership： Starting a Small Business
2 How to Form a Business 25
3 Entrepreneurship and Starting a Small Business 55
PaRT 3
Business Management：
Empowering Employees to Satisfy Customers
4 Management and Leadership 83
5 Structuring Organizations for Todays Challenges 106
6 Production and Operations Management 131
PaRT 4
Management of Human Resources：
Motivating Employees to Produce Quality Goods and Services
7 Motivating Employees 155
8 Human Resource Management： Finding and Keeping the Best Employees 182
PaRT 5
Marketing： Developing and Implementing Customer-Oriented Marketing Plans
9 Marketing： Helping Buyers Buy 214 10 Developing and Pricing Goods and Services 239 11 Distributing Products 265 12 Using Effective Promotions 293
PaRT 6
Managing Financial Resources
13 Understanding accounting and Financial Information 317 14 Financial Management 345
15 Using Securities Markets for Financing and Investing Opportunities 371 16 Money, Financial Institutions, and the Federal Reserve 402
EPILOGUE 427
vi
Gold Standard xvi
PROLOGUE
Getting Ready for This Course and your Career P
Learning the Skills you Need to Succeed Today
and Tomorrow P-1 Using This Course to Prepare for your Career P-2
Assessing your Skills and Personality P-3
Using Professional Business Strategies Right Now P-3 Learning to Behave Like a Professional P-4 Doing your Best in College P-6
Study Hints P-6
Test-Taking Hints P-8
Time Management Hints P-9
Making the Most of the Resources for This Course P-9
Getting the Most from This Text P-11
PaRT 1
Business Trends： Cultivating a Business in Diverse, Global Environments 1
CHAPTER 1
Taking Risks and Making Profits within the Dynamic Business Environment 1
GETTING TO KNOw ANN-MARIE CAMPBELL OF HOME DEPOT 3
Business and Wealth Building 4 Revenues, Profits, and Losses 4 Matching Risk with Profit 4 Standard of Living and Quality of Life 5 Responding to the various Business
Stakeholders 5
Using Business Principles in Nonprofit
Organizations 6
The Importance of Entrepreneurs to the Creation of Wealth 7 The Five Factors of Production 7 The Business Environment 9
The Economic and Legal Environment 9
The Technological Environment 10
aDaPTING TO CHANGE UP, UP, aND awaY 12
The Competitive Environment 13
The Social Environment 13
The Global Environment 14
REaCHING BEYOND OUR BORDERS HOLLYwOOD CLIMBS THE GREaT waLL 16
The Evolution of U.S. Business 16 Progress in the agricultural and Manufacturing Industries 16 Progress in Service Industries 17 Your Future in Business 17
aDaPTING TO CHANGE SERvICES ExPaND THE CIRCULaR ECONOMY 19
Summary 19 Career Exploration 21 Critical Thinking 21 Developing Career Skills 22 Putting Principles to Work 22 Video Case： Grubhub and the Dynamic Business
Environment 23
Notes 24
PaRT 2
Business Ownership： Starting a Small Business 25
CHAPTER 2
How to Form a Business 25
GETTING TO KNOw PETER CANCRO, FOUNDER OF JERSEy MIkES SUBS 27
Basic Forms of Business Ownership 28 Sole Proprietorships 28
advantages of Sole Proprietorships 28
Disadvantages of Sole Proprietorships 29 Partnerships 30
advantages of Partnerships 31
Disadvantages of Partnerships 32 Corporations 32
vii
MaKING ETHICAL DECISIONS GOOD BUSINESS, BaD KaRMa? 33
advantages of Corporations 34
Disadvantages of Corporations 35
Individuals Can Incorporate 36
aDaPTING TO CHANGE KICKSTaRTING a BENEFIT CORPORaTION 37
S Corporations 37
Limited Liability Companies 38
Corporate Expansion： Mergers and Acquisitions 41 Franchises 42 advantages of Franchises 43 Disadvantages of Franchises 44
SPOTLIGHT ON SMALL BUSINESS UNLOCKING a GROwING FRaNCHISE 45
Diversity in Franchising 45
Home-Based Franchises 46
E-Commerce in Franchising 46
Using Technology in Franchising 47
Franchising in Global Markets 47
Cooperatives 48
Which Form of Ownership Is for you? 48 Summary 49 Career Exploration 51 Critical Thinking 51 Developing Career Skills 51 Putting Principles to Work 52 Video Case： Dominos Still Rolling in the
Dough 52
Notes 53
CHAPTER 3
Entrepreneurship and Starting a SmallBusiness 55
GETTING TO KNOw TRISTAN WALkER, FOUNDER OF WALkER AND COMPANy 57
The Job-Creating Power of Entrepreneurs in the
United States 58 Why People Take the Entrepreneurial Challenge 58
SPOTLIGHT ON SMALL BUSINESS STUDENT STaRT-UPS 59
what Does It Take to Be an Entrepreneur? 59
Turning Your Passions and Problems into
Opportunities 60
Entrepreneurial Teams 61
Entrepreneurship within Firms 61
Micropreneurs and Home-Based Businesses 61 Online Businesses 62 Encouraging Entrepreneurship： what Government
Can Do 64
Getting Started in Small Business 65 Small versus Big Business 66 Importance of Small Businesses 66 Small-Business Success and Failure 66
Learning About Small-Business Operations 68 Learn from Others 68 Get Some Experience 68 Take Over a Successful Firm 68
MaKING ETHICAL DECISIONS SHOULD YOU STaY OR SHOULD YOU GO? 69
Managing a Small Business 69 Planning Your Business 70 Financing Your Small Business 70 Knowing Your Customers 74 Managing Your Employees 74 Keeping Records 75 Looking for Help 75
Going Global： Small-Business Prospects 76 Summary 77 Career Exploration 79 Critical Thinking 79 Developing Career Skills 80 Putting Principles to Work 80 Video Case： Launching a Business： JCF Health and Fitness 80 Notes 81
PaRT 3
Business Management： Empowering Employees to Satisfy Customers 83
CHAPTER 4
Management and Leadership 83
GETTING TO KNOw kEVIN PLANk, FOUNDER OF UNDER ARMOUR 85
Managers Roles Are Evolving 86 The Four Functions of Management 86 Planning and Decision Making 88
aDaPTING TO CHANGE wILL STRaTEGY ROBOTS REPLaCE MaNaGERS? 91
Decision Making： Finding the Best alternative 92 Organizing： Creating a Unified System 93
Tasks and Skills at Different Levels of
Management 93
CONNECTING THROUGH SOCIAL MEDIA waNT TO BE a SOCIaL MEDIa MaNaGER? 95
Staffing： Getting and Keeping the Right People 95
Leading： Providing Continuous Vision and Values 96
MaKING ETHICAL DECISIONS wHaT DO YOU TELL THE TEaM? 97
Leadership Styles 97
Empowering workers 98
Managing Knowledge 99
Controlling： Making Sure It Works 99
a Key Criterion for Measurement： Customer
Satisfaction 100
Summary 101
Career Exploration 103 Critical Thinking 103 Developing Career Skills 104 Putting Principles to Work 104 Video Case： Zapposs Team Approach 104 Notes 105
CHAPTER 5
Structuring Organizations for Todays Challenges 106
GETTING TO KNOw DENISE MORRISON, CEO OF CAMPBELL SOUP COMPANy 107
Organizing for Success 108 Building an Organization from the Bottom Up 108
MaKING ETHICAL DECISIONS wOULD YOU SaCRIFICE SaFETY FOR PROFITS? 109
The Changing Organization 109 The Development of Organizational Design 109 Turning Principles into Organizational Design 111
Decisions to Make in Structuring
Organizations 112 Choosing Centralized or Decentralized authority 113
Choosing the appropriate Span of Control 113
Choosing between Tall and Flat Organizational Structures 113 weighing the advantages and Disadvantages of
Departmentalization 114
Organizational Models 117 Line Organizations 117 Line-and-Staff Organizations 117 Matrix-Style Organizations 118
aDaPTING TO CHANGE GOING BOSSLESS 120
Cross-Functional Self-Managed Teams 120 Going Beyond Organizational Boundaries 120 Managing the Interactions among Firms 121 Transparency and virtual Organizations 121 Adapting to Change 122 Restructuring for Empowerment 123
CONNECTING THROUGH SOCIAL MEDIA BREaKING THE CONNECTION 124
Creating a Change-Oriented Organizational Culture 124 Managing the Informal Organization 125 Summary 126 Career Exploration 127 Critical Thinking 127 Developing Career Skills 128 Putting Principles to Work 128 Video Case： Freshiis Winning Organization 129 Notes 130
CHAPTER 6
Production and OperationsManagement 131
GETTING TO KNOw SHAHID kHAN, CEO OF FLEx-N-GATE 133
Manufacturing and Services in Perspective 134 Manufacturers and Service Organizations Become More Competitive 134
REaCHING BEYOND OUR BORDERS CREaTING SKILLED wORKERS wITH GERMaN-STYLE aPPRENTICESHIPS 135
From Production to Operations Management 135 Operations Management in the Service Sector 136
Production Processes 137 The Need to Improve Production Techniques and Cut Costs 138
Computer-aided Design and Manufacturing 138 Flexible Manufacturing 138 Lean Manufacturing 139 Mass Customization 139 Robotics 139 3D Printing 140 Using Sensing, Measurement, and Process
Control 140 Operations Management Planning 140 Facility Location 140
aDaPTING TO CHANGE THE vaST POSSIBILITIES OF 3D PRINTING 141
Facility Location for Manufacturers 141
MaKING ETHICAL DECISIONS SHOULD wE STaY OR SHOULD wE GO? 142
Interfirm Operations Management 142
Facility Location in the Future 143
Facility Layout 143
Materials Requirement Planning 143
Purchasing 145
Just-in-Time Inventory Control 145
Quality Control 145
The Baldrige awards 146
ISO 9001 and ISO 14001 Standards 146
Control Procedures： PERT and Gantt Charts 147 Preparing for the Future 148 Summary 149 Career Exploration 151 Critical Thinking 152 Developing Career Skills 152 Putting Principles to Work 152 Video Case： Production in the 21st Century 153 Notes 154
PaRT 4
Management of Human Resources：
Motivating Employees to Produce Quality Goods and Services 155
CHAPTER 7
Motivating Employees 155
GETTING TO KNOw kIM JORDAN,
CEO OF NEW BELGIUM BREWING COMPANy 157
The Value of Motivation 158
Frederick Taylor： The Father of Scientific Management 158 Elton Mayo and the Hawthorne Studies 159
Motivation and Maslows Hierarchy of Needs 160 Herzbergs Motivating Factors 161 Mcgregors Theory x and Theory y 163 Theory x 164 Theory Y 164 Ouchis Theory Z 165
Goal-Setting Theory and Management by
Objectives 166 Meeting Employee Expectations： Expectancy Theory 167
Treating Employees Fairly： Equity Theory 167 Putting Theory into Action 168 Motivating through Job Enrichment 168 Motivating through Open Communication 169 applying Open Communication in Self-Managed Teams 170 Recognizing a Job well Done 170
aDaPTING TO CHANGE EMPLOYEE ENGaGEMENTS MOOD RING 171
Personalizing Motivation 172 Motivating Employees across the Globe 172 Motivating Employees across Generations 172
CONNECTING THROUGH SOCIAL MEDIA THREE CHEERS FOR PEERS! 174
Summary 175
Career Exploration 178
Critical Thinking 178
Developing Career Skills 178
Putting Principles to Work 179
Video Case： Appletree Answers 179
Notes 180
CHAPTER 8
Human Resource Management： Findingand keeping the Best Employees 182
GETTING TO KNOw HAMDI ULUkAyA, FOUNDER AND CEO OF CHOBANI 183
Working with People Is Just the Beginning 184 Developing the Ultimate Resource 185 The Human Resource Challenge 185
Laws Affecting Human Resource
Management 186 Laws Protecting Employees with Disabilities and Older Employees 188
Effects of Legislation 188
Determining a Firms Human Resource
Needs 189 Recruiting Employees From a Diverse Population 190
CONNECTING THROUGH SOCIAL MEDIA NEED a JOB? 192
Selecting Employees Who Will Be Productive 192
CONNECTING THROUGH SOCIAL MEDIA LETS FaCE IT 194
Hiring Contingent workers 194
Training and Developing Employees for Optimum Performance 195
MaKING ETHICAL DECISIONS INTERN OR INDENTURED SERvaNT? 196
Management Development 197
Networking 198
Diversity in Management Development 198
Appraising Employee Performance to Get
Optimum Results 199 Compensating Employees： Attracting and keeping the Best 200
Pay Systems 200
Compensating Teams 200
Fringe Benefits 202
REaCHING BEYOND OUR BORDERS MaNaGING a GLOBaL wORKFORCE 203
Scheduling Employees to Meet Organizational and Employee Needs 203
Flextime Plans 203
Home-Based work 204
Job-Sharing Plans 206 Moving Employees Up, Over, and Out 206
Promoting and Reassigning Employees 206
Terminating Employees 206
Retiring Employees 207
Losing valued Employees 207
Summary 208
Career Exploration 210
Critical Thinking 210
Developing Career Skills 211
Putting Principles to Work 211
Video Case： Teach for America 211
Notes 212
PaRT 5
Marketing： Developing and Implementing Customer-Oriented Marketing Plans 214
CHAPTER 9
Marketing： Helping Buyers Buy 214
GETTING TO KNOw MICHELLE PHAN, FOUNDER OF IPSy 215
What Is Marketing? 216
The Evolution of Marketing 217
CONNECTING THROUGH SOCIAL MEDIA SNaPPING UP a CUSTOMER BaSE 218
Nonprofit Organizations and Marketing 219
The Marketing Mix 219 applying the Marketing Process 220 Designing a Product to Meet Consumer Needs 221 Setting an appropriate Price 222 Getting the Product to the Right Place 222 Developing an Effective Promotional Strategy 222
Providing Marketers with Information 223 The Marketing Research Process 223
The Marketing Environment 225 Global Factors 225 Technological Factors 225 Sociocultural Factors 225 Competitive Factors 226 Economic Factors 226
SPOTLIGHT ON SMALL BUSINESS CREaTING MaSS aPPEaL FOR a CUSTOM PRODUCT 227
Two Different Markets： Consumer and Business-to-Business B2B 227 The Consumer Market 228 Segmenting the Consumer Market 228 Reaching Smaller Market Segments 230 Building Marketing Relationships 230 The Consumer Decision-Making Process 230 The Business-to-Business Market 231
aDaPTING TO CHANGE BUILDING RELaTIONSHIPS BY BUILDING SUBSCRIBERS 232
your Prospects in Marketing 233 Summary 234 Career Exploration 235 Critical Thinking 236 Developing Career Skills 236 Putting Principles to Work 236 Video Case： Dunkin Donuts and the 4 Ps 237 Notes 237
CHAPTER 10
Developing and Pricing Goods andServices 239
GETTING TO KNOw ANTHONy kATZ, FOUNDER OF HyPERICE 241
Product Development and the Total Product Offer 242
CONNECTING THROUGH SOCIAL MEDIA PLaYING wITH THE SOCIaL GaMING STaRS 243
Distributed Product Development 243 Product Lines and the Product Mix 244 Product Differentiation 244
Marketing Different Classes of Consumer Goods and Services 245 Marketing Industrial Goods and Services 246
Packaging Changes the Product 248 The Growing Importance of Packaging 248
MaKING ETHICAL DECISIONS NaTURaL GOODS： REaLLY FROM NaTURE? 249
Branding and Brand Equity 249
REaCHING BEYOND OUR BORDERS PLaYING THE NaME GaME 250
Brand Categories 250
Generating Brand Equity and Loyalty 251
Creating Brand associations 251
Brand Management 252
The New-Product Development Process 252 Generating New-Product Ideas 252 Product Screening 253 Product analysis 253 Product Development and Testing 253 Commercialization 253
SPOTLIGHT ON SMALL BUSINESS MaDE BY MOMMY 254
The Product Life Cycle 254 Example of the Product Life Cycle 254 Using the Product Life Cycle 255
Competitive Pricing 255 Pricing Objectives 257 Cost-Based Pricing 257 Demand-Based Pricing 258 Competition-Based Pricing 258 Break-Even analysis 258 Other Pricing Strategies 258 How Market Forces affect Pricing 259
Nonprice Competition 259 Summary 260 Career Exploration 262 Critical Thinking 262 Developing Career Skills 262 Putting Principles to Work 263 Video Case： Developing New Products at Dominos 263 Notes 264
CHAPTER 11
Distributing Products 266
GETTING TO KNOw TONy MCGEE, PRESIDENT AND CEO OF HNM GLOBAL LOGISTICS 267
The Emergence of Marketing Intermediaries 268 why Marketing Needs Intermediaries 268
SPOTLIGHT ON SMALL BUSINESS wHaT waS MINE IS NOw YOURS 269
How Intermediaries Create Exchange Efficiency 269 The value versus the Cost of Intermediaries 269 The Utilities Created by Intermediaries 272 Form Utility 272
CONNECTING THROUGH SOCIAL MEDIA IM LOvIN aLL-DaY EGG MCMUFFINS 273
Time Utility 273
Place Utility 273
Possession Utility 274
Information Utility 274
Service Utility 274
Wholesale Intermediaries 275 Merchant wholesalers 275 agents and Brokers 275
Retail Intermediaries 276 Retail Distribution Strategy 277
Online Retailing and other Nonstore Retailing 277 Online Retailing 277 Telemarketing 278 vending Machines, Kiosks, Carts, and Pop-Ups 278 Direct Selling 279 Multilevel Marketing 279 Direct Marketing 279 Building Cooperation in Channel Systems 280 Corporate Distribution Systems 280 Contractual Distribution Systems 280 administered Distribution Systems 280 Supply Chains 281
Logistics： Getting Goods to Consumers Efficiently 282
aDaPTING TO CHANGE ONLINE GROCERY SHOPPING 283
Trains are Great for Large Shipments 283
Trucks are Good for Small Shipments to Remote Locations 284 water Transportation Is Inexpensive but Slow 284 Pipelines are Fast and Efficient 285 air Transportation Is Fast but Expensive 285 Intermodal Shipping 285 The Storage Function 285
Tracking Goods 286 What All This Means to your Career 286
Summary 287
Career Exploration 289
Critical Thinking 289
Developing Career Skills 289
Putting Principles to Work 290
Video Case： FedEx 290
Notes 291
CHAPTER 12
Using Effective Promotions 293
GETTING TO KNOw MICHAEL DUBIN, COFOUNDER AND CEO OF DOLLAR SHAVE CLUB 295
Promotion and the Promotion Mix 296 Advertising： Informing, Persuading, and Reminding 297
Television advertising 298
Product Placement 299
CONNECTING THROUGH SOCIAL MEDIA HOw SOCIaL MEDIa MOvE Tv RaTINGS 300
Infomercials 300
Online advertising 300
Social Media advertising 301
Global advertising 301
REaCHING BEYOND OUR BORDERS OREO： wORLDS FavORITE COOKIE? 302
Personal Selling： Providing Personal Attention 302
Steps in the Selling Process 302
The Business-to-Consumer Sales Process 304 Public Relations： Building Relationships 305
Publicity： The Talking arm of PR 306
Sales Promotion： Giving Buyers Incentives 306 Word of Mouth and Other Promotional Tools 308
Social Networking 308
Blogging 309
Podcasting 309
E-Mail Promotions 309
Mobile Marketing 309
Managing the Promotion Mix： Putting It all Together 309
aDaPTING TO CHANGE OUTDOOR EYES aRE PULLING YOU IN 310
Promotional Strategies 310
Summary 311
Career Exploration 312
Critical Thinking 313
Developing Career Skills 313
Putting Principles to Work 313
Video Case： SxSW 314
Notes 315
PaRT 6
Managing Financial Resources 317
CHAPTER 13
Understanding Accounting and Financial Information 317
GETTING TO KNOw SHELLy SUN, CEO OF BRIGHTSTAR CARE 319
The Role of Accounting Information 320
what Is accounting? 320 The Accounting Cycle 320
Using Technology in accounting 322 Understanding key Financial Statements 323
The Fundamental accounting Equation 323
The Balance Sheet 324
Classifying assets 324
Liabilities and Owners Equity accounts 326
The Income Statement 327
Revenue 327
Cost of Goods Sold 328
SPOTLIGHT ON SMALL BUSINESS OUT wITH THE OLD; IN wITH THE NEw 329
Operating Expenses 329
Net Profit or Loss 330
The Statement of Cash Flows 330
The Need for Cash Flow analysis 330
MaKING ETHICAL DECISIONS wHEN YOU aRE JUDGE aND JURY! 332
Analyzing Financial Performance Using Ratios 332
Liquidity Ratios 333
Leverage Debt Ratios 333
Profitability Performance Ratios 334
activity Ratios 334 Accounting Disciplines 336
Financial accounting 336
Managerial accounting 337 auditing 337
Tax accounting 337
aDaPTING TO CHANGE aCCOUNTING： CSI 338
Government and Not-for-Profit accounting 338
REaCHING BEYOND OUR BORDERS THE wIDE, wIDE wORLD OF aCCOUNTING 339
Summary 340 Career Exploration 341 Critical Thinking 342 Developing Career Skills 342 Putting Principles to Work 342 Video Case： The Accounting Function at Goodwill
Industries 343
Notes 343
CHAPTER 14
Financial Management 345
GETTING TO KNOw kATHy WALLER, ExECUTIVE VICE PRESIDENT AND CFO OF COCA-COLA 347
The Role of Finance and Financial Managers 348 The Value of Understanding Finance 349
what Is Financial Management? 350
Financial Planning 350 Forecasting Financial Needs 350 working with the Budget Process 351 Establishing Financial Controls 352
The Need for Operating Funds 354 Managing Day-by-Day Needs of the Business 354 Controlling Credit Operations 354
MaKING ETHICAL DECISIONS NOT wHaT THE DOCTOR ORDERED! 355
acquiring Needed Inventory 355
Making Capital Expenditures 355
alternative Sources of Funds 356
Obtaining Short-Term Financing 356 Trade Credit 357 Family and Friends 357 Commercial Banks 357 Different Forms of Short-Term Loans 358 Factoring accounts Receivable 358
aDaPTING TO CHANGE FINaNCING JUST a CLICK awaY 359
Commercial Paper 359 Credit Cards 360 Obtaining Long-Term Financing 360 Debt Financing 361
Equity Financing 361
Comparing Debt and Equity Financing 362
Lessons Learned from the Financial Crisis and Great
Recession 363
SPOTLIGHT ON SMALL BUSINESS LOOKING FOR a SLaM DUNK 364
Summary 365
Career Exploration 367
Critical Thinking 367
Developing Career Skills 367
Putting Principles to Work 368
Video Case： Starting Up： Tom and Eddies 368
Notes 369
CHAPTER 15
Using Securities Markets for Financing andInvesting Opportunities 371
GETTING TO KNOw JIM CRAMER, HOST OF CNBCS Mad Money 373
The Function of Securities Markets 374 The Role of Investment Bankers 375 Stock Exchanges 375
CONNECTING THROUGH SOCIAL MEDIA JOBS aCT RULES CROwDINvESTING 376
Securities Regulations and the Securities
and Exchange Commission 377
Foreign Stock Exchanges 377
How Businesses Raise Capital by Selling
Stock 378 advantages and Disadvantages of Issuing Stock 379
Issuing Shares of Common Stock 379
Issuing Shares of Preferred Stock 379
How Businesses Raise Capital by Issuing Bonds 380
Learning the Language of Bonds 380 advantages and Disadvantages of Issuing Bonds 381
Different Classes of Bonds 382 Special Bond Features 382 How Investors Buy Securities 383 Investing through Online Brokers 383
aDaPTING TO CHANGE R2-D2 TO THE INvESTORS RESCUE 384
Choosing the Right Investment Strategy 384
MaKING ETHICAL DECISIONS MONEY GOING UP IN SMOKE 385
Reducing Risk by Diversifying Investments 385
Investing in Stocks 386 Stock Splits 386 Buying Stock on Margin 387 Understanding Stock Quotations 387
Investing in Bonds 388 Investing in High-Risk Junk Bonds 389
Investing in Mutual Funds and Exchange-Traded Funds 389 Understanding Stock Market Indicators 391 Riding the Markets Roller Coaster 392 Summary 395 Career Exploration 397 Critical Thinking 398 Developing Career Skills 398 Putting Principles to Work 399 Video Case： Where Did All My Money Go? 399 Notes 400
CHAPTER 16
Money, Financial Institutions, and the Federal Reserve 402
GETTING TO KNOw JANET yELLEN, CHAIR OF THE FEDERAL RESERVE 403 Why Money Is Important 404
what Is Money? 404 aDaPTING TO CHANGE SaYING GOODBYE TO BEN FRaNKLIN 406
Managing Inflation and the Money Supply 407
The Global Exchange of Money 407
Control of the Money Supply 407
Basics about the Federal Reserve 408
The Reserve Requirement 408
Open-Market Operations 409
The Discount Rate 409
The Federal Reserves Check-Clearing Role 410 The History of Banking and the Need for the Fed 411
Banking and the Great Depression 412 The U.S. Banking System 412
Commercial Banks 413
Services Provided by Commercial Banks 413
Services to Borrowers 413
MaKING ETHICAL DECISIONS aN OPEN aND SHUT OPTION 414
CONTENTS xv
Savings and Loan associations S&Ls 414 Credit Unions 414 Other Financial Institutions Nonbanks 414
The Banking Crisis and How the Government Protects your Money 415
SPOTLIGHT ON SMALL BUSINESS BECOMING YOUR BEST FRIEND IN BaNKING 416
Protecting Your Funds 417
The Federal Deposit Insurance Corporation
FDIC 417
The Savings association Insurance Fund
SaIF 417
The National Credit Union administration
NCUa 417
Using Technology to Make Banking More Efficient 417 Online Banking 418
International Banking and Banking Services 419
Leaders in International Banking 419 The world Bank and the International Monetary Fund 419
REaCHING BEYOND OUR BORDERS NEw DaY, NEw ISSUES aCROSS THE GLOBE 420
Summary 421
Career Exploration 423
Critical Thinking 423
Developing Career Skills 424
Putting Principles to Work 424
Video Case： The Financial Crisis 425
Notes 425
EPILOGUE
Getting the Job you Want 427
Job Search Strategy 429 Searching for Jobs Online 431 Job Search Resources 432 writing Your Rsum 433 Putting Your Rsum Online 434 writing a Cover Letter 435 Preparing for Job Interviews 438 Being Prepared to Change Careers 441
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