MGU Business Series — Business Foundations & Entrepreneurship
Part I: What Business Is
Economy · Scarcity · Markets · Government · Technology · Globalization
Chapter 3 of 28
MGU Business Series · Business Foundations & Entrepreneurship · Library Textbook Edition
Chapter 3:
Economic Systems
and the Business
Environment
Scarcity, market systems, government's role, technology, globalization, and the external forces that shape every business decision
■ Part I: What Business Is ■
■ 10 Sections • Chapter 3 of 28 ■
Follows Chapter 2: Needs, Wants, Markets, and Value · Prepares students for Chapter 4: Business Ethics and Social Responsibility
Chapter 3 — Front Matter
Purpose and Overview
Every business operates inside a larger world it did not create and cannot fully control. That world includes markets, governments, technologies, competitors, workers, consumers, and global forces that push and pull on every decision a business makes. Understanding that world — the economic environment — is not optional. It is the foundation of sound business thinking.
This chapter places business inside the broader economic environment. You will learn how resources are organized in different economic systems, how scarcity forces tradeoffs, what role governments play in shaping business activity, how technology changes industries, and why forces outside a business can determine whether it thrives or fails. The goal is not to turn you into an economist, but to help you think like a businessperson who understands the terrain.
Opening Question
The coffee shop on the corner depends on coffee growers in Colombia, shipping companies crossing the Pacific, a local landlord who sets the rent, a city that permits food service, customers with disposable income, and a labor market that determines what baristas earn. Pull any one of those threads and the business changes. By the end of this chapter, you will have a framework for identifying the external forces that shape any business — including one you might start yourself.
10Sections
12Key Terms
6PESTLE Factors
4Factors of Production
Learning Objectives
- 1Explain what an economy is and describe the two-way relationship between economies and businesses.
- 2Define scarcity, identify the four factors of production, and apply the concept of opportunity cost to business decisions.
- 3Compare market economies, command economies, and mixed economies.
- 4Describe the four types of market competition and explain how consumer choice sends signals to businesses.
- 5Identify the major ways government shapes business activity through law, regulation, infrastructure, and economic policy.
- 6Explain how taxes and regulations affect business costs and operations.
- 7Describe how technology reduces costs, creates new products, changes customer behavior, and disrupts established industries.
- 8Identify the benefits and challenges of globalization for businesses of all sizes.
- 9Apply the PESTLE framework to scan external forces affecting a business or industry.
- 10Distinguish between risk and uncertainty, and describe strategies businesses use to manage each.
Chapter 3 — Contents
Sections at a Glance
- 3.1Business and the EconomyWhat an economy is; the two-way relationship between business and economic systems; why context shapes every business decision
- 3.2Scarcity, Resources, and TradeoffsThe four factors of production; opportunity cost; tradeoffs in everyday business decisions; economic profit vs. accounting profit
- 3.3Market Economies and Mixed EconomiesMarket vs. command vs. mixed economies; how pricing and production decisions are made; what mixed economies mean for business practice
- 3.4Competition and Consumer ChoicePerfect competition, monopolistic competition, oligopoly, monopoly; consumer choice as market signal; competition as opportunity
- 3.5Government's Role in BusinessProperty rights, market regulation, infrastructure, economic stabilization, income redistribution; key tensions in regulation
- 3.6Taxes, Regulation, and Public ServicesTypes of taxes; regulatory areas; compliance costs; the reciprocal relationship between public services and business activity
- 3.7Technology and Business ChangeCost reduction; new products; changing customer expectations; disruption; entrepreneurial opportunity from technology change
- 3.8Globalization and Local BusinessBenefits and challenges of global integration; supply chain complexity; currency risk; thinking locally and globally
- 3.9External Forces and Business RiskPESTLE framework; risk vs. uncertainty; strategies for managing external forces; contingency planning
- 3.10Chapter Review and Business Environment CheckpointKey terms; concept summary; business math practice; case study; ethics point; portfolio checkpoint; review questions
Sections 3.1 – 3.4
The Economic Foundation of Business
Economy · Scarcity · Market Systems · Competition
Section 3.1
Business and the Economy
No business exists in isolation. An economy is the system through which a society produces, distributes, and consumes goods and services. It includes everything from household spending to international trade, from a street vendor to a multinational corporation. Business is the engine inside that system — the organized activity that produces most of what people buy and use.
The relationship runs both ways. Businesses shape economies by creating jobs, producing goods, investing in technology, and generating the tax revenue that funds public services. Economies shape businesses by determining who has money to spend, how easily companies can borrow, what regulations they must follow, and how competitive their markets are.
A businessperson who ignores the economy is like a sailor who ignores the weather. You cannot control it, but you must understand it.
Key Concept
The economy is the system; business is the activity inside that system. Each shapes the other. Businesses that understand their economic environment make better decisions about timing, pricing, hiring, and growth.
Section 3.2
Scarcity, Resources, and Tradeoffs
Economics begins with a simple, uncomfortable fact: resources are limited, but human wants are not. This condition is called scarcity, and it forces every person, business, and government to make choices. Every resource a business uses falls into one of four categories.
| Factor of Production | Description | Business Examples |
|---|
| Land | Natural resources and physical space | Raw materials, real estate, water, energy |
| Labor | Human effort, skill, and knowledge | Workers, managers, designers, engineers |
| Capital | Tools, equipment, and infrastructure used in production | Machinery, computers, factory buildings |
| Entrepreneurship | The ability to organize other resources and take risks | Founders, innovators, decision-makers |
Because resources are scarce, using them in one way means not using them in another. This unavoidable cost of choosing one option over another is called the opportunity cost. If a bakery uses its kitchen in the morning for bread, it cannot use that same time and equipment to produce pastries. Tradeoffs show up everywhere in business: spending money on marketing means spending less on product development; choosing a lower price may attract more customers but reduce profit per sale.
Business Math Connection
Accounting Profit vs. Economic Profit
- SituationA business owner could earn $60,000 per year working for someone else. Instead, she runs her own business, which earns $45,000 in profit after expenses.
- Accounting
Accounting profit = $45,000 (positive — the business earns more than it spends)
- Economic
Economic profit = $45,000 − $60,000 = −$15,000
- ConclusionWhen opportunity cost is included, this business is not actually profitable — even though accounting records show a positive number.
Key Insight: Profit must be measured against what was given up, not just against what was spent.
Section 3.3
Market Economies and Mixed Economies
| Economy Type | How Decisions Are Made | Real-World Example |
|---|
| Market Economy | Buyers and sellers respond to supply and demand; no central authority directs production or pricing | United States, Canada, Japan |
| Command Economy | Central government owns key industries, sets prices, and plans production levels | Former Soviet Union, North Korea |
| Mixed Economy | Blend of market activity and government involvement; private businesses operate alongside public regulation and services | Every modern economy in practice |
What This Means for Business
You will operate inside a mixed economy. You will price your goods based on market signals, compete for customers, and manage your own resources — but you will also follow labor laws, pay taxes, comply with safety regulations, and operate inside a legal system that shapes how you can do business. The degree of government involvement varies significantly from country to country.
Section 3.4
Competition and Consumer Choice
Markets work because of competition. When businesses compete, customers benefit: prices tend to fall, quality tends to rise, and businesses must continuously improve to keep customers from choosing an alternative.
| Market Type | Description | Business Implication |
|---|
| Perfect Competition | Many sellers, identical products, no single seller controls price | Compete on cost efficiency; margins are thin |
| Monopolistic Competition | Many sellers, similar but differentiated products | Compete on quality, brand, and experience |
| Oligopoly | Few large sellers; each competitor's actions directly affect others | Strategic pricing; watch competitors closely |
| Monopoly | Single seller with no close substitutes | Often regulated by government to protect consumers |
When consumers freely choose among competing options, they send signals to businesses. A product that sells well signals that it delivers value at its price. A product that fails to sell signals a mismatch — the price may be too high, the quality too low, or the need not as real as the business assumed. Entrepreneurs pay close attention to these signals.
Entrepreneurship Connection
Competition is not just a threat — it is evidence that a market exists. If others are already selling something, customers are already buying it. An entrepreneur who enters an existing market with a better solution can capture demand that competitors are currently serving imperfectly.
Sections 3.5 – 3.7
Government, Regulation, and Technology
Government's Role · Taxes & Regulation · Technology and Disruption
Section 3.5
Government's Role in Business
Governments affect business in ways both obvious and subtle. A new environmental regulation changes production costs. A change in interest rates affects borrowing. A trade agreement opens foreign markets. A city's zoning laws determine where a business can locate.
Protecting Property and Enforcing Contracts
Businesses depend on the rule of law. They need to know that contracts will be honored, that property (including intellectual property) will be protected, and that disputes can be settled fairly. In countries with weak legal systems, business activity is harder, riskier, and often less productive.
Regulating Markets
Governments set rules for how markets operate. These rules prevent fraud, protect consumers, ensure worker safety, maintain environmental standards, and promote fair competition. Regulations can also become burdensome if poorly designed, which is why businesses and governments often debate where regulation is useful and where it creates unnecessary costs.
Providing Infrastructure and Stabilizing the Economy
Roads, bridges, ports, power grids, and internet infrastructure reduce the cost of doing business. When the economy slows (recession) or grows too fast (inflation), governments use monetary policy (interest rates, money supply) and fiscal policy (taxes and spending) to stabilize conditions. These decisions directly affect how much consumers spend, how easy it is to borrow, and how confident businesses feel about investing.
Key Tension
More regulation often means more protection for consumers and workers but more cost and complexity for businesses. Less regulation often means more freedom for business but more risk for workers, consumers, and the environment. Real policy debates almost always involve this tradeoff, and businesses must operate within whatever balance their society has chosen.
Section 3.6
Taxes, Regulation, and Public Services
Types of Business Taxes
| Tax Type | What It Is |
|---|
| Corporate Income Tax | A tax on business profits |
| Sales Tax | Collected from customers at point of sale; remitted to government |
| Payroll Tax | A tax on wages; funds programs such as Social Security and Medicare |
| Property Tax | A tax on real estate and sometimes business equipment |
| Excise Tax | A specific tax on certain products — fuel, tobacco, alcohol |
Regulatory Areas
| Regulatory Area | Examples |
|---|
| Employment | Minimum wage, overtime pay, anti-discrimination laws |
| Health and Safety | Food safety standards, workplace injury prevention |
| Environment | Emissions limits, waste disposal, chemical handling |
| Financial | Accounting standards, lending rules, securities law |
| Consumer Protection | Truth in advertising, product liability, data privacy |
| Industry-Specific | Medical device approval, financial licensing, food inspection |
Public Services and Business
Businesses also benefit from what government provides. Public education produces the educated workforce businesses depend on. Public safety and legal systems protect businesses and their property. Infrastructure reduces transportation costs. These services are funded through taxes — creating a reciprocal relationship between business activity and public investment.
Section 3.7
Technology and Business Change
Technology has always changed how business works. The printing press changed publishing. The steam engine transformed manufacturing and transportation. The internet reshaped communication, commerce, and the structure of industries worldwide. Technology changes business in four distinct ways.
| How Technology Changes Business | Description | Example |
|---|
| Reducing Costs | More output with fewer inputs; competitive advantage for early adopters | Cloud computing replaces expensive in-house servers |
| Creating New Products | Entire new industries; opportunities for new businesses | Smartphones created the app economy |
| Changing Customer Behavior | Customer expectations evolve with available technology | Customers who receive overnight shipping expect speed everywhere |
| Disrupting Industries | New approach displaces an established industry through lower cost or superior experience | Streaming disrupted physical media rental |
Disruption Defined
Disruption occurs when a new approach — often technology-enabled — displaces an established industry by offering lower cost, greater convenience, or superior performance. Digital photography disrupted film. Ride-sharing disrupted taxis. Online retail disrupted brick-and-mortar stores. The new entrant often starts at the low end of the market or with a completely new model and gradually moves upmarket until established players cannot respond fast enough.
Entrepreneurship Connection
Disruption is a primary source of entrepreneurial opportunity. When technology enables a better way to serve a customer need, the window to build a new business often opens — and closes quickly. Entrepreneurs who spot the shift early can build significant advantages before established players adapt.
Sections 3.8 – 3.9
Globalization and External Forces
Global Business · PESTLE Analysis · Risk and Uncertainty
Section 3.8
Globalization and Local Business
Globalization refers to the increasing interconnection of economies, cultures, and markets across national borders. A small clothing manufacturer in Vietnam may supply a retailer in Sweden. A software startup in Austin may serve customers in 40 countries. A disruption in a semiconductor factory in Taiwan can slow automobile production in Germany and the United States.
| Description | Business Impact |
|---|
| Benefit: Larger Markets | Businesses can sell to customers beyond their home country | Revenue potential multiplies dramatically |
| Benefit: Lower Input Costs | Source materials, components, and labor from lower-cost locations | Improved margins or lower prices for customers |
| Benefit: Access to Talent | Hire workers with specialized skills from anywhere in the world | Better teams for specialized roles |
| Challenge: More Competition | Local businesses face foreign producers with different cost structures | Margins compressed; differentiation becomes critical |
| Challenge: Supply Chain Risk | Extended chains are harder to manage and vulnerable to disruption | COVID-19 pandemic revealed global supply chain fragility |
| Challenge: Currency Risk | Exchange rate changes can erode profits | A strengthening home currency makes exports more expensive |
Think Locally and Globally
Even a business with no intention of exporting is affected by global forces. A local restaurant competes with imported food products. A local contractor faces material costs shaped by international commodity markets. Understanding globalization is not about becoming an international business — it is about understanding the environment every business now operates within.
Section 3.9
External Forces and Business Risk
Every business faces forces it cannot control. These external forces create risk — the possibility that outcomes will differ from plans. A widely used framework for analyzing them is the PESTLE analysis, which organizes external factors into six categories.
P
Political
Government stability, policy changes, elections, trade policy. Example: a change in administration alters environmental regulations.
E
Economic
GDP growth, unemployment, inflation, interest rates, exchange rates. Example: rising interest rates increase the cost of borrowing.
S
Social
Demographics, cultural trends, consumer attitudes, lifestyle changes. Example: an aging population increases demand for healthcare services.
T
Technological
New technologies, automation, digital infrastructure, cybersecurity. Example: AI reduces the cost of customer service operations.
L
Legal
Laws, regulations, court decisions, labor rules, consumer protection. Example: new data privacy law requires changes to software systems.
E
Environmental
Climate, weather, natural resources, sustainability standards. Example: drought reduces crop yields and raises food ingredient costs.
Risk vs. Uncertainty
Risk — Situations where probabilities can be estimated. An insurer can calculate fire risk based on historical data. Manage through diversification, insurance, contracts, and cash reserves.
Uncertainty — Situations where probabilities are unknown and the range of outcomes is hard to define. A new entrepreneur launching an untested product faces genuine uncertainty. Manage through small experiments, fast learning, and preserving flexibility to change course.
Chapter 3 — Back Matter
Chapter Summary and Review
- Sec 3.1Businesses operate inside economies they did not create. The relationship runs both ways: businesses shape economies through jobs and output; economies shape businesses through spending, borrowing conditions, and regulation.
- Sec 3.2Resources — land, labor, capital, entrepreneurship — are scarce. Scarcity forces tradeoffs. Opportunity cost measures what is given up by choosing one path over another. Economic profit includes opportunity cost; accounting profit does not.
- Sec 3.3Market economies use price signals to coordinate production. Command economies rely on central planning. All modern economies are mixed — blending market activity with government involvement, regulation, and public services.
- Sec 3.4Competition — perfect, monopolistic, oligopolistic, or monopolistic — determines how businesses price, differentiate, and compete. Consumer choices send market signals. Competitors in a space prove that demand exists.
- Sec 3.5Government shapes business through contract enforcement, market regulation, infrastructure provision, economic stabilization, and income redistribution. More regulation means more protection; less regulation means more business freedom. Real policy debates involve this tradeoff.
- Sec 3.6Businesses pay corporate income, sales, payroll, property, and excise taxes. Regulation covers employment, safety, environment, finance, consumer protection, and industry-specific rules. Compliance costs are real and must be planned for.
- Sec 3.7Technology reduces costs, creates new products, changes customer expectations, and disrupts existing industries. Disruption creates entrepreneurial opportunity. Businesses that ignore technology shifts risk being displaced by new entrants.
- Sec 3.8Globalization connects local businesses to larger markets, lower input costs, and global talent — but also introduces greater competition, supply chain complexity, currency risk, and political uncertainty. Every business operates in a global context.
- Sec 3.9PESTLE analysis helps businesses scan Political, Economic, Social, Technological, Legal, and Environmental forces. Risk can be estimated and managed with tools like insurance and contracts. Uncertainty requires flexibility, experimentation, and rapid learning.
- Sec 3.10Review, practice, case study, ethics point, and portfolio checkpoint consolidate the chapter and apply concepts to real business situations and the student's own venture development.
Key Terms Review
economy
The system through which a society produces, distributes, and consumes goods and services.
scarcity
The condition in which resources are limited relative to human wants and needs, forcing choices and tradeoffs.
opportunity cost
The value of the best alternative forgone when a choice is made. What you give up by choosing one path over another.
market economy
An economic system in which production and pricing decisions are made by buyers and sellers responding to supply and demand.
mixed economy
An economic system combining market-based activity with significant government involvement in regulation and public services.
competition
The rivalry among businesses to attract customers and generate revenue. Competition pushes prices down and quality up.
regulation
Government rules that set standards and requirements for how businesses must operate, covering safety, labor, environment, and more.
globalization
The increasing interconnection of economies, cultures, and markets across national borders.
disruption
The displacement of an established industry or business model by a new approach — often technology-enabled — that offers better value.
PESTLE analysis
A framework for examining six external forces — Political, Economic, Social, Technological, Legal, Environmental — that affect business activity.
risk
The possibility that actual outcomes will differ from planned outcomes, especially when probabilities can be estimated.
factors of production
The four categories of resources used by businesses: land, labor, capital, and entrepreneurship.
Business Math Practice
Marcus currently earns $52,000 per year as a graphic designer. He is considering quitting to start his own design studio. In his first year, he projects his studio will earn $38,000 in revenue and incur $12,000 in expenses.
- What is Marcus's accounting profit from the studio?
- What is Marcus's opportunity cost of leaving his job?
- What is Marcus's economic profit (accounting profit minus opportunity cost)?
- Based on this analysis alone, is Marcus better or worse off financially by starting the studio? What else might he consider beyond pure financial calculation?
Case Study
Case Study
Local Bakery in a Changing Environment
Rosa has operated a neighborhood bakery for seven years. Her business was stable until several external forces began reshaping her situation all at once.
A national grocery chain opened nearby and began selling freshly baked bread at lower prices. The city raised the minimum wage, increasing Rosa's labor costs by 18 percent. A food delivery app offered to list her bakery, promising to expand her customer reach but charging a 30 percent commission on every order. A local health trend shifted customer preferences toward gluten-free and low-sugar products. Flour and butter prices rose significantly due to a drought affecting wheat-growing regions.
- Identify which PESTLE category applies to each of the five forces Rosa faces. Explain your classification for each.
- Which force is likely to have the most immediate impact on Rosa's profitability? Explain your reasoning.
- Which of these forces represents an opportunity for Rosa rather than just a threat? What would she need to do to capture it?
- What steps could Rosa take to reduce her exposure to supply chain price risk going forward?
- If Rosa adopts the delivery app at 30% commission and her current average order value is $18, how much does she receive per order after the commission? What would she need to change to maintain her current profit margin?
Ethics and Decision Point
Ethics Scenario
Legal Is Not Always Ethical
- SituationA local manufacturer discovers that a new production process would reduce costs significantly but requires disposing of chemical byproducts in a way that is legal in their state but potentially harmful to groundwater in a neighboring community. The practice is permitted. It is also profitable. No law forbids it.
- Question 1Is legal behavior always ethical behavior? How do you distinguish between the two?
- Question 2Who are the stakeholders affected by this decision? Who has no voice in the decision even though they will be affected?
- Question 3What long-term business risks does the manufacturer face if it proceeds — even if no law is currently broken?
- Question 4What would it mean for the business to be a "responsible member of the community," even when no law requires it?
Applied Practice
Choose a real business in your community — a restaurant, retailer, service provider, or other local business you can observe or research.
- Identify one significant force in each PESTLE category that currently affects or could soon affect that business.
- For each force, describe whether it primarily represents a threat, an opportunity, or both.
- Choose the two forces you believe are most important and explain what action you would recommend the business take in response to each.
- Present your findings in a one-page written summary or a brief visual diagram.
Entrepreneurship Portfolio Checkpoint
Chapter 3 Portfolio Checkpoint
Your Business and Its Environment — Add to your Business Foundations Portfolio
Section 1 — Economic Context
- What type of economy do you plan to operate in? What does the mix of market activity and government involvement mean for your business idea?
- What resources (land, labor, capital, entrepreneurship) will your business require? Which resource is most scarce or costly for your venture?
- Calculate a simple opportunity cost. What is the best alternative use of your time or money that you would give up by pursuing this business idea?
Section 2 — Competition and Government
- Who are your potential competitors? Which type of market competition (perfect, monopolistic, oligopoly, monopoly) best describes your intended market?
- What government regulations are most relevant to your business idea? List at least three specific rules or requirements your business would need to comply with.
- What taxes would your business be required to pay? How will you plan for them?
Section 3 — Technology and Globalization
- What technology trends are currently shaping the industry you plan to enter? Is any technology disrupting your intended market?
- What global forces (if any) might affect your business as either a supplier, a competitor, or through changing customer behavior?
Section 4 — PESTLE Analysis
- Conduct a PESTLE scan for your venture. Identify at least one force in each of the six categories and note whether each represents a threat, an opportunity, or both.
- Identify the two external forces that pose the greatest risk to your venture. For each, describe one specific action you could take to reduce your exposure.
Review Questions
- What is the relationship between an economy and the businesses that operate within it?
- Define scarcity. How does scarcity force businesses to make tradeoffs?
- What is the difference between a market economy and a command economy?
- Why is "mixed economy" a more accurate description than "pure market economy" for any modern nation?
- What are the four factors of production? Give a specific business example of each.
- Describe three ways government affects business activity.
- What is the difference between regulation and taxation? How does each affect a business's cost structure?
- What is disruption? Describe a historical example of a technology disrupting an established industry.
- What are two benefits and two challenges of globalization for a small business?
- What does PESTLE stand for, and why is it a useful analytical tool for businesses?
Short Answer Questions
- A business owner says, "Regulations just add costs with no benefit." Write a two-paragraph response that presents a more nuanced view of what regulations do and why businesses sometimes benefit from them.
- Explain how a change in interest rates set by a central bank could affect a small startup trying to borrow money to buy equipment.
- A friend tells you that competition is bad for business because it lowers prices and reduces profits. Write a short response explaining why this view misses an important part of the picture.
- Identify a business or industry you are familiar with that has been significantly changed by technology in the past ten years. Describe specifically what changed and why.
Discussion Questions
- Should governments do more or less to regulate businesses? Consider this from the perspective of (a) a small business owner, (b) a consumer, and (c) a worker. How do the three perspectives differ, and where might they overlap?
- Is it possible for a business to thrive in a weak economy? What strategies might allow some businesses to grow during recessions while others fail?
- Globalization has moved manufacturing jobs from high-wage countries to lower-wage countries. Who benefits and who is harmed by this shift? Is globalization, on balance, good or bad for the average worker?
- If technology eliminates large categories of jobs over the next twenty years, what responsibility — if any — do businesses have for workers whose jobs are displaced? What responsibility does government have?
Mini Project: PESTLE Analysis Presentation
In groups of three or four, select one of the following industries: retail grocery, commercial aviation, independent bookstores, electric vehicle manufacturing, or fast food restaurants. Complete a full PESTLE analysis for that industry, then present your findings to the class.
- For each of the six PESTLE factors, identify at least two specific forces currently affecting or likely to affect the industry in the next five years.
- Present your most important finding in each category and explain why you selected it.
- Identify the two forces you consider the biggest threats and the two you consider the biggest opportunities for the industry.
- Recommend how a new entrepreneur entering this industry should position their venture given these external conditions.
Chapter Reflection
Think about the business environment in the town, city, or region where you live. What economic forces most affect the businesses in your community? Are there industries in your area that are growing? What external forces are driving that growth? Are there industries declining? What external forces are driving that decline?
If you were starting a business in your community today, what external factor would you most need to understand before you began? Write a one-page reflection connecting what you have learned in this chapter to the specific economic environment where you live.
Looking Ahead
Chapter 4 — Business Ethics and Social Responsibility
Chapter 3 placed business inside an economic environment that includes markets, governments, technology, and global forces. Chapter 4 places business inside a moral environment that raises questions beyond legality and profit. You will learn how businesses make ethical decisions, why legal behavior and ethical behavior are related but not the same, and how businesses build long-term trust with customers, workers, and communities. The external forces you studied here — especially stakeholder expectations and regulatory change — provide direct context for the ethics discussions ahead.
MGU Library Connection
- Business Foundations and Entrepreneurship — Chapters 1 and 2: What Business Is; Needs, Wants, Markets, and Value
- Business Foundations and Entrepreneurship — Chapter 4: Business Ethics and Social Responsibility
- Business Foundations and Entrepreneurship — Chapter 27: Global Business, Technology, and the Future of Work
- MGU Dictionary entries: economy, scarcity, opportunity cost, market economy, mixed economy, PESTLE, disruption, globalization
- Full-Textbook Back Matter: Business Math Reference; Sample PESTLE Analysis Template; Career Pathways in Business