Bill Nickels is emeritus professor of business at the University of Maryland, College Park. He has over 30 years’ experience teaching graduate and undergraduate business courses, including introduction to business, marketing, and promotion. He has won the Outstanding Teacher on Campus Award four times and was nominated for the award many other times. He received his MBA degree from Case Western Reserve University and his PhD from The Ohio State University. Bill has written a marketing communications text and two marketing principles texts in addition to many articles in business publications. He has taught many seminars to businesspeople on subjects such as power communications, marketing, nonbusiness marketing, and stress and life management. His son, Joel, is a professor of English at the University of Miami (Florida). Jim McHugh holds an MBA degree from Lindenwood University and has had broad experience in education, business, and government. As chair of the Business and Economics Department of St. Louis Community College–Forest Park, Jim coordinated and directed the development of the business curriculum. In addition to teaching several sections of Introduction to Business each semester for nearly 30 years, Jim taught in the marketing and management areas at both the undergraduate and graduate levels. Jim enjoys conducting business seminars and consulting with small and large businesses. He is actively involved in the public-service sector and served as chief of staff to the St. Louis County Executive. Susan McHugh is a learning specialist with extensive training and experience in adult learning and curriculum development. She holds an MEd degree from the University of Missouri and completed her coursework for a PhD in education administration with a specialty in adult learning theory. As a professional curriculum developer, she has directed numerous curriculum projects and educator training programs. She has worked in the public and private sectors as a consultant in training and employee development. While Jim and Susan treasure their participation in writing projects, their greatest accomplishment is their collaboration on their three children. Casey is carrying on the family’s teaching tradition as an adjunct social work professor at Washington University and the founder of an incubator to help therapists start their own practices. Molly and Michael are carrying on the family writing tradition by contributing to the development of this text and several supplementary materials.

• 1 Taking Risks and Making Profits within the Dynamic Business Environment2 Understanding Economics and How It Affects Business3 Doing Business in Global Markets 4 Demanding Ethical and Socially Responsible Behavior5 How to Form a Business 6 Entrepreneurship and Starting a Small Business7 Management and Leadership8 Structuring Organizations for Today’s Challenges9 Production and Operations Management10 Motivating Employees11 Human Resource Management: Finding and Keeping the Best Employees12 Dealing with Employee–Management Issues13 Marketing: Helping Buyers Buy14 Developing and Pricing Goods and Services15 Distributing Products16 Using Effective Promotions17 Understanding Accounting and Financial Information18 Financial Management19 Using Securities Markets for Financing and Investing Opportunities20 Money, Financial Institutions, and the Federal ReserveBonus A: Working within the Legal EnvironmentBonus B: Using Technology to Manage InformationBonus C: Managing RiskBonus D: Managing Personal Finances and Investing

Bill Nickels is emeritus professor of business at the University of Maryland, College Park. He has over 30 years’ experience teaching graduate and undergraduate business courses, including introduction to business, marketing, and promotion. He has won the Outstanding Teacher on Campus Award four times and was nominated for the award many other times. He received his MBA degree from Case Western Reserve University and his PhD from The Ohio State University. Bill has written a marketing communications text and two marketing principles texts in addition to many articles in business publications. He has taught many seminars to businesspeople on subjects such as power communications, marketing, nonbusiness marketing, and stress and life management. His son, Joel, is a professor of English at the University of Miami (Florida). Jim McHugh holds an MBA degree from Lindenwood University and has had broad experience in education, business, and government. As chair of the Business and Economics Department of St. Louis Community College–Forest Park, Jim coordinated and directed the development of the business curriculum. In addition to teaching several sections of Introduction to Business each semester for nearly 30 years, Jim taught in the marketing and management areas at both the undergraduate and graduate levels. Jim enjoys conducting business seminars and consulting with small and large businesses. He is actively involved in the public-service sector and served as chief of staff to the St. Louis County Executive. Susan McHugh is a learning specialist with extensive training and experience in adult learning and curriculum development. She holds an MEd degree from the University of Missouri and completed her coursework for a PhD in education administration with a specialty in adult learning theory. As a professional curriculum developer, she has directed numerous curriculum projects and educator training programs. She has worked in the public and private sectors as a consultant in training and employee development. While Jim and Susan treasure their participation in writing projects, their greatest accomplishment is their collaboration on their three children. Casey is carrying on the family’s teaching tradition as an adjunct social work professor at Washington University and the founder of an incubator to help therapists start their own practices. Molly and Michael are carrying on the family writing tradition by contributing to the development of this text and several supplementary materials.

• 1 Taking Risks and Making Profits within the Dynamic Business Environment2 Understanding Economics and How It Affects Business3 Doing Business in Global Markets 4 Demanding Ethical and Socially Responsible Behavior5 How to Form a Business 6 Entrepreneurship and Starting a Small Business7 Management and Leadership8 Structuring Organizations for Today’s Challenges9 Production and Operations Management10 Motivating Employees11 Human Resource Management: Finding and Keeping the Best Employees12 Dealing with Employee–Management Issues13 Marketing: Helping Buyers Buy14 Developing and Pricing Goods and Services15 Distributing Products16 Using Effective Promotions17 Understanding Accounting and Financial Information18 Financial Management19 Using Securities Markets for Financing and Investing Opportunities20 Money, Financial Institutions, and the Federal ReserveBonus A: Working within the Legal EnvironmentBonus B: Using Technology to Manage InformationBonus C: Managing RiskBonus D: Managing Personal Finances and Investing

Bill Nickels is emeritus professor of business at the University of Maryland, College Park. He has over 30 years’ experience teaching graduate and undergraduate business courses, including introduction to business, marketing, and promotion. He has won the Outstanding Teacher on Campus Award four times and was nominated for the award many other times. He received his MBA degree from Case Western Reserve University and his PhD from The Ohio State University. Bill has written a marketing communications text and two marketing principles texts in addition to many articles in business publications. He has taught many seminars to businesspeople on subjects such as power communications, marketing, nonbusiness marketing, and stress and life management. His son, Joel, is a professor of English at the University of Miami (Florida). Jim McHugh holds an MBA degree from Lindenwood University and has had broad experience in education, business, and government. As chair of the Business and Economics Department of St. Louis Community College–Forest Park, Jim coordinated and directed the development of the business curriculum. In addition to teaching several sections of Introduction to Business each semester for nearly 30 years, Jim taught in the marketing and management areas at both the undergraduate and graduate levels. Jim enjoys conducting business seminars and consulting with small and large businesses. He is actively involved in the public-service sector and served as chief of staff to the St. Louis County Executive. Susan McHugh is a learning specialist with extensive training and experience in adult learning and curriculum development. She holds an MEd degree from the University of Missouri and completed her coursework for a PhD in education administration with a specialty in adult learning theory. As a professional curriculum developer, she has directed numerous curriculum projects and educator training programs. She has worked in the public and private sectors as a consultant in training and employee development. While Jim and Susan treasure their participation in writing projects, their greatest accomplishment is their collaboration on their three children. Casey is carrying on the family’s teaching tradition as an adjunct social work professor at Washington University and the founder of an incubator to help therapists start their own practices. Molly and Michael are carrying on the family writing tradition by contributing to the development of this text and several supplementary materials.

• 1 Taking Risks and Making Profits within the Dynamic Business Environment2 Understanding Economics and How It Affects Business3 Doing Business in Global Markets 4 Demanding Ethical and Socially Responsible Behavior5 How to Form a Business 6 Entrepreneurship and Starting a Small Business7 Management and Leadership8 Structuring Organizations for Today’s Challenges9 Production and Operations Management10 Motivating Employees11 Human Resource Management: Finding and Keeping the Best Employees12 Dealing with Employee–Management Issues13 Marketing: Helping Buyers Buy14 Developing and Pricing Goods and Services15 Distributing Products16 Using Effective Promotions17 Understanding Accounting and Financial Information18 Financial Management19 Using Securities Markets for Financing and Investing Opportunities20 Money, Financial Institutions, and the Federal ReserveBonus A: Working within the Legal EnvironmentBonus B: Using Technology to Manage InformationBonus C: Managing RiskBonus D: Managing Personal Finances and Investing