Version Notes

The book you are reading is the third edition of Fundamentals of Business. This book was adapted from an openly licensed textbook provided by the Saylor Foundation from a publisher who requested that they and the author not be listed. Below is a record of changes made in updating the book from the 2nd Edition to the 3rd Edition.

Overall Changes

  • Data updated to the most recently available;
  • Graphics updated, plus selective interactive data visualizations (Tableau);
  • Figures (graphics and images) modernized to new color palette and to include more representative images of people;
  • Updated content, especially to reflect changes in technology, law, and economics;
  • Updated examples to include companies more familiar to today’s students.

Specific chapter-level changes

Chapters 1, 2, 8, 9, 10, 11, 13, 15, 16, and 18

  • Minor edits; as described above.

Chapter 2

  • Added mention of Tim Cook, Apple’s current CEO and products released under his leadership.
  • Acknowledge the impact of the COVID-19 pandemic on Apple stock prices in the second quarter of 2020.

Chapter 3

  • Figure 3.1 renamed: “Circular Flow of Inputs and Outputs.” Was “Infinite cycle of inputs and outputs.”

Chapter 4

  • Added mention of cyber ethics and the potential impact of programmed computers.
  • Acknowledged the role of shareholders, not just owners, in investing in companies.
  • Listed selected corporate scandals since 2015.
  • Replaced discussion of J.C. Penney’s “Statement of Business Ethics” with Google’s “Code of Conduct.”
  • Added mention of “living wage.”
  • Added Lego example.
  • Updated “100 Best Corporate Citizens” and magazine name.
  • Added Johnson & Johnson talcum powder example.
  • Mentioned the #MeToo movement

Chapter 5

  • Updated references to popular music.
  • Mentioned increasing nationalism, COVID-19, and trade agreements.
  • Updated examples of multinational corporations.
  • Mentioned U.S.-China trade war.
  • Updated data on U.S. exports of soybeans to China.
  • Added historical reference to Marco Polo.
  • Replaced Viacom examples with Hyundai Motor Company.
  • Removed dated reference on steel tariffs.
  • Mentioned United States-Mexico-Canada Agreement (USMCA) replacement of NAFTA.

Chapter 6

  • Expanded on various topics; updated various examples.
  • Replaced 2013 merger example of US Airways and American Airlines with the 2020 acquisition example of Sprint by T-Mobile which resulted in creation of New T-Mobile.

Chapter 7

  • Mention of the value of talking with potential customers as part of business planning.
  • Added additional expectations of venture capitalists.
  • Updated number of and number of jobs created by small businesses.

Chapter 12

  • Changed satisfied customers to welcoming environment.
  • Norwegian Dawn changed to Virgin Voyages.
  • Updated language regarding recruiting, responses to overstaffing, firing/termination, publicizing positions etc.
  • Mention of Schultz as now former CEO and Chairman of Starbucks.
  • Mentions June 2020 Supreme Court ruling prohibiting discrimination on the basis of sexual orientation and gender identity.
  • Replaced technology petting zoo with Innovation Center, Ideas Festival, and Innovation Hub.
  • Added list of America’s best employers for diversity.

Chapter 14

  • Changed travel agency to destination-marketed vacations.
  • Changed campus newspaper to social media platforms.

Chapter 17

  • Updated Apple’s market value, balance sheet and income statement.


Icon for the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License

Fundamentals of Business, 3rd edition Copyright © 2020 by Stephen J. Skripak and Ron Poff is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

Share This Book