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- Added historical reference to Marco Polo.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.
