Version Notes

The book you are reading is the fourth edition of Fundamentals of Business. This book was adapted from the third edition which is available at:

Below is a record of changes made in updating the book from the 3rd Edition to the 4th Edition. Please see the Acknowledgments section for a listing of openly-licensed texts incorporated into sections of the book. Sources of additional content are cited within each chapter.

Overall or Major Changes

  • Updated data to the most recently available throughout the book;
  • Updated graphics and photos;
  • Added interactive, live-data graphs for key economic indicators in Chapter 3: Economics and Business;
  • Reorganized and added significant additional content to Chapter 4: Ethics and Social Responsibility;
  • Renamed and substantially expanded content in Chapter 7: Entrepreneurship and Small Business Development;
  • Added additional content to chapters 8, 10, 12, 13,  14, and 17;
  • Addition of completely new chapter — Chapter 19: Technology in Business;

Specific chapter-level changes

Chapters 1, 2, 3, 9, 11, 15, and 18

  • Minor edits plus changes as described above

Chapter 4: Ethics and Social Responsibility

  • Moved these sections forward in the chapter
    • Addressing Ethical Dilemmas
    • Making Ethical Decisions
    • Revisiting Johnson & Johnson
    • Refusing to Rationalize
  • Expanded section on Ethical Tests to Help With Decision Making
  • Added
    • Quote from Warren Buffett
    • “Issues of Honesty and Integrity” and graphic for the two-frogs story
    • Sections: Time and Pressure, Theft, and Lying and Deception
    • Section: Your Actions Matter–See Something, Say Something and new subsection on Legislative Action for Organizational Change
    • Section: Government Changes Helped Introduce New Business Stakeholders, including the Rise of Government Intervention in Business, The Rise of the Consumer, Intervention in Business by Academia and Mass Media
    • Reorganized: ethical frameworks in a section: Frameworks for Business Ethics, which covers CSR, ESG, and CSV.
    • Added Figure on Top 10 publicly traded companies fighting climate change in 2022
    • Included Prevention of Sexual Harassment, and Workforce Diversity under areas of corporate responsibility subsection titled “Employees”

Chapter 5: Business in a Global Environment

  • Removed case study: Economic and International Impact of US Hospitality & Tourism

Chapter 6: Forms of Business Ownership

  • Replaced end-of-chapter video

Chapter 7: Entrepreneurship and Small Business Development

  • Renamed chapter “Entrepreneurship and Small Business Development”
    • What is entrepreneurship? What does Entrepreneurial mean?
    • Who is an entrepreneur?
    • When does entrepreneurship occur? When does it end?
    • Where does entrepreneurship occur?
    • Types of entrepreneurship
    • Entrepreneurial Ecosystem
    • How to do entrepreneurship?
    • Startup Financing
    • Beyond Founding
    • Added sections:
  • Updated end-of-chapter Key Takeaways

Chapter 8: Management and Leadership

  • Added section/subsection on
    • Managers and Information Technology
    • Project Management

Chapter 10: Operations Management

  • Added subsection: Site Selection Example
  • Replaced Chick-fil-A blog post with shorter description of Southwest Airlines orientation toward customer needs

Chapter 12: Managing Human Resources

  • Added definitions and subsection on Diversity, Equity, Inclusion and Belonging (DEIB) in Action
  • Added end-of-chapter video

Chapter 13: Union/Management Issues

  • Added of two end-of-chapter video news interviews that provide are more current perspective of union activity

Chapter 14: Marketing: Providing Value to Customers

  • Replaced dated social media examples featuring Starbucks with a chart listing Top Social Media Campaigns of 2021
  • Added section: Advertisers Jump on Podcasts and Videos

Chapter 16: Hospitality and Tourism

  • Updated global impact of tourism graphic to acknowledge pre-Covid-19 pandemic tourism with global tourism in 2020.
  • Expanded section on Wineries, Cideries, Local Craft Beer, and Distilleries

Chapter 17: Accounting and Financial Information

  • Added sections:
    • Careers in Financial Management
    • How do finance and the financial manager affect the firm’s overall strategy?
  • Added end-of-chapter video

Chapter 19: Technology in Business


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Fundamentals of Business, 4th edition Copyright © by Adapted by Ron Poff is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

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