1.2 Understanding the Business Environment

1 min readjune 18, 2024

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Key Terms to Review (14)

Deepwater Horizon: Deepwater Horizon was an offshore drilling rig that exploded in 2010, leading to one of the largest environmental disasters in U.S. history. The incident highlighted significant risks and challenges within the oil industry and its impact on economic systems and business environments.
Demography: Demography is the statistical study of human populations, including their structure, distribution, and trends. It examines how populations change over time due to births, deaths, aging, and migration.
Food and Drug Administration: The FDA is a federal agency within the United States Department of Health and Human Services responsible for protecting public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices. Additionally, it is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products.
General Electric: General Electric is a multinational conglomerate corporation involved in various sectors including aviation, power, renewable energy, and healthcare. It exemplifies how companies evolve and expand their operations globally while innovating across different industries.
H-E-B: H-E-B is a privately held supermarket chain based in San Antonio, Texas, known for providing groceries, products, and services tailored to the tastes and needs of the communities it serves. It operates mainly in Texas and Mexico, with over 340 stores that contribute significantly to the local economies through job creation and local sourcing.
H&R Block: H&R Block is a global consumer tax services provider known for offering in-person and online tax preparation services and related financial products. The company employs tax professionals who use proprietary software to assist individuals and small businesses in navigating complex tax laws to maximize refunds or minimize liabilities.
Hurricane Katrina: Hurricane Katrina was one of the most devastating natural disasters in U.S. history, striking the Gulf Coast in August 2005 and causing widespread destruction, particularly in New Orleans due to levee breaches. It resulted in significant economic impact, human displacement, and sparked discussions on business ethics, stakeholder responsibilities, and disaster preparedness within the context of economic systems and businesses.
In-N-Out Burger: In-N-Out Burger is an American regional chain of fast food restaurants with a simple menu focusing on hamburgers, fries, and milkshakes. It is known for its fresh, high-quality ingredients and has gained a cult following for its customer service and "secret menu" options.
Kaiser Permanente: Kaiser Permanente is an American integrated managed care consortium that combines roles of both health insurance provider and hospital system, offering a wide range of healthcare services to its members. It operates as a not-for-profit entity, focusing on preventive care and comprehensive coverage.
Pfizer: Pfizer is a global pharmaceutical and biotechnology corporation headquartered in the United States, known for developing, manufacturing, and marketing medications and vaccines for a wide range of medical disciplines. It plays a significant role in the healthcare industry by contributing to global health improvements through innovations in medicine.
Technology: Technology encompasses the tools, machines, systems, and devices that are created through scientific knowledge to solve problems or perform specific functions. In the context of business, it plays a crucial role in enhancing productivity, communication, and innovation.
Telecommunications Act of 1996: The Telecommunications Act of 1996 is a significant law passed by the U.S. Congress that aimed to deregulate the broadcasting and telecommunications markets, encouraging competition and innovation. It was the first major overhaul of telecommunications law in over sixty years, addressing the challenges and opportunities presented by emerging technologies at the time.
The Federal Trade Commission: The Federal Trade Commission is a federal agency established in 1914 to protect consumers and promote competition. It enforces regulations against deceptive or unfair business practices and antitrust laws to ensure a fair marketplace.
U.S. Census Bureau: The U.S. Census Bureau is a principal agency of the U.S. Federal Statistical System responsible for producing data about the American people and economy. It conducts the decennial census, which counts every resident in the United States, along with various other surveys to collect socio-economic and demographic information.
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