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Library of Congress Cataloging-in-Publication Data
Names: Ferrell, O. C., author. | Hirt, Geoffrey A., author. | Ferrell, Linda, author.
Title: M : business / O.C. Ferrell, Auburn University, Geoffrey A. Hirt, DePaul University, Linda Ferrell, Auburn University.
Other titles: M starts here. Business | M. Business
Description: 6e | Dubuque : McGraw-Hill Education, [2018] | Revised edition of M : business, [2017]
Identifiers: LCCN 2017051637 | ISBN 9781259929458 (alk. paper)
Subjects: LCSH: Business. | Management—United States.
Classification: LCC HF1008 .F472 2018 | DDC 650—dc23 LC record available at https://lccn.loc.gov/2017051637
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authors
O.C. FERRELL
O.C. Ferrell is the James T. Pursell, Sr., Eminent Scholar in Ethics and Director of the Center for Ethical Organizational Cultures in the Raymond J. Harbert College of Business, Auburn University. He was formerly Distinguished Professor of Leadership and Business Ethics at Belmont University. He has also been on the faculties of the University of Wyoming, Colorado State University, University of Memphis, Texas A&M University, Illinois State University, and Southern Illinois University. He received his PhD in marketing from Louisiana State University.
Dr. Ferrell is president-elect of the Academy of Marketing Science. He is past president of the Academic Council of the American Marketing Association and chaired the American Marketing Association Ethics Committee. Under his leadership, the committee developed the AMA Code of Ethics and the AMA Code of Ethics for Marketing on the Internet. In addition, he is a former member of the Academy of Marketing Science Board of Governors and is a Society of Marketing Advances and Southwestern Marketing Association Fellow and an Academy of Marketing Science Distinguished Fellow. He has served for nine years as the vice president of publications for the Academy of Marketing Science. In 2010, he received a Lifetime Achievement Award from the Macromarketing Society and a special award for service to doctoral students from the Southeast Doctoral Consortium. He received the Harold Berkman Lifetime Service Award from the Academy of Marketing Science and, more recently, the Cutco/Vector Distinguished Marketing Educator Award from the Academy of Marketing Science.
Dr. Ferrell has been involved in entrepreneurial engagements, co-founding Print Avenue in 1981, providing a solution-based printing company. He has been a consultant and served as an expert witness in legal cases related to marketing and business ethics litigation. He has conducted training for a number of global firms, including General Motors. His involvement with direct selling companies includes serving on the Academic Advisory Committee and as a fellow for the Direct Selling Education Foundation.
Dr. Ferrell is the co-author of 20 books and more than 100 published articles and papers. His articles have been published in the Journal of Marketing Research, Journal of Marketing, Journal of Business Ethics, Journal of Business Research, Journal of the Academy of Marketing Science, AMS Review, and the Journal of Public Policy & Marketing, as well as other journals.
GEOFFREY A. HIRT
Geoffrey A. Hirt of DePaul University previously taught at Texas Christian University and Illinois State University, where he was chairman of the Department of Finance and Law. At DePaul, he was chairman of the Finance Department from 1987 to 1997 and held the title of Mesirow Financial Fellow. He developed the MBA program in Hong Kong and served as director of international initiatives for the College of Business, supervising overseas programs in Hong Kong, Prague, and Bahrain and was awarded the Spirit of St. Vincent DePaul award for his contributions to the university. Dr. Hirt directed the Chartered Financial Analysts (CFA) study program for the Investment Analysts Society of Chicago from 1987 to 2003. He has been a visiting professor at the University of Urbino in Italy, where he still maintains a relationship with the economics department. He received his PhD in finance from the University of Illinois at Champaign-Urbana, his MBA at Miami University of Ohio, and his BA from Ohio Wesleyan University.
Dr. Hirt is currently on the Dean’s Advisory Board and Executive Committee of DePaul’s School of Music. The Tyree Foundation funds innovative education programs in Chicago, and Dr. Hirt also serves on the Grant Committee. Dr. Hirt is past president and a current member of the Midwest Finance Association, a former editor of the Journal of Financial Education, and also a member of
Courtesy of NASBA Center for the Public Trust
Courtesy of Geoffrey A. Hirt
the Financial Management Association. He belongs to the Pacific Pension Institute, an organization of public pension funds, private equity firms, and international organizations such as the Asian Development Bank, the IMF, and the European Bank for Reconstruction and Development.
Dr. Hirt is widely known for his textbook Foundations of Financial Management, published by McGraw-Hill/Irwin. This book, in its sixteenth edition, has been used in more than 31 countries and translated into more than 14 different languages. Additionally, Dr. Hirt is well known for his textbook Fundamentals of Investment Management, also published by McGraw-Hill/Irwin and now in its tenth edition. Dr. Hirt enjoys golf, swimming, music, and traveling with his wife, who is a pianist and opera coach.
LINDA FERRELL
Linda Ferrell is Professor and Chair of the Marketing Department in the Raymond J. Harbert College of Business, Auburn University. She was formerly Distinguished Professor of Leadership and Business Ethics at Belmont University. She completed her PhD in business administration, with a concentration in management, at the University of Memphis. She has taught at the University of Tampa, Colorado State University, University of Northern Colorado, University of Memphis, University of Wyoming, and the University of New Mexico. She has also team-taught classes at Thammasat University in Bangkok, Thailand. Her work experience as an account executive for McDonald’s and Pizza Hut’s advertising agencies supports her teaching of advertising, marketing management, marketing ethics, and marketing principles. She has published in the Journal of Public Policy & Marketing, Journal of Business Research, Journal of the Academy of Marketing Science, Journal of Business Ethics, AMS Review, Journal of Academic Ethics, Journal of Marketing Education, Marketing Education Review, Journal of Teaching Business Ethics, Marketing Management Journal, and Case Research Journal, and she is co-author of Business Ethics: Ethical Decision Making and Cases (eleventh edition), Management (third edition), and Business and Society (sixth edition).
Dr. Ferrell is the immediate past president of the Academy of Marketing Science and a past president for the Marketing Management Association. She is a member of the NASBA Center for the Public Trust Board, on the Mannatech Board of Directors, and on the college advisory board for Cutco/Vector. She is also on the Board, Executive Committee, and Academic Advisory Committee of the Direct Selling Education Foundation. She has served as an expert witness in cases related to advertising, business ethics, and consumer protection.
Courtesy of NASBA Center for the Public Trust
Focused, Exciting, Applicable, Happening
M: Business, sixth edition, offers faculty and students a focused resource that is exciting, applicable, and happening! What sets this learning program apart from the competition? An unrivaled mixture of exciting content and resources blended with application-focused text and activities, and fresh topics and examples that show students what is happening in the world of business today!
Our product contains all of the essentials that most students should learn in a semester. M: Business has, since its inception, delivered a focused presentation of the essential material needed to teach introduction to business. An unrivaled mixture of exciting content and resources, applicationfocused content and activities, and fresh topics and examples that show students what is happening in the world of business today set this text apart!
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It’s easy for students taking their first steps into business to become overwhelmed. Longer products try to solve this problem by chopping out examples or topics to make ad hoc shorter editions. M: Business carefully builds just the right mix of coverage and applications to give your students a firm grounding in business principles. Where other products have you sprinting through the semester to get everything in, Ferrell/Hirt/Ferrell allows you the breathing space to explore topics and incorporate other activities that are important to you and your students. The exceptional resources and the Active Classroom Resource Manual support you in this effort every step of the way.
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Because it isn’t tied to the revision cycle of a larger book, M: Business inherits no outdated or irrelevant examples or coverage. Everything in the sixth edition reflects the very latest developments in the business world—from the recent recession, high unemployment rates, and the financial instability in Europe to the growth of digital marketing and social networking. In addition, ethics continues to be a key issue, and Ferrell/Hirt/ Ferrell use “Consider Ethics and Social Responsibility” boxes to instill in students the importance of ethical conduct in business. To ensure you always know what’s happening, join the authorled Facebook group page supporting this text.
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As always, when revising material for the current edition, all examples, figures, and statistics have been updated to incorporate any recent developments that affect the world of business. Additionally, content was updated to ensure the most pertinent topical coverage is provided.
Here are the highlights for each chapter:
Chapter one
THE DYNAMICS OF BUSINESS AND ECONOMICS
• Three new boxed features describing real-world business issues
• A new section on “The Importance of the American Economy”
• New examples of real-world business issues
• New material on standard of living
Chapter two
BUSINESS ETHICS AND SOCIAL RESPONSIBILITY
• Three new boxed features describing issues in business ethics and social responsibility
• New examples of ethical issues facing today’s businesses
Chapter two appendix
THE LEGAL AND REGULATORY ENVIRONMENT
• A new section on Source of Law
• A new section on Courts and the Resolution of Disputes
• A new section on Regulatory Administrative Agencies
• A new section on the Important Elements of Business Law
• A new section on Laws Affecting Business Practices
• A new section on The Internet and Legal and Regulatory Issues
• A new section on Legal Pressure for Responsible Business Conduct
Chapter three
BUSINESS IN A BORDERLESS WORLD
• Three new boxed features describing issues in international business
• New examples of international business practices
• Updated data for the top 10 countries with which the United States has trade deficits and surpluses
Chapter four
OPTIONS FOR ORGANIZING BUSINESS
• Three new boxed features describing real-world business issues
• New examples of organizing business
• Updated list of major worldwide mergers and acquisitions from 2007 to 2017
Chapter five
SMALL BUSINESS, ENTREPRENEURSHIP, AND FRANCHISING
• Three new boxed features describing current business issues
• New section on the sharing economy
• New examples of small business, entrepreneurship, and franchising
• Updated data on number of firms by employment size
• Updated data on most business-friendly states
Chapter six
THE NATURE OF MANAGEMENT
• Three new boxed features describing current business issues
• New examples of management in business practices
• Updated data on CEO compensation packages
• Inside look at the leadership of Starbucks
Chapter seven
ORGANIZATION, TEAMWORK, AND COMMUNICATION
• Three new boxed features describing current business issues
• New figure describing desired attitudes and behaviors associated with corporate culture
• New examples of organization, teamwork, and communication in business
Chapter
eight
MANAGING SERVICE AND MANUFACTURING OPERATIONS
• Three new boxed features describing current business operational issues
• New examples of managing service and manufacturing operations
• Updated airline scorecard data
Chapter
nine
MOTIVATING THE WORKFORCE
• Three new boxed features describing current business issues
• New examples of motivating employees in the workforce
• Updated information on best places for businesses and careers
Chapter ten
MANAGING HUMAN RESOURCES
• Three new boxed features describing current HR issues
• New examples of managing human resources in business practices
Chapter eleven
CUSTOMER-DRIVEN MARKETING
• Three new boxed features describing current marketing issues
• New material on marketing analytics
• New examples of customer-driven marketing
• Updated data for buying power of U.S. minorities by race
• Updated statistics of companies with the best consumer service
Chapter twelve
DIMENSIONS OF MARKETING STRATEGY
• Three new boxed features describing current marketing issues
• New examples of marketing strategy in business
• Updated data on the 10 most valuable brands in the world
Chapter
thirteen
DIGITAL MARKETING AND SOCIAL NETWORKING
• Three new boxed features describing current digital marketing issues
• New examples of digital marketing and social networking
• New learning objective to understand online monitoring and analytics for social media
• New section on Social Media Marketing
• New section on Consumer-Generated Digital Media
• Snapchat, YouTube, and LinkedIn added to the Social Network section
• New section on Online Monitoring and Analytics
Chapter fourteen
ACCOUNTING AND FINANCIAL STATEMENTS
• Three new boxed features describing current accounting issues
• New learning objective to analyze financial statements, using ratio analysis, to evaluate a company’s performance
• New information on the financial information and ratios of Microsoft
• Financial ratio comparisons of Microsoft and Google
• New examples of accounting and financial statements in business practices
Chapter
fifteen MONEY AND THE FINANCIAL SYSTEM
• Three new boxed features describing current financial issues
• New material on reward cards
• New examples of financial systems in business
Chapter
sixteen
FINANCIAL MANAGEMENT AND SECURITIES MARKETS
• Three new boxed features describing current financial issues
• New examples of financial management and securities in business
• Updated examples of U.S. corporate bond quotes
• Updated data for estimated common stock price-earnings ratios and dividends for selected companies
brief contents
Part one
BUSINESS IN A CHANGING WORLD
chapter 1 The Dynamics of Business and Economics 2
chapter 2 Business Ethics and Social Responsibility 22
chapter 2 Appendix: The Legal and Regulatory Environment 41
chapter 3 Business in a Borderless World 54
Part two
STARTING AND GROWING A BUSINESS
chapter 4 Options for Organizing Business 74
chapter 5 Small Business, Entrepreneurship, and Franchising 92
Part three
MANAGING FOR QUALITY AND COMPETITIVENESS
chapter 6 The Nature of Management 108
chapter 7 Organization, Teamwork, and Communication 126
chapter 8 Managing Service and Manufacturing Operations 144
Part four
CREATING THE HUMAN RESOURCE ADVANTAGE
chapter 9 Motivating the Workforce 164
chapter 10 Managing Human Resources 180
Part five
MARKETING: DEVELOPING RELATIONSHIPS
chapter 11 Customer-Driven Marketing 200
chapter 12 Dimensions of Marketing Strategy 218 chapter 13 Digital Marketing and Social Media 240
Part six
FINANCING THE ENTERPRISE
chapter 14 Accounting and Financial Statements 258 chapter 15 Money and the Financial System 280
chapter 16 Financial Management and Securities Markets 298
Notes 316
Name Index 341
Subject Index 343
Part one BUSINESS IN A CHANGING WORLD 2
CHAPTER 1 THE DYNAMICS OF BUSINESS AND ECONOMICS 2
THE NATURE OF BUSINESS 3
The Goal of Business 3
The People and Activities of Business 4
Why Study Business? 5
THE ECONOMIC FOUNDATIONS OF BUSINESS 6
Economic Systems 6
The Free-Enterprise System 8
The Forces of Supply and Demand 9
The Nature of Competition 10
Economic Cycles and Productivity 11
Whole Foods in a “Food Fight” to Win and Retain Customers 11
THE AMERICAN ECONOMY 14
The Importance of the American Economy 15
General Mills Brand Strategy: No Trix, Just Treats 15
A Brief History of the American Economy 16
The Role of the Entrepreneur 17
Warby Parker Sees its Business Differently 18
The Role of Government in the American Economy 18
The Role of Ethics and Social Responsibility in Business 19
Building Your Soft Skills by Setting Goals 19 Team Exercise 19
CAN YOU LEARN BUSINESS IN A CLASSROOM? 20
Are You Prepared to Take Advantage of Emerging Job Opportunities? 21
CHAPTER 2 BUSINESS ETHICS AND SOCIAL RESPONSIBILITY 22
BUSINESS ETHICS AND SOCIAL RESPONSIBILITY 23
Hugh Jackman and Fair-Trade Coffee: It is a Laughing Matter 24
THE ROLE OF ETHICS IN BUSINESS 25
Recognizing Ethical Issues in Business 26
Fairness and Honesty 29
Making Decisions about Ethical Issues 30
Improving Ethical Behavior in Business 31
Wells Fargo: The Stagecoach Runs Out of Control 32
THE NATURE OF SOCIAL RESPONSIBILITY 33
Social Responsibility Issues 34
Drug Pricing: A Shot in the Arm and a Hole in the Wallet 37
UNEMPLOYMENT 39
Team Exercise 39
Building Your Soft Skills by Considering Your Ethics 39 Are You Ready to Go Green and Think Ethics with Your Career? 40
APPENDIX: THE LEGAL AND REGULATORY ENVIRONMENT 41
CHAPTER 3 BUSINESS IN A BORDERLESS WORLD 54
THE ROLE OF INTERNATIONAL BUSINESS 55
Why Nations Trade 56 Trade between Countries 56 Balance of Trade 57
INTERNATIONAL TRADE BARRIERS 58
Economic Barriers 58
Ethical, Legal, and Political Barriers 59
Bobbie the Bridestowe Bear: The Sweet Smell of Success 59
LO 1-1 Define basic concepts such as business, product, and profit.
LO 1-2 Identify the main participants and activities of business and explain why studying business is important.
LO 1-3 Define economics and compare the four types of economic systems.
LO 1-4
Describe the role of supply, demand, and competition in a free-enterprise system.
LO 1-5 Specify why and how the health of the economy is measured.
LO 1-6
Trace the evolution of the American economy and discuss the role of the entrepreneur in the economy.
Images RF
We begin our study of business in this chapter by examining the fundamentals of business and economics. First, we introduce the nature of business, including its goals, activities, and participants. Next, we describe the basics of economics and apply them to the U.S. economy. Finally, we establish a framework for studying business in this text. ■
LO 1-1 Define basic concepts such as business, product, and profit.
THE NATURE OF BUSINESS
A business tries to earn a profit by providing products that satisfy people’s needs. The outcomes of its efforts are products that have both tangible and intangible characteristics that provide satisfaction and benefits. When you purchase a product, you are buying the benefits and satisfaction you think the product will provide. A Subway sandwich, for example, may be purchased to satisfy hunger, while a Honda Accord may be purchased to satisfy the need for transportation and the desire to present a certain image.
Most people associate the word product with tangible goods— an automobile, smartphone, jeans, or some other tangible item. However, a product can also be a service, which occurs when people or machines provide or process something of value to customers. Dry cleaning, a checkup by a doctor, a movie or sports event—these are examples of services. Some services, such as Instagram, do not charge a fee for use but obtain revenue from ads on their sites. A product can also be an idea. Accountants and attorneys, for example, generate ideas for solving problems.
The Goal of Business
The primary goal of all businesses is to earn a profit, the difference between what it costs to make and sell a product and what a customer pays for it. In addition, a business has to pay for all expenses necessary to operate. If a company spends $8 to produce, finance, promote, and distribute a product that it sells for $10, the business earns a profit of $2 on each product sold. Businesses have the right to keep and use their profits as they choose—within legal limits—because profit is the reward for their efforts and for the risks they take in providing products. Earning profits contributes to society by creating resources that support our social institutions and government. Businesses that create profits, pay taxes, and create jobs are the foundation of our economy. In addition, profits must be earned in a responsible manner. Not all organizations are businesses, however. Nonprofit organizations—such as National Public Radio (NPR), Habitat for Humanity, and other charities and social causes—do not have the fundamental purpose of earning profits, although they may provide goods or services and engage in fund-raising. They also utilize skills related to management, marketing, and finance. Profits earned
by businesses support nonprofit organizations through donations from employees.
To earn a profit, a person or organization needs management skills to plan, organize, and control the activities of the business and to find and develop employees so that it can make products consumers will buy. A business also needs marketing expertise to learn what products consumers need and want and to develop, manufacture, price, promote, and distribute those products. Additionally, a business needs financial resources and skills to fund, maintain, and expand its operations. A business must cover the cost of labor, operate facilities, pay taxes, and provide management. Other challenges for businesspeople include abiding by laws and government regulations, and adapting to economic, technological, political, and social changes. Even nonprofit organizations engage in management, marketing, and finance activities to help reach their goals.
business individuals or organizations who try to earn a profit by providing products that satisfy people’s needs.
product a good or service with tangible and intangible characteristics that provide satisfaction and benefits.
profit the difference between what it costs to make and sell a product and what a customer pays for it.
nonprofit organizations organizations that may provide goods or services but do not have the fundamental purpose of earning profits.
stakeholders groups that have a stake in the success and outcomes of a business.
To achieve and maintain profitability, businesses have found that they must produce quality products, operate efficiently, and be socially responsible and ethical in dealing with customers, employees, investors, government regulators, and the community. Because these groups have a stake in the success and outcomes of a business, they are sometimes called stakeholders Many businesses, for example, are concerned about how the production and distribution of their products affect the environment. New fuel requirements are forcing automakers to invest in smaller, lightweight cars. Electric vehicles may be a solution, but only about 1 percent of new car sales are plugin-electric.1 Other businesses are concerned with promoting science, engineering, and mathematics careers among women. Traditionally, these careers have been male dominated. A global survey found that when the number of men and
women were evenly matched, the team was 23 percent more likely to have an increase in profit over teams dominated by one gender.2 Nonprofit organizations, such as the American Red Cross, use business activities to support natural-disaster victims, relief efforts, and a national blood supply.
LO 1-2 Identify the main participants and activities of business and explain why studying business is important.
The People and Activities of Business
Figure 1.1 shows the people and activities involved in business. At the center of the figure are owners, employees, and customers; the outer circle includes the primary business activities— management, marketing, and finance. Owners have to put up resources—money or credit—to start a business. Employees are responsible for the work that goes on within a business. Owners can manage the business themselves or hire employees to accomplish this task. The president and CEO of Procter & Gamble, David S. Taylor, does not own P&G but is an employee who is responsible for managing all the other employees in a way that earns a profit for investors, who are the real owners. Finally, and most importantly, a business’s major role is to satisfy the customers who buy its goods or services. Note also that forces beyond an organization’s control—such as legal and regulatory forces, the economy, competition, technology, the political environment, and ethical and social concerns— all have an impact on the daily operations of businesses. You will learn more about these
participants in business activities throughout this book. Next, we will examine the major activities of business.
Management. Notice that in Figure 1.1, management and employees are in the same segment of the circle. This is because management involves developing plans, coordinating employees’ actions to achieve the firm’s goals, organizing people to work efficiently, and motivating them to achieve the business’s goals. Management involves the functions of planning, organizing, leading, and controlling. Effective managers who are skilled in these functions display effective leadership, decision making, and delegation of work tasks. Management is also concerned with acquiring, developing, and using resources (including people) effectively and efficiently.
Operations is another element of management. Managers must oversee the firm’s operations to ensure that resources are successfully transformed into goods and services. Although most people associate operations with the development of goods, operations management applies just as strongly to services. Managers at the Ritz-Carlton, for instance, are concerned with transforming resources such as employee actions and hotel amenities into a quality customer service experience. In essence, managers plan, organize, staff, and control the tasks required to carry out the work of the company or nonprofit organization. We take a closer look at management activities in Parts 3 and 4 of this text.
Marketing. Marketing and customers are in the same segment of Figure 1.1 because the focus of all marketing activities
Sustainability is a growing concern among both consumers and businesses. Walmart has invested in solar panels at some of its stores to decrease its energy usage.
is satisfying customers. Marketing includes all the activities designed to provide goods and services that satisfy consumers’ needs and wants. Marketers gather information and conduct research to determine what customers want. Using information gathered from marketing research, marketers plan and develop products and make decisions about how much to charge for their products and when and where to make them available. They also analyze the marketing environment to understand changes in competition and consumers. The retail environment is changing based on competition from online retailing such as Amazon. This has caused some retail stores and malls to close.3 Marketing focuses on the four P’s—product, price, place (or distribution), and promotion—also known as the marketing mix. Product management involves such key management decisions as product adoption, development, branding, and product positioning. Selecting the right price for the product is essential to the organization as it relates directly to profitability. Distribution is an important management concern because it involves making sure products are available to consumers in the right place at the right time. Marketers use promotion—advertising, personal selling, sales promotion (coupons, games, sweepstakes, movie tie-ins), and publicity— to communicate the benefits and advantages of their products to consumers and to increase sales. We will examine marketing activities in Part 5 of this text.
Finance. Owners and finance are in the same part of Figure 1.1 because, although management and marketing have to deal with financial considerations, it is the primary responsibility of the owners to provide financial resources for the operation of the business. Moreover, the owners have the most to lose if the business fails to make a profit. Finance refers to all activities concerned with obtaining money and using it effectively.
People who work as accountants, stockbrokers, investment advisors, or bankers are all part of the financial world. Owners sometimes have to borrow money from banks to get started or attract additional investors who become partners or stockholders. Owners of small businesses in particular often rely on bank loans for funding. Part 6 of this text discusses financial management.
Why Study Business?
Studying business can help you develop skills and acquire knowledge to prepare for your future career, regardless of whether you plan to work for a multinational Fortune 500 firm, start your own business, work for a government agency, or manage or volunteer at a nonprofit organization. The field of business offers a variety of interesting and challenging career opportunities throughout the world, such as marketing, human resources management, information technology, finance, production and operations, wholesaling and retailing, and many more.
Studying business can also help you better understand the many business activities that are necessary to provide satisfying goods and services. Some businesses such as Snap, parent company of Snapchat, are operating for many years at a loss to build market share. Most businesses charge a reasonable price for their products to ensure that they cover their production costs, pay their employees, provide their owners with a return on their investment, and perhaps give something back to their local communities and societies. Habitat for
The Aflac duck ad uses humor in its advertising to promote the insurance company.
Many companies engage in socially responsible behavior to give back to their communities. Home Depot partners with Habitat for Humanity to build homes for disadvantaged families.
economics the study of how resources are distributed for the production of goods and services within a social system.
natural resources land, forests, minerals, water, and other things that are not made by people.
human resources (labor) the physical and mental abilities that people use to produce goods and services.
Humanity is an international nonprofit organization building housing for those who cannot afford simple, decent housing. Habitat operates like a business relying on volunteer labor and offers no-interest mortgages for repayment. Habitat ReStore is a retail unit that sells new and used building materials that are donated. The Home Depot Foundation provided grants to remodel and renovate homes of U.S. military veterans.4 Thus, learning about business can help you become a well-informed consumer and member of society.
Business activities help generate the profits that are essential not only to individual businesses and local economies, but also to the health of the global economy. Without profits, businesses find it difficult, if not impossible, to buy more raw materials, hire more employees, attract more capital, and create additional products that, in turn, make more profits and fuel the world economy. Understanding how our free-enterprise economic system allocates resources and provides incentives for industry and the workplace is important to everyone.
LO 1-3 Define economics and compare the four types of economic systems.
THE ECONOMIC FOUNDATIONS OF BUSINESS
To continue our introduction to business, it is useful to explore the economic environment in which business is conducted. In this section, we examine economic systems, the free-enterprise system, the concepts of supply and demand, and the role of competition. These concepts play important roles in determining how businesses operate in a particular society.
Economics is the study of how resources are distributed for the production of goods and services within a social system. You are already familiar with the types of resources available. Land, forests, minerals, water, and other things that are not made by people are natural resources Human resources, or labor, refer to the physical and mental abilities that people use to produce goods and services. Financial resources, or capital, are the funds used to acquire the natural and human resources needed to provide products. These resources are related to the factors of production, consisting of land, labor, capital, and enterprise used to produce goods and services. The firm can also have intangible resources such as a good reputation for quality products or being socially responsible. The goal
financial resources (capital) the funds used to acquire the natural and human resources needed to provide products.
economic system a description of how a particular society distributes its resources to produce goods and services.
is to turn the factors of production and intangible resources into a competitive advantage.
Economic Systems
An economic system describes how a particular society distributes its resources to produce goods and services. A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with a limited supply of resources. Different economic systems attempt to resolve this central issue in numerous ways, as we shall see.
Although economic systems handle the distribution of resources in different ways, all economic systems must address three important issues:
1. What goods and services, and how much of each, will satisfy consumers’ needs?
2. How will goods and services be produced, who will produce them, and with what resources will they be produced?
3. How are the goods and services to be distributed to consumers?
Communism, socialism, and capitalism, the basic economic systems found in the world today (Table 1.1), have fundamental differences in the way they address these issues. The factors of production in command economies are controlled by government planning. In many cases, the government owns or controls the production of goods and services. Communism and socialism are, therefore, considered command economies.
Communism. Karl Marx (1818–1883) first described communism as a society in which the people, without regard to class, own all the nation’s resources. In his ideal politicaleconomic system, everyone contributes according to ability and receives benefits according to need. In a communist economy, the people (through the government) own and operate all businesses and factors of production. Central government planning determines what goods and services satisfy citizens’ needs, how the goods and services are produced, and how they are distributed. However, no true communist economy exists today that satisfies Marx’s ideal.
On paper, communism appears to be efficient and equitable, producing less of a gap between rich and poor. In practice, however, communist economies have been marked by low standards of living, critical shortages of consumer goods, high prices, corruption, and little freedom. Russia, Poland, Hungary, and other eastern European nations have turned away from communism and toward economic systems governed by supply and demand rather than by central planning. However, their experiments with alternative economic systems have been
fraught with difficulty and hardship. Countries such as Venezuela have tried to incorporate communist economic principles without success. Even Cuba is experiencing changes to its predominately communist system. Massive government layoffs required many Cubans to turn toward the private sector, opening up more opportunities for entrepreneurship. The U.S. government has reestablished diplomatic relations with Cuba. Americans have more opportunities to visit Cuba than they have had for the past 50 years. Similarly, China has become the first communist country to make strong economic gains by adopting capitalist approaches to business. Economic prosperity has advanced in China with the government claiming to ensure market openness, equality, and fairness through state capitalism.5 As a result of economic challenges, communism is declining and its future as an economic system is uncertain.
Socialism. Socialism is an economic system in which the government owns and operates basic industries— postal service, telephone, utilities, transportation, health care, banking, and some manufacturing—but individuals own most businesses. For example, in France the postal service industry La Poste is fully owned by the French government and makes a profit. Central planning determines what basic goods and services are produced, how they are produced, and how they are distributed. Individuals and small businesses provide other goods and services based on consumer demand and the availability of resources. Citizens are dependent on the government for many goods and services.
Most socialist nations, such as Sweden, India, and Israel, are democratic and recognize basic individual freedoms. Citizens can vote for political offices, but central government planners usually
make decisions about what is best for the nation. People are free to go into the occupation of their choice, but they often work in governmentoperated organizations. Socialists believe their system permits a higher standard of living than other economic systems, but the difference often applies to the nation as a whole rather than to its individual citizens. Socialist economies profess egalitarianism—equal distribution of income and social services. They believe their economies are
communism first described by Karl Marx as a society in which the people, without regard to class, own all the nation’s resources.
socialism an economic system in which the government owns and operates basic industries but individuals own most businesses.
Business ownership Most businesses are owned and operated by the government.
Competition Government controls competition and the economy.
Profits Excess income goes to the government. The government supports social and economic institutions.
Product availability and price
Consumers have a limited choice of goods and services; prices are usually high.
Employment options Little choice in choosing a career; most people work for government-owned industries or farms.
The government owns and operates some basic industries; individuals own small businesses.
Restricted in basic industries; encouraged in small business.
Profits earned by small businesses may be reinvested in the business; profits from government-owned industries go to the government.
Consumers have some choice of goods and services; prices are determined by supply and demand.
More choice of careers; many people work in government jobs.
Individuals own and operate all businesses.
Encouraged by market forces and government regulations.
Individuals and businesses are free to keep profits after paying taxes.
Consumers have a wide choice of goods and services; prices are determined by supply and demand.
Unlimited choice of careers.
TABLE 1.1 Comparison of Communism, Socialism, and Capitalism
The Federal Trade Commission enforces antitrust laws and monitors businesses to ensure fair competition.
capitalism (free enterprise) an economic system in which individuals own and operate the majority of businesses that provide goods and services.
free-market system pure capitalism, in which all economic decisions are made without government intervention.
mixed economies economies made up of elements from more than one economic system.
more stable than those of other nations. Although this may be true, taxes and unemployment are generally higher in socialist countries. However, countries like Denmark have a high standard of living and they rate high in being happy.
Capitalism. Capitalism, or free enterprise, is an economic system in which individuals own and operate the majority of businesses that provide goods and services. Competition, supply, and demand determine which goods and services are produced, how they are produced, and how they are distributed. The United States, Canada, Japan, and Australia are examples of economic systems based on capitalism.
owned and operated by private individuals. In capitalist United States, an independent federal agency operates the postal service and another independent agency operates the Tennessee Valley Authority, an electric utility. In Great Britain and Mexico, the governments are attempting to sell many state-run businesses to private individuals and companies. In Germany, the Deutsche Post is privatized and trades on the stock market. In once-communist Russia, Hungary, Poland, and other eastern European nations, capitalist ideas have been implemented, including private ownership of businesses.
Countries such as China and Russia have used state capitalism to advance the economy. State capitalism tries to integrate the powers of the state with the advantages of capitalism. It is led by the government but uses capitalistic tools such as listing stateowned companies on the stock market and embracing globalization.6 State capitalism includes some of the world’s largest companies such as Russia’s Gazprom, which is the largest natural gas company. China’s ability to make huge investments to
“Free enterprise provides an opportunity for a business to succeed or fail on the basis of market demand.”
There are two forms of capitalism: pure capitalism and modified capitalism. In pure capitalism, also called a free-market system, all economic decisions are made without government intervention. This economic system was first described by Adam Smith in The Wealth of Nations (1776). Smith, often called the father of capitalism, believed that the “invisible hand of competition” best regulates the economy. He argued that competition should determine what goods and services people need. Smith’s system is also called laissez-faire (“let it be”) capitalism because the government does not interfere in business.
Modified capitalism differs from pure capitalism in that the government intervenes and regulates business to some extent. One of the ways in which the United States and Canadian governments regulate business is through laws. Laws such as the Federal Trade Commission Act, which created the Federal Trade Commission to enforce antitrust laws, illustrate the importance of the government’s role in the economy. In the most recent recession, the government provided loans and took ownership positions in banks such as Citigroup, AIG (an insurance company), and General Motors. These actions were thought necessary to keep these firms from going out of business and creating a financial disaster for the economy.
Mixed Economies. No country practices a pure form of communism, socialism, or capitalism, although most tend to favor one system over the others. Most nations operate as mixed economies, which have elements from more than one economic system. In socialist Sweden, most businesses are
the point of creating entirely new industries puts many private industries at a disadvantage.7
The Free-Enterprise System
Many economies—including those of the United States, Canada, and Japan—are based on free enterprise, and many communist and socialist countries, such as China and Russia, are applying more principles of free enterprise to their own economic systems. Free enterprise provides an opportunity for a business to succeed or fail on the basis of market demand. In a freeenterprise system, companies that can efficiently manufacture and sell products that consumers desire will probably succeed. Inefficient businesses and those that sell products that do not offer needed benefits will likely fail as consumers take their business to firms that have more competitive products.
A number of basic individual and business rights must exist for free enterprise to work. These rights are the goals of many countries that have recently embraced free enterprise.
1. Individuals must have the right to own property and to pass this property on to their heirs. This right motivates people to work hard and save to buy property.
2. Individuals and businesses must have the right to earn profits and to use the profits as they wish, within the constraints of their society’s laws, principles, and values.
3. Individuals and businesses must have the right to make decisions that determine the way the business operates. Although there is government regulation, the philosophy in
countries like the United States and Australia is to permit maximum freedom within a set of rules of fairness.
demand the number of goods and services that consumers are willing to buy at different prices at a specific time.
4. Individuals must have the right to choose what career to pursue, where to live, what goods and services to purchase, and more. Businesses must have the right to choose where to locate, what goods and services to produce, what resources to use in the production process, and so on.
Without these rights, businesses cannot function effectively because they are not motivated to succeed. Thus, these rights make possible the open exchange of goods and services. In the countries that favor free enterprise, such as the United States, citizens have the freedom to make many decisions about the employment they choose and create their own productivity systems. Many entrepreneurs are more productive in free-enterprise societies because personal and financial incentives are available that can aid in entrepreneurial success. For many entrepreneurs,
supply the number of products—goods and services—that businesses are willing to sell at different prices at a specific time.
equilibrium price the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.
Supply is the number of products that businesses are willing to sell at different prices at a specific time. In general, because the potential for profits is higher, businesses are willing to supply more of a good or service at higher prices. For example, a company that sells rugs may be willing to sell six at $650 each, four at $500 each, but just two at $350 each. The relationship between the price of rugs and the quantity the company is willing to supply can be shown graphically with a supply curve (see Figure 1.2).
In Figure 1.2, the supply and demand curves intersect at the point where supply and demand are equal. The price at which
Consumers are usually willing to buy more of an item as its price falls because they want to save money.
their work becomes a part of their system of goals, values, and lifestyle. Consider the panelists (“sharks”) on the ABC program Shark Tank who give entrepreneurs a chance to receive funding to realize their dreams by deciding whether to invest in their projects. They include Barbara Corcoran, who built one of New York’s largest real estate companies; Mark Cuban, founder of Broadcast.com and MicroSolutions; and Daymond John, founder of clothing company FUBU, as well as others.8
The Forces of Supply and Demand
In the United States and in other free-enterprise systems, the distribution of resources and products is determined by supply and demand. Demand is the number of goods and services that consumers are willing to buy at different prices at a specific time. From your own experience, you probably recognize that consumers are usually willing to buy more of an item as its price falls because they want to save money. Consider handmade rugs, for example. Consumers may be willing to buy six rugs at $350 each, four at $500 each, but only two at $650 each. The relationship between the price and the number of rugs consumers are willing to buy can be shown graphically with a demand curve (see Figure 1.2).
the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time is the equilibrium price. In our rug example, the company is willing to supply four rugs at $500 each, and consumers are willing to buy four rugs at
competition the rivalry among businesses for consumers’ dollars
pure competition the market structure that exists when there are many small businesses selling one standardized product.
monopolistic competition the market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small.
$500 each. Therefore, $500 is the equilibrium price for a rug at that point in time, and most rug companies will price their rugs at $500. As you might imagine, a business that charges more than $500 (or whatever the current equilibrium price is) for its rugs will not sell as many and might not earn a profit. On the other hand, a business that charges less than $500 accepts a lower profit per rug than could be made at the equilibrium price.
If the cost of making rugs goes up, businesses will not offer as many at the old price. Changing the price alters the supply curve, and a new equilibrium price results. This is an ongoing process, with supply and demand constantly changing in response to changes in economic conditions, availability of resources, and degree of competition. For example, the price of oil can change rapidly and has been between $30 and $113 a barrel over the last seven years. Prices for goods and services vary according to these changes in supply and demand. Supply and demand is the force that drives the distribution of resources (goods and services, labor, and money) in a free-enterprise economy.
buyers who cannot afford to buy goods at the equilibrium price from participating in the market. According to critics, the wealthy can afford to buy more than they need, but the poor may be unable to buy enough of what they need to survive.
The Nature of Competition
Competition, the rivalry among businesses for consumers’ dollars, is another vital element in free enterprise. According to Adam Smith, competition fosters efficiency and low prices by forcing producers to offer the best products at the most reasonable price; those who fail to do so are not able to stay in business. Thus, competition should improve the quality of the goods and services available and reduce prices. Competition allows for open markets and provides opportunities for both individuals and businesses to successfully compete. Entrepreneurs can discover new technology, ways to lower prices, as well as methods for providing better distribution or services. Founder Jeff Bezos of Amazon.com is a prime example. Amazon was able to offer products online at competitive prices. Today, Amazon competes against such retail giants as Walmart in a number of industries, including cloud computing, entertainment, food, and most consumer products found in retail stores.
Within a free-enterprise system, there are four types of competitive environments: pure competition, monopolistic competition, oligopoly, and monopoly.
Competition allows for open markets and provides opportunities for both individuals and businesses to successfully compete.
Critics of supply and demand say the system does not distribute resources equally. The forces of supply and demand prevent sellers who have to sell at higher prices (because their costs are high) and
Pure competition exists when there are many small businesses selling one standardized product, such as agricultural commodities like wheat, corn, and cotton. No one business sells enough of the product to influence the product’s price. And, because there is no difference in the products, prices are determined solely by the forces of supply and demand.
Monopolistic competition exists when there are fewer businesses than in a purecompetition environment and the differences among the goods they sell are small. Aspirin, soft drinks, and vacuum cleaners are examples of such goods. These products differ slightly in packaging, warranty, name, and other characteristics, but all satisfy the same consumer need. Businesses have some power over the price they charge in monopolistic competition because they can make consumers aware of product differences through advertising. Consumers value some features more than others and are often willing to pay higher prices for a product with the features they want. For example, many consumers are willing to pay a higher price for organic fruits and vegetables rather than receive a bargain on nonorganic foods. The same holds true for non-genetically modified foods.
An entrepreneur presents his idea for a new product. Entrepreneurs are more productive in free-enterprise systems.
Jean Images/Getty Images RF
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— Ah ! que c’est bête, mon pauvre vieux ! C’est romance, c’est rococo, 1830, quelle confiture !
— Si cela t’ennuie, tu n’es pas obligé de lire ce que j’écris.
— Non, mais quand je pense aux fadeurs qui s’écrivent sous mon nom ! Tiens, je vais faire un tour, je ne m’en mêle plus !
— Mais, grand Dieu, je ne te demande que cela !
« Monsieur Victor Plisson, fantassin, « Secteur 322.
« M T ,
« Tu n’imagines pas comme j’ai attendu ta carte avec ton petit mot toujours pareil : « Ça va bien, on les aura ! Totor. » Deux jours de retard ! J’étais folle ! Heureusement que Mlle Lancelot — tu sais, l’ancienne institutrice qui demeure sur mon palier ? — m’a remonté le moral en me disant que c’était la faute de la poste.
« Enfin, je l’ai et je l’ai mise avec les autres sur mon cœur.
« Quelle bonne idée j’ai eue, mon Totor, d’acheter ces cartes pour te les envoyer et que tu me les renvoies !… et quelle chance d’avoir juste trouvé les endroits où nous nous sommes tant promenés le dimanche : Nogent, le bois de Vincennes, Clamart… Figure-toi que j’ai fini par trouver la rue Lepic, juste à l’endroit où on jouait tous les deux quand on était petits, sur le trottoir, devant la loge de tes parents, là où, quand ta mère était en colère, tu te laissais donner des claques à ma place, quand nous avions fait une sottise ?
« Dire qu’on s’est aimés si petits, nous deux, et que ça finira par un mariage, comme dans les romans !
« Ah ! Totor, jure-moi bien au moins que je suis la seule et que tu n’as pas d’autre tendresse dans l’esprit ni dans le cœur !
« Mais je suis là que je bavarde, et je ne te mets pas les bonnes choses qui me sont arrivées depuis ta dernière.
« Tout ça m’est venu par une de mes clientes, une demoiselle de la haute qui s’est intéressée à ton petit bouton de Rose — un mot à toi !
« Tu sais le rhume que j’ai pris à ta dernière permission ? Cette fois qu’on était allé se promener dans le cimetière de Bagneux. Ce qu’il pleuvait !
« On n’était pas pressé, on marchait tout doucement à travers les tombes, on était si seuls, tu avais ton bras passé autour de ma taille, et tu causais si bien ! Il n’y a que toi pour ça !
« S’apercevait-on qu’il pleuvait ? Je ne crois pas.
« Pour en revenir à Mlle Diane (oui, il paraît que c’est aussi un nom de demoiselle), elle m’a entendu tousser pendant que je travaillais, et voilà qu’elle s’est mis en tête de me guérir !
« Mon petit, si on dit devant toi qu’il n’y a pas de bons cœurs parmi les riches, tu pourras toujours parler de celle-là !
« Voilà qu’elle me donne l’adresse de son médecin avec un petit mot de recommandation.
« Je me fais belle, et j’y vais.
« Non ! J’aurais voulu que tu voyes cette maison, toi qui aimes l’élégance : et le tapis et ce salon avec des statues partout ! J’en ai vu pourtant, tu sais !…
« J’étais dans mes petits souliers, si bien que j’en ai oublié de retirer tes cartes de mon corsage, et voilà-t-il pas qu’au moment où le grand médecin veut m’ausculter, en défaisant mes boutons… patatras.
« Tout le paquet s’étale sur le tapis !
« Tu penses si j’avais honte !
« Le grand médecin m’a aidée à les ramasser, et j’ai vu qu’il avait envie de rire, mais il n’a rien dit ; il m’a seulement regardée d’un drôle d’air, et moi, comme de juste, j’ai rougi comme une pivoine !
« Il m’a fait une ordonnance qui n’en finissait plus et il m’a demandé très sérieusement si je ne pouvais pas aller à la campagne
le mois prochain.
« Ces beaux messieurs et ces belles dames s’imaginent comme ça qu’on lâche son travail pour aller se promener… Ça serait bien commode !
« Eh bien ! et manger, et payer son loyer, et envoyer des colis à son petit soldat, et mettre de côté pour son futur ménage ?
« J’ai répondu que ça ne m’était pas possible.
« Alors, il m’a dit comme ça, brusquement :
« Vous êtes au service de Mlle de Trivières, je lui en parlerai. Allez. »
« Ah ! ça va rondement ! Dix minutes à chacun, comme à confesse !
« Mlle Diane m’a demandé à voir l’ordonnance. Il y en avait bien pour 20 francs.
« Le soir même, on m’apportait le paquet de chez le pharmacien, et, depuis, j’en ai avalé des drogues, et je suis retournée plusieurs fois chez le médecin, qui m’a fait des pointes de feu…
« Il paraît que c’était plus grave que je ne croyais, mais, rassuretoi, je vais déjà bien mieux, et je ne tousse presque plus.
« Ça n’est pas encore toute la bonté de Mlle Diane ; elle m’a prise tout à fait comme lingère pour que je ne coure pas de droite et de gauche, et tu me vois installée dans son cabinet de toilette, les pieds au chaud, l’estomac bien garni, et, en face de moi, les arbres du jardin qui commencent à sortir leurs petites feuilles vertes…
« Ça, Totor, c’est meilleur que tout pour me guérir. Mlle Diane me donne ma tâche tous les matins ; elle m’en donne si peu, que j’en suis honteuse ; et le soir, comme je ne suis pas fatiguée, je couds un peu tes chemises neuves que tu trouveras faites quand nous nous marierons.
« Là-dessus, mon chéri, plus rien à te dire, excepté que j’ai été voir ta mère dimanche. La pauvre femme était fatiguée ; alors je lui ai fait son ménage à fond. Nous avons parlé de toi tout le temps. Quel bon dimanche !
« Au revoir, mon Totor, une bonne bise de ta petite fiancée.
« R . »
« Monsieur Hubert de Louvigny, « Secteur Postal 322.
« D’abord que je vous rassure en vous disant que mon correspondant, pour fantasque et sauvage qu’il est, ne me déplaît pas ; et, puisque j’ai assumé la grave responsabilité de son réconfort moral, je ne m’en dédirai point.
« Parlons de la question des livres. Je suis très perplexe pour chercher ce qui pourrait vous plaire.
« Je n’aime pas la lecture et n’ai sur tout cela que des idées assez vagues.
« Soyez assez bon, monsieur le lieutenant, pour me donner sur vos goûts particuliers quelques précisions.
« Il y a, de nos jours, peu de romans que les jeunes filles puissent lire. Je pense, du reste, que les lectures d’un officier ne doivent pas ressembler aux nôtres. A tout hasard, je vous envoie : Grandeur et décadence militaires, d’Alfred de Vigny, mais vous le connaissez, sans doute ?
« Oui, je voudrais bien aussi m’intéresser à la lecture. A quoi peut penser une jeune fille qui ne lit pas, qui ne sort guère — Paris est devenu si morne ! — et qui, jusqu’ici, n’a jamais eu beaucoup de penchant pour l’amitié de ses semblables ?
« Vous parlez de solitude morale, monsieur, de la vôtre qui n’est que momentanée, sans doute, parce que vous avez quitté d’excellents amis… Mais que diriez-vous d’une solitude de cœur absolue, d’une timidité de sentiments telle que les pensées les plus délicates sont refoulées au plus profond de l’être, que lorsqu’une velléité d’épanchement vous monte aux lèvres, on se sent tout à coup glacée, morfondue, et que l’on rentre en soi-même avec le regret de ne pouvoir se faire comprendre… ou encore une autre crainte que je ne puis vous confier et qui vous empoisonne le cœur ?
« Vous voyez combien nous sommes déjà d’intimes amis, puisqu’à vous seul j’ose parler de mes tristesses.
« Il est vrai que ces aveux s’adressent à un homme que je ne connaîtrai sans doute jamais, qui m’a offert spontanément sa sympathie, mais que j’oserais à peine regarder en face s’il était devant moi.
« Ne vous connaissant pas, il me semble que j’écris un peu pour moi-même et malgré moi je me laisse entraîner.
« C’est si bon de parler sans contrainte ! D’être bien soi… sans crainte, sans arrière-pensée !
« Laissez-moi donc user de ce plaisir, à distance, monsieur mon correspondant, à une condition :
« C’est que vous me promettrez que vous ne chercherez jamais à rencontrer Rose Perrin, si vous ne voulez pas voir rompre l’enchantement qui lui permet de s’ouvrir à vous.
« Ainsi, pour la première fois de ma vie, j’aurai rencontré l’ami véritable, celui que de mesquines jalousies féminines ne pourront m’enlever, ou que des sentiments d’une autre nature que l’amitié ne pourront atteindre.
« Je veux être pour vous une Rose Perrin tout idéale, que je ne vous défends pas d’aimer, de loin, comme une sœur.
« D’après vos lettres, je vous crois capable de comprendre mon désir et d’en apprécier toute la délicatesse.
« Voulez-vous bien ?
« Vous ne me chercherez pas. Nous ne nous connaîtrons jamais !
« A cette condition, j’aurai, moi, un confident unique, et vous, monsieur le lieutenant, une amie sûre et fidèle, très discrète, à qui vous pourrez confier tout ce qu’il vous plaira.
« C’est entendu, n’est-ce pas ?
« Puisqu’il est convenu que nous jouons au petit jeu des devinettes en ce qui concerne nos caractères, je vais essayer de deviner le vôtre.
« Je me demande si votre sauvagerie ne cacherait pas au fond une grande sensibilité, un psychologue, un rêveur, plus qu’un homme d’action. En décrivant mon caractère, vous cherchez à me parer des dons que vous estimez le plus : artiste, sensible, poète !
« Hélas ! j’ai bien peur d’être loin de ressembler à ce portrait.
« Est-ce une cause qui doive nous empêcher de nous comprendre ?
« Non, je ne le pense pas.
« La différence des natures est au contraire un attrait. Et si je dois subir les effets de vos humeurs fantasques, je m’y résignerai… »
— Rose… une petite phrase simple pour finir ?
— Sur quoi, mademoiselle ?
— Ce que vous voudrez, quelque chose de gentil.
— Voyons… que je cherche…
« Si vous saviez quel plaisir ce sera pour votre amie de penser à vous souvent, en marchant, en travaillant, à vous qui passez votre vie à souffrir pour la France… Ainsi je me sentirai plus près de mon Totor… »
— Oh ! pardon, mademoiselle, je me trompe !
— Cela ne fait rien, Rose, c’est corrigé : « de mon ami » ; ensuite ?
— « De mon ami. A toute heure, je me dirai : A-t-il bien ce qu’il lui faut ? Mange-t-il à sa faim ? Souffre-t-il du froid ou du chaud ? Est-il en grand danger ? Et je prierai Dieu de vous préserver de tout mal ; je lui demanderai d’écarter les obus de votre route, de vous envoyer la pluie qui rafraîchit ou le soleil qui réchauffe, de vous permettre le bon sommeil qui réparera vos forces, afin de vous donner tout le bien que je vous souhaite de tout mon cœur…
« Votre amie dévouée,
« R P . »
— Oh ! Rose ! Rose ! vous m’en faites trop dire !
— Ça n’est pas bien, mademoiselle ? Quand mademoiselle me dit de l’aider, je fais comme si je pensais tout haut… Nos pauvres soldats ! Ils font tant pour nous !
— Oui, mais… c’est peut-être même trop bien…
Enfin, c’est écrit… Savez-vous à quoi je pense, Rose, en relisant ?
— Non, mademoiselle.
— C’est que, si La Fontaine ne vous avait pas devancée en écrivant la fable des Deux pigeons, vous auriez pu l’inventer.
— Voyez-vous comme les beaux esprits se rencontrent !
Où demeure-t-il ce M. La Fontaine ?
Si mademoiselle veut me donner son adresse, j’aimerais à causer avec lui ?
— Vous auriez de la peine à le rencontrer, ma pauvre Rose, il est mort depuis plus de deux cents ans.
— Ah !… mademoiselle m’en dira tant !
« Marquise de Trivières, « Avenue Malakoff, Paris.
« B ,
« Impossible de vous donner en ce moment le conseil que vous me demandez… j’ai besoin d’y réfléchir et je suis littéralement débordé.
« Je m’excuse même de cet informe gribouillage écrit sur le coin d’une table d’auberge.
« Reçu hier une lettre de mon neveu Hubert.
« Pourquoi Diane ne lui écrit-elle pas ainsi qu’il était convenu ?… Je l’avais prévenu, il s’étonne… Il attend.
« Répondez si vous avez renoncé à notre projet, alors j’écrirais de temps à autre à ce pauvre garçon.
« J’embrasse les enfants.
« Merci à Jacques de son petit mot. Bon courage pour son examen.
« Je baise vos belles mains, chère amie.
« Agréez mes respectueux hommages.
« G. d’Antivy. »
« Mademoiselle Rose Perrin, « rue de Longchamp, Paris.
« Savez-vous, petite amie Rose, que je dois faire sur moi-même un effort surhumain pour souscrire à la condition effrayante que vous m’imposez, et que vous me faites mériter cruellement la faveur de votre amitié ?
« Hélas ! vous connaissez trop déjà le pouvoir que vous possédez et je sens bien que je n’ai plus le choix !
« Il ne me reste qu’à obéir.
« Je mettrai cependant à cette obéissance une restriction… une seule ! que je vous supplie d’accepter.
« Je consens et je vous promets de ne jamais chercher volontairement à vous voir, de ne point abuser de l’adresse que vous m’avez donnée pour me rapprocher de vous… Cependant, si, par la suite, le hasard — ou ma bonne étoile — nous mettaient en présence, si, sans l’avoir voulu, nous arrivons à nous rencontrer, alors, petite amie qui m’êtes déjà chère, promettez à votre tour que vous ne vous déroberez pas, que vous ne chercherez pas de fauxfuyants, et que, si jamais je viens à vous en disant : « Est-ce vous ? » Vous me répondrez aussitôt : « Oui, mon grand ami, c’est moi, Rose Perrin !… »
« Quelle jolie aventure ce serait de vous trouver sans vous avoir cherchée !
« Vraiment, reconnaissez que je ne suis point trop exigeant ?
« C’est entendu, n’est-ce pas ? Vous dites oui ?
« Ceci établi, je vous remercie du livre que j’ai reçu.
« Je le connaissais, mais je l’ai relu avec grand plaisir.
« Les belles choses ne vieillissent point et on ne s’en lasse jamais. Merci encore.
« J’ai relu plus de dix fois votre dernière lettre et l’impression qui m’en est restée est celle-ci :
« Vous la trouverez bizarre. C’est qu’il me semble être en présence de deux Rose, l’une très sérieuse, réfléchie, je dirai même raisonneuse, d’une intelligence subtile, avec une certaine amertume de ton qui indiquerait un cœur déjà déçu…
« L’autre Rose, petite âme toute droite, bonne, la nature même, avec un charme de simplicité naïve, qui sollicite l’affection…
« Balançant de l’une à l’autre, également séduit et attiré, je ne saurais prononcer à laquelle va le plus volontiers ma pensée…
« Une seule chose m’étonne et me déconcerte dans le portrait que vous tracez de vous-même :
« Vous n’aimez point la lecture, vous l’avouez !
« Ceci est tellement contraire à la nature de l’une et l’autre Rose !
« Quoi ! nos grands génies français : Racine, Corneille ne vous ont point émue ?
« La superbe Andromaque, la tendre Bérénice, le sublime Polyeucte ne vous ont jamais arraché des larmes ? Je voudrais avoir encore la fraîcheur de sentiment de ma première jeunesse pour retrouver, en les lisant, les mêmes émotions.
« Mais, en admettant que la grande tragédie vous soit inaccessible, petite Rose, regardez plus près de vous… lisez du Dickens par exemple ; je m’étonnerais bien si les malheurs de David Copperfield ou de la petite Dombey vous laissaient indifférente. Lisez encore cet admirable Récit d’une sœur, de Mme Craven, qui a le mérite d’être une œuvre vécue.
« Une nature aussi richement douée que la vôtre ne peut que gagner encore en se développant.
« J’ai l’air, vraiment, de vous donner des conseils.
« C’est un peu le rôle du grand ancien ami que je suppose déjà être pour vous.
« Et si vous voulez bien me permettre de compléter ces conseils par un autre, je vous dirai :
« Ne laissez jamais l’ennui pénétrer jusqu’à vous. Repoussez-le par tous les moyens…
« Que ce soit par la lecture, par la prière ou par le dévouement dont je vous crois si capable, à cause de la noblesse de votre cœur…
« Dans les temps malheureux que nous traversons, on a tant de façons de faire le bien !… et pour oublier ses soucis — croyez-m’en, petite amie, j’ai une certaine expérience de ces choses — il n’y a rien de plus efficace.
« Essayez et vous verrez que vous ne souffrirez plus autant de cette « solitude du cœur » qui vous pèse.
« Voici un sermon bien sévère pour la petite Rose, si bonne qu’elle voudrait me donner « tout le bonheur qu’elle souhaite pour moi de tout son cœur ».
« Qu’elle me le pardonne en faveur de notre pacte d’amitié et de l’intérêt très vif qu’elle a su éveiller en
« Son ami obéissant et dévoué,
« H. L. »
« Général d’Antivy,
« G. Q. G., secteur 156.
« Je commence par vous dire, bon ami, que votre neveu est un étourneau qui ne sait ni ce qu’il fait, ni ce qu’il dit… ou encore que vous-même êtes si occupé que vous ne vous souvenez plus de ce qu’on vous écrit !
« Il est tout à fait inexact que Diane n’écrive point au lieutenant de Louvigny.
« J’ai vu — de mes yeux vu — une enveloppe de lettre à son nom prête à mettre à la poste et que ma fille a écrite devant moi.
« Que vous faut-il de plus pour être convaincu ?
« Et je vous avouerai même que je me sens un peu inquiète de la tournure que prend cette correspondance !
« Une drôle d’idée, vraiment, que vous avez eue là, général !
« Je suis forcée de reconnaître que vous ne vous trompiez pas en prédisant que ma petite cachottière de fille ne me ferait part de ses lettres que jusqu’à un certain point… Vous entendiez par là le moment où l’amour commencerait à montrer le bout de ses ailes dans la correspondance de nos jeunes gens.
« Eh bien ! cher ami, ce moment a dû venir très vite, car je n’ai pas vu une seule des lettres de Diane et pas seulement aperçu la couleur de l’écriture de M. Hubert.
« Voilà où ils en sont après six semaines d’un échange de lettres assidu !
« Oh ! oui ! cela va bien… trop bien !
« Sentimental bon ami, vous avez placé ces enfants sur la pente et moi j’assiste, sans pouvoir l’arrêter, dans les limites que les convenances de notre monde devraient leur imposer, au déroulement du petit roman que vous avez combiné… J’en reste confondue, effrayée, tandis que vous, qui avez mis le feu aux poudres, vous vous en tirez en disant : Arrangez-vous !
« Ah ! vraiment, je me demande si vous n’êtes pas encore le plus jeune de nous tous !
« Mais l’étonnant de l’aventure, ce sont les transformations que ses nouvelles idées produisent tous les jours dans les manières et les habitudes de Diane…
« Volontairement elle a renoncé à aller dans le monde et au théâtre pour la raison, me dit-elle, qu’il lui paraît choquant de penser au plaisir alors que tant des nôtres tombent à chaque instant… Cette chère enfant, elle m’a plongée, bien malgré moi, dans un abîme de réflexions. Je ne puis que l’approuver et trouver qu’elle a raison ;
aussi, depuis quinze jours, je refuse toute invitation ; nous menons ici une vraie vie de cénobites !
« Diane a fixé l’emploi de son temps heure par heure, ayant découvert un beau jour qu’elle avait une maladie nommée l’ennui et que, pour la combattre, il lui fallait réformer de fond en comble son existence… et la mienne ! Eh ! mon Dieu, vous trouveriez, mon bon ami, que votre pupille prend de plus en plus vos idées et sans nul doute vous seriez enchanté de la voir chaque matin partir à la messe de huit heures, puis, avec une liste des malheureux du quartier, aller dans les rues les plus pauvres distribuer elle-même ses aumônes.
« C’est l’abbé Grenet, l’ancien directeur de ses catéchismes, qui la guide et la conseille. Et elle me revient de ses courses fraîche et rose, avec un appétit dévorant et une physionomie animée que vous ne lui avez jamais vue. Diane se transforme et, vous avouerai-je, cher ami, qu’à part quelques exagérations, son changement me rend bien heureuse ?
« Elle a pris goût au travail ; en ces derniers temps une fringale de lecture l’a prise. Cela a commencé par les œuvres de Racine, où elle s’est jetée à corps perdu, si bien qu’un jour, en lui voyant à déjeuner l’air préoccupé, je lui demandai : « A quoi penses-tu, chérie ? » Elle me répondit : « A Polyeucte ! La première fois qu’on reprendra Polyeucte au Français, vous m’y conduirez… Que ce doit être beau de l’entendre répéter son : Je suis chrétien ! » Je cite textuellement, vous pourriez croire que j’invente. Et notez que la veille, elle avait refusé d’aller à un petit théâtre où l’on joue en ce moment une pièce à la mode.
« Ces petites filles !… Comme tous les jours elles deviennent plus compliquées !
« Vraiment, bon ami, vous qui me reprochiez de ne pas élever Diane assez sérieusement, que pensez-vous du résultat ?
« Je commence à croire que cette vertu à laquelle vous donniez le nom de « sens de la guerre » l’a touchée de sa grâce : peut-être bien aussi que les lettres de son prétendu filleul ont contribué à la lui inculquer
« Car, non seulement il écrit, mais ce doit être des volumes, à en juger d’après l’épaisseur des enveloppes que mademoiselle ma fille escamote sous mes yeux et emporte dans sa chambre d’un pas léger et avec un air tout nouveau aussi…
« Les vacances de Pâques vont commencer. Je n’en suis point fâchée pour Jacques, que ses études fatiguent.
« Vous savez que nous allons chaque année faire un petit voyage à cette époque.
« Hier, j’émettais l’idée d’aller en Suisse, puisque c’est l’un des rares pays neutres où nous pouvons mettre le pied. Diane s’est arrachée à une lecture qui la captive : le Récit d’une sœur, livre d’une tristesse noire dont je n’ai pu lire dix pages sans pleurer, et elle m’a annoncé son intention de rester à Paris jusqu’à notre grand départ pour Vauclair, sous prétexte que Paris est charmant à cette époque, le Bois délicieux, surtout depuis qu’on n’y rencontre personne… que c’est le moment ou jamais d’en profiter, etc.
« A-t-elle peur que ses précieuses lettres ne soient égarées en route ?
« Bref, Jacques m’a priée aussi de le laisser à Paris : il désire prendre pendant ses vacances quelques répétitions de mathématiques.
« J’ai cédé ; comme toujours je me sacrifierai et je partirai seule pour Montreux, puisque ces méchants enfants ne veulent point m’accompagner. Ma santé exige absolument un changement d’air à cette époque.
« Voici, cher ami, une bien longue lettre en réponse à votre petit mot. Aurez-vous seulement le temps de me lire ?
« Ne vous fatiguez pas trop, n’abusez pas de vos forces et n’oubliez point votre régime !
« Vous savez combien votre santé nous est précieuse et, en dépit de nos petites escarmouches, j’espère que vous ne doutez point de ma sincère affection.
« H T »
« Marquise de Trivières,
« Avenue Malakoff, Paris,
« Mille grâces pour votre charmante lettre et pour les excellentes nouvelles que vous me donnez.
« Je vois, d’après ce que vous me dites, que ce scélérat d’Hubert veut jouer au plus fin avec son vieil oncle. Enchanté de l’apprendre !
« Puisqu’il ne veut rien dire, je n’aurai pas l’indiscrétion de l’ennuyer de mes questions.
« Si vous m’en croyez, marquise, faites comme moi, ne nous en mêlons ni l’un ni l’autre ; laissons l’amour faire nos affaires en s’occupant de nos enfants… Nous interviendrons quand il en sera temps…
« Ma tournée menace de se prolonger et je crains bien de ne pouvoir me rendre à Vauclair cet été, ainsi que je le fais chaque année.
« Je vous baise les mains… Souvenirs à vos enfants.
« Votre respectueusement dévoué,
« G. ’A . »
« Mademoiselle Rose Perrin, « 189, rue de Longchamp, Paris.
« M ,
« Avant son transfert dans un hôpital de l’intérieur, votre correspondant m’a chargé de vous avertir qu’il avait été évacué pour une blessure au bras droit, heureusement légère, mais qui le met pour quelques semaines dans l’impossibilité de tenir une plume. Il a, de plus, subi un commencement d’asphyxie par les gaz.
« II vous fait toutes ses excuses d’être obligé d’interrompre votre correspondance, mais il espère qu’après sa guérison, vous voudrez bien vous souvenir de lui et la reprendre.
« Il vous adresse, mademoiselle, ses plus respectueux hommages.
« Recevez, mademoiselle, l’expression de mes sentiments respectueux.
« P. J , « Sous-lieutenant au 10e d’Infanterie. »
DEUXIÈME PARTIE
CHAPITRE PREMIER
— Rose, j’ai vu le docteur Beauchamp.
— Alors, mademoiselle ?
— Il vous trouve beaucoup mieux, mais il ordonne que vous partiez à la campagne pour achever votre guérison… Vous partirez demain.
Les yeux de Rose s’ouvrent pleins d’étonnement :
— Où cela, mademoiselle ?… A la campagne ?… Je ne connais personne…
— Vous partirez demain avec Pascal, le cocher. Il va à Vauclair conduire le cheval de M. Jacques, qui a besoin d’être mis au vert.
— C’est comme moi alors, dit Rose, en agitant dans un rire les petits grelots autour de son front. Pourtant, mademoiselle… vous êtes si bonne !… Trop ! Trop ! Qu’est-ce que je vais faire là-bas sans mademoiselle ?
La petite lingère courba la tête sur la chemisette de batiste où elle faisait des « jours ».
Aussitôt les grelots s’allongèrent en clochettes et deux ou trois larmes brillantes glissèrent le long de ses joues.
Mlle de Trivières répondit sans la regarder, d’un ton qu’elle voulait rendre impassible :
— C’est pour votre santé, ma fille… Et, de plus, nous avons besoin d’une lingère à Vauclair pour tout cet été.
« La femme de charge du château devient vieille, elle a de mauvais yeux ; pour certains travaux délicats, il faut là-bas une bonne lingère.
Un regard à l’adresse de la bonne lingère qui a des larmes plein les yeux.
— A moins que cela ne vous contrarie et que vous ne préfériez me quitter…
— Quitter mademoiselle !… Quand mademoiselle m’a sauvé la vie !… Ah ! bien, alors ! A moins que mademoiselle n’ait assez de moi…
Un hochement de tête désolé, et Rose enfouit sa figure et ses frisettes dans ses mains et sanglote.
Un petit silence.
Mlle de Trivières contemple d’un air embarrassé cette image de la désolation qui profère des mots entrecoupés.
— Moi qui m’étais si bien habituée… Qu’est-ce que je deviendrais sans mademoiselle ? Elle a tout fait pour moi !… Oui, tout !… Jusqu’à l’huile de foie de morue que mademoiselle m’a forcée d’avaler… malgré que ça me fait mal au cœur…! Mon Dieu ! Mon Dieu !
Mlle de Trivières interrompt les lamentations en disant d’une voix douce et contenue :
— Rose, vous n’êtes pas plus raisonnable qu’un enfant ! Vous savez que, dans deux mois à peine, nous serons tous à Vauclair, vous voyez donc qu’il n’y a pas lieu… puisque je dois passer l’été làbas…
L’ouvrière relève son front et sa physionomie changeante passe aussitôt à l’expression de la joie.
— Mademoiselle viendra !… tout l’été. Ah ! quel bonheur !
— Allez préparer vos affaires… Laissez cela ; Marie le finira. Rentrez chez vous, faites vos paquets et soyez prête pour le train de 8 h. 15 demain matin, à la gare d’Orsay. Vous y trouverez Pascal… Il vous indiquera l’endroit.
— Je ne verrai donc plus mademoiselle aujourd’hui ?
— Je vais au Bois ce matin. Vous pourrez me voir un moment ce soir, avant le dîner. Je vous donnerai des instructions pour votre travail là-bas. Mais j’exige avant tout que vous vous reposiez… que vous évitiez toute fatigue. Vous m’obéirez, n’est-ce pas ?
— Oui, mademoiselle.
L’ouvrière pliait avec soin la chemisette commencée. Tout à coup elle s’écria, en regardant par la fenêtre au delà du jardin, avec cette liberté de langage que Mlle de Trivières lui avait laissé prendre bon gré mal gré :
— Ah ! voilà la Bretonne du cinquième qui secoue par la fenêtre un dolman d’officier… Elle le secoue tellement fort… Elle va le lâcher !… Là !… Qu’est-ce que j’avais dit ! Où va-t-il tomber maintenant ?… Oh ! la Bretonne se penche ! Elle va y passer aussi ! Non ! elle se décide à descendre.
« Si mademoiselle permet, j’irai le lui ramasser… Il est tombé dans le jardin.
— Allez, Rose.
Mlle de Trivières jeta un dernier coup d’œil à la glace, pour voir si sa nouvelle amazone lui allait bien ; elle prit sur son bureau sa cravache et ses gants et descendit.
Il était à peine dix heures, elle avait déjà terminé sa tournée charitable.
Par cette matinée d’avril ensoleillée, le Bois serait d’une fraîcheur délicieuse.
Elle traversait le jardin pour se rendre aux écuries, lorsqu’elle rencontra Rose Perrin qui rentrait.
— Eh bien, vous avez rendu ce vêtement ?
— Oui, mademoiselle. Je l’ai donné à la Bretonne. C’est à son maître, un officier qui vient d’arriver en convalescence.
Diane passa et se dirigea vers la cour à droite. Le vieux Pascal, prêt à l’accompagner, finissait de vérifier les attaches de sa selle.
Diane caressa du plat de sa main l’encolure de la vieille jument que la réquisition lui avait laissée, puis jetant par hasard un regard du côté des stalles, elle fut surprise d’y voir un beau cheval bai-brun qu’elle ne connaissait point.
— Quel est ce cheval ? dit-elle, étonnée.
Pascal rougit et se pencha davantage en rebouclant la sousventrière. Il balbutia :
— Mademoiselle… c’est le cheval d’un officier qui est arrivé hier dans la maison de devant. Il n’avait pas d’endroit pour loger son cheval. Alors, comme il doit rester un bout de temps — deux mois au moins Moreau (c’était le portier) et moi, nous avons pensé qu’on pouvait offrir à ce monsieur une petite place…
— Dans nos écuries ? Sans notre autorisation ? Sans celle de ma mère ?
— Mme la marquise est absente, reprit le cocher, penaud… Madame aurait sûrement permis… L’écurie est vide.
Il ne convenait point au cocher d’avouer que l’officier en question avait donné à Moreau une bonne gratification dont lui-même, Pascal, avait bénéficié et que, tous deux avaient affirmé au propriétaire du cheval que Mme la marquise permettait, que cela ne faisait pas un pli, etc.
Diane ignorait cette petite histoire. Elle dit, de son ton le plus autoritaire :
— Et moi, ne suis-je pas ici ? Et ne pourriez-vous me consulter avant d’accorder à n’importe qui le droit d’entrer dans les dépendances de l’hôtel à toute heure du jour ?
« Ce monsieur a accepté, sans notre permission ? Vraiment, c’est d’un sans-gêne qui dépasse tout ce qu’on peut imaginer ! »
Mlle de Trivières tournait le dos à la cour, elle élevait la voix et n’entendit point un pas d’homme qui se rapprochait.
A peine avait-elle fini de parler qu’une voix, dont l’accent indiquait une colère contenue, répondit :
— Cet homme n’est pas en faute, mademoiselle. Il croyait bien faire…
L’inconnu salua :
— Mlle de Trivières, je crois ? C’est moi qui n’aurais pas dû accepter avec un pareil « sans-gêne » l’offre de votre portier.
« Croyez que je regrette vivement. Toutes mes excuses… Viens, Farfadet, débarrassons les lieux…
« Vous pouvez vous tenir pour assurée, mademoiselle, que mon cheval ne rentrera plus ici… »
Diane interdite serrait nerveusement le manche de sa cravache… Ses yeux étincelants ne quittaient pas l’officier.
Celui-ci, un lieutenant de haute taille, en tenue de campagne bleu horizon, faisait sortir son cheval, qu’il avait sellé avec l’adresse d’un homme habitué à se servir lui-même.
L’étranger salua encore en partant, d’un geste cérémonieux. Son œil bleu, profond, rencontra le regard hautain de la jeune fille.
Arrivé au milieu de la cour, il sauta en selle avec aisance, tourna la tête du côté de Mlle de Trivières et dit, d’un ton ironique, en soulevant son képi :
— Il ne me reste plus, mademoiselle, qu’à vous remercier de votre gracieuse hospitalité.
L’officier enleva sa bête et disparut. Depuis son arrivée, Mlle de Trivières n’avait plus prononcé un mot. Seulement, elle avait pâli en recevant son dernier salut et, comme elle se mettait en selle, ses traits prirent une expression de froideur méprisante.
En sortant de la maison, elle aperçut de loin la haute silhouette de l’officier qui tournait le coin de la place du Trocadéro. Il allait prendre l’avenue Henri-Martin.
