Business and Economic Development: Lesson 1

Lesson 1: The Role of Business in Social and Economic Development

• Objective: Define social and economic development, determine the origin and role of business and economic development, and explain the importance of the division of labor in a business.
• Origin and Roles of Business Organizations: Entrepreneurs organize businesses to provide goods and services. They are responsible for paying taxes which the government uses for essential services (healthcare, education, recreation). Business organizations are groups of people aiming at a common goal.
• Origin and Roles of Business Organizations (details): Businesses provide essential products and services. They create job opportunities, increase income, and boost the economy.
• Division of Labor: Dividing tasks allows individuals to become experts in their specific area, increasing efficiency in society.

Lesson 2: Form and Purpose of Business Organizations

• Objective: Differentiate the forms of business organizations, provide examples, and show how these organizations contribute to socioeconomic development.
• A. Sole Proprietorship: This business is owned by one person. The owner invests capital and manages the business. The owner is fully responsible for the business's success or failure. It is a simple structure, with minimal legal requirements. Suitable for small businesses.
• B. Partnership: This business is owned by two or more people who pool resources. Partners share the profits among themselves. The business is relatively easy to establish. Designed for supplying goods and services to large numbers of people.
• C. Corporation: This business is legally separated from its owners. A corporation can continue existing even if owners leave or die. Corporations are required to disclose financial information. Private and public corporations exist.
• D. Nonprofit Organizations: These organizations serve the public rather than seeking profit. Examples include schools, churches, and museums. They do not pay taxes on income used for charitable purposes.
• E. Cooperative: A business owned and managed by its members. Members are involved in all aspects of the business.

Lesson 3: Accountability, Transparency, and Other Issues

• Accountability: An obligation to demonstrate adherence to agreed-upon rules and standards or report accurately in relation to work plans. Essential for preventing and detecting corruption.
• Transparency: A crucial aspect of honesty, open communication, and cooperation to reach common goals. Key to building trust and mitigating conflicts.
• Corruption and Mismanagement: Sound accountability systems are essential to prevent corruption, while transparency fosters trust.

Lesson 4: Bribery and Conflict of Interest

• Bribery: The unethical and illegal practice of offering or receiving something of value to influence decisions or actions. This harms trust and integrity.
• Conflict of Interest: Conflicts arise when personal interests might compromise professional judgments. These might be financial, relational, or based on competing responsibilities.
• Disclosure: Disclosure of potential conflicts is crucial, promoting transparency.

Lesson 6: Foundations of the Principles of Business Ethics

• Philosophy: "Love of wisdom," the study of fundamental questions about existence, reason, knowledge, values, mind, and language.
• Branches of Philosophy: Metaphysics, Axiology, Logic, Aesthetics, Epistemology, Ethics, and Political Philosophy.
• Business Ethics: Rules, principles, and standards for deciding what is morally right and wrong in business.
• Classical Philosophers and Their Implications: Socrates, Plato, Aristotle, Jeremy Bentham, and John Stuart Mill (and their philosophical ideas) are influential on business ethical reasoning.
• Ethical Considerations: Utilitarianism (the end justifies the means) is an approach focusing on maximizing happiness and minimizing harm as a guide to decision-making. Other ethical viewpoints have their own frameworks for evaluating behavior.

Lesson 7: Filipino Value System and Business

• Objective: Describe how the Filipino value system affects business attitudes, distinguish between "good" and "morally unacceptable" Filipino values.
• Filipino Values: Respect for elders (Filial piety, "paggalang sa mga magulang"), family ties ("pagpapahalaga sa pamilya"), politeness ("po" and "opo"), hospitality ("utang na loob"), maintaining harmony ("pakikisama"), and others.
• Important Filipino Values in Business Context: Values influence interactions, decisions, and expectations in business.

Explore the fundamental roles of businesses in social and economic development. This lesson covers the origin of business organizations, their responsibilities, and the significance of the division of labor. Understand how these elements contribute to job creation and economic growth.