Business Role in Economic Development

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

• Business Organization Definition: A group of individuals united for a common purpose, often profit-driven, as allowed by law.
• Origins of Business: Entrepreneurs use skills, efforts, and assets to serve people's needs and wants.
• Entrepreneur Role: Individuals taking risks to organize and operate businesses.
• Division of Labor Importance: Separating tasks creates expertise and boosts efficiency.
• Business Impact on Society: Businesses pay taxes supporting government services (healthcare, education, etc.).
• Business Impact on the Economy: Contributing to job creation, income generation, and economic growth.

Lesson 2: Form and Purpose of Business Organizations

• Sole Proprietorship: A single owner business with full responsibility for gains/losses; easy to form/close. Ideal for small businesses like shops.
• Partnership: Two or more individuals pool resources and split profits. Ideal for covering larger areas and providing greater market reach.
• Corporation: A legally separate entity from its owners (stockholders). Private and public corporations exist. Corporations are required to disclose financial statements to the government. A corporation can continue to exist without affecting its ownership.
• Nonprofit Organization: Businesses formed to serve the public rather than for profit. (e.g. schools, churches, and museums).
• Cooperative: A business owned and controlled by members.

Lesson 3: Accountability, Transparency and the Importance of Business Practices and Preventative Measures

• Accountability: Following rules and reporting performance fairly. Accountability is essential in preventing corruption.
• Transparency: Open communication in business dealings, increasing trust.
• Importance of sound accountability and transparency: Strong accountability structures are necessary for preventing corruption. A fragile civil society without accountability is vulnerable to abuse of authority.

Lesson 4: Bribery and Conflict of Interest

• Bribery Definition: Offering/receiving something of value to influence someone in a position of power.
• Types of Bribery: Money, gifts, services, or favors (can be disguised).
• Conflict of Interest Definition: When an individual's personal interests compromise professional judgments.
• Types of Conflict of Interest: Financial (e.g., owning stock in a regulated company), relational (hiring family), or responsibility-based (serving on competing boards).
• Conflict of Interest Disclosure: Disclosing potential conflicts to relevant parties.

Lesson 6: Foundations of the Principles of Business Ethics

• Philosophy Definition: A systematic study of fundamental questions (existence, reason, knowledge, and values).
• Branches of Philosophy: Metaphysics, Axiology, Logic, Aesthetics, Epistemology, Ethics, and Political Philosophy.
• Business Definition: An organization that creates and sells goods/services to fulfill societal needs.
• Business Ethics: Principles of what is morally right or wrong in business decisions.
• Classical Philosophers and Philosophies: Socrates (self-examination, unexamined life), Plato (good people don't need laws), Aristotle (happiness is the purpose of life), Bentham and Mill (utilitarianism).
• Philosophical Implications on Business: Philosophical insights on the nature of human existence, happiness, fairness, and ethical decision-making can offer guidance for responsible business practices by showing how decisions affect others.

Lesson 7: Filipino Values in Business

• Filipino Value System: Affecting business attitudes.
• Pagpapahalaga sa pamilya: Prioritizing family.
• Hiya: Respect for others, social honor.
• Amor propio: Self-respect, dignity, and social grace.
• Pakikisama: Harmonious relationships, cooperation.
• Suki: Long-term customer-supplier relationships.
• Utang na loob: Debt of gratitude, reciprocation.
• Bahala na: Acceptance and trust in fate.
• Filial Piety: Respect for elders and parents.
• Politeness (po/opo): Showing respect to elders and authority figures.