Podcast
Questions and Answers
What is considered a primary objective of business ethics?
What is considered a primary objective of business ethics?
How can technology companies help in restoring trust regarding data privacy?
How can technology companies help in restoring trust regarding data privacy?
Which act was enacted to protect consumers in financial markets?
Which act was enacted to protect consumers in financial markets?
What is an example of social responsibility for a company?
What is an example of social responsibility for a company?
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Which ethical issue involves offering money to expedite approvals?
Which ethical issue involves offering money to expedite approvals?
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What is NOT an aspect of developing ethical behavior in a company?
What is NOT an aspect of developing ethical behavior in a company?
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What is an example of 'greenwashing'?
What is an example of 'greenwashing'?
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What is a measure organizations can take to reduce unethical behavior?
What is a measure organizations can take to reduce unethical behavior?
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What is the primary goal of a business?
What is the primary goal of a business?
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Which type of economic system is characterized by private ownership and some government regulation?
Which type of economic system is characterized by private ownership and some government regulation?
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What exemplifies monopolistic competition?
What exemplifies monopolistic competition?
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Which term refers to the quantity of goods that consumers are willing to purchase?
Which term refers to the quantity of goods that consumers are willing to purchase?
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What is an example of a natural resource utilized in production?
What is an example of a natural resource utilized in production?
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Which of the following economic indicators measures the economic output of a country?
Which of the following economic indicators measures the economic output of a country?
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What characterizes an oligopoly?
What characterizes an oligopoly?
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Which factor is NOT classified as a financial resource?
Which factor is NOT classified as a financial resource?
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Study Notes
Nature of Business
- Businesses provide tangible and intangible products/services to satisfy needs and wants.
- Examples: Smartphones (tangible), streaming services (intangible), like Netflix.
- Primary goal: Customer satisfaction and profit.
- Stakeholders include customers, employees, and the community.
Economics & Factors of Production
- Natural Resources: Non-human-made resources (water, air, metals).
- Human Resources: Labor, such as workers in construction.
- Financial Resources: Resources (capital) used to start a business.
- Intangible Resources: Reputation and positive reviews can boost a company's standing.
Economic Systems
- Capitalism: Private ownership, with some government regulation.
- Socialism: Government controls key industries.
- Communism: State-controlled, often with low living standards.
Market Dynamics
- Demand: The quantity of a product consumers are willing to buy.
- Supply: The quantity of a product businesses are willing to sell.
- Equilibrium Price: The price where supply and demand meet.
- Examples: Elevated demand for hand sanitizers during COVID-19, or stable gas prices.
Types of Competition
- Pure Competition: Many sellers, prices set by supply/demand (e.g., agriculture).
- Monopolistic Competition: Differentiated products (e.g., branding) leading to higher prices (e.g., Starbucks).
Economic Indicators
- GDP: Measures a country's economic output (excluding overseas profits).
- Budget Deficit: When spending exceeds tax revenue.
Business Ethics and Social Responsibility
- Business Ethics: Principles of acceptable conduct, influenced by organizational culture.
- Restoring Trust: Integrating science with societal needs; providing transparency and control.
- Ethics in Action: Leaders exemplify ethical behavior; employees are trained in ethical practices.
- Social Responsibility: Obligation to positively affect society.
- Law & Regulations: Various Acts and Regulations (e.g., Sarbanes-Oxley Act, Dodd-Frank Act).
- Ethical Issues: Common ethical concerns within businesses.
Sustainability
- Focus on reducing pollution, recycling and more eco-friendly initiatives.
- Avoiding "greenwashing": Companies make misleading claims about being eco-friendly.
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