...Introduction The paper responds to the questions posed in section titled “Mrs. Acres Homemade Pies” at the end of Chapter 1. Shelly Acres, a founder of the company, faces the dilemma in producing homemade pies. Mrs. Acres Homemade Pies struggles to keep up with demand. Question 1: Discuss What Will Happen to Supply, Demand and Price in the Short Term. Supply is a various amount of product that producers are willing or are able to produce for selling at different prices at a specific time. In our case supply is an amount of pies Shelly Acres’ company, Mrs. Acres Homemade Pies produces. In the first month of the business she sold 2000 pies. Following month amount of sold pies rose to 8000. Demand is a various amount of product that buyers are willing or are able to purchase at different prices at a specific time. In our case, demand for Mrs. Acres’ homemade pies is rising. Good quality product and a reasonable price of pies caused rising demand. It continues accelerating beyond what Shelly can supply. The most of the time when company produces a high quality product in reasonable price, demand for this product will increase. This is happening to Shelly Acres’ business. In short term, demand will keep rising. Also, the necessity of increasing supply will accrue. In the short term the price for pies needs to stay the same, in order to keep regular customers. Therefore, Mrs. Acres’ decision to hire more employees is a right move. This will help to manage supply increase in short...
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...On Ethics and Economics Amartya Sen Blackwell Publishers, 1987, pp. 148, Rs. 271 ‘On Ethics and Economics’ by Amartya Sen centres on a particular phenomenon that the author considers unfortunate to the discipline. In this book, Amartya Sen talks about the continued and ever increasing distancing of economics from ethics. This book has three chapters and under each chapter, there are sub topics. That makes the book more structured and easy to understand even for a person who is not so competent in the study of Economics. Though the book was written in 1987, most of the arguments still apply in todays’ world. Amartya Sen starts off with an Edward Clerihaw Bentley verse about a major practitioner of political economics and this sets the tone for the rest of the book. The author basically tries to argue that ethics-related tradition of Economics dates back to the days of Aristotle and that Economics ultimately goes hand in hand with the study of Ethics and Politics. Amartya Sen certainly and in a very obvious manner, questions the disassociation of the study of Economics from that of ethics and political philosophy. Hence, this book is undoubtedly a very important reading for those who are interested in connecting the dots between economics and business ethics. Professor Sen, while agreeing that the ‘engineering’ approach to Economics has been often fruitful, criticises the same ‘engineering approach’ by saying that it has substantially impoverished the modern economics because...
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...Running head: CAUSE OF ECONOMIC CONDITIONS IN THE UNITED STATES AND THE UNETHICAL BUSINESS THAT LED TO IT Final Paper James Smith Hodges University GEB/PAD 6376 Dr. Forrer Week Due: 14 Due: 08/14/2011 Submitted: 08/10/2011 INTRODUCTION (Part 1) Why has the unemployment rate been above 12 percent for the last several years? Why have so many prior successful businesses closed in the last four years? Why have so many major corporations and publicly traded companies filed for bankruptcy? Why did a house that used to cost $200,000.00 just sell for $40,000.00? Why are foreclosures at the highest rate in US history? Maybe the question to ask is what has caused all of this? There are so many questions to be answered when it comes to the economic conditions in the United States. How did it get into the current condition? What were the signs of slipping into the crisis (economic indicators)? Whose actions were responsible? Was the responsible party also guilty of unethical behavior (big issue) or was it accidental. How long will it take for the economy to get back to being productive? In the past, America has been a very productive, successful country. There have been other recessions and a depression that have affected the U.S. but for some reason this current crisis was started by a completely different chain of events. What was the chain of events that triggered this...
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...the International Business Ethics Gabriela Dubcová* ABSTRACT The ethics triangle: national law, culture and political economic system. Key factors of current ethics issues in an international environment. The most visible changes in environment dimensions. Principles of international business ethics. Current ethics challenges in international environment. Common issues of the international business ethics. Comparison of ethical standards in different cultures. Accelerating development of globalization and assimilation between Europe and the USA. Differences between Europe, the United States and Asia in the business ethics perspective. Development processes of global business ethics. Levels of global business ethic level. Principle of normative guidelines for business conduct of multinational corporations. Current functioning of institution engaged in the international business ethics. Key words: The ethics triangle; Current ethics issues; International business ethics; Ethical standards; Global business ethics; Institution engaged in the International Business Ethics. JEL classification: K2, M1 Introduction The present economic situation in the globalized world generates very efficient processes in international companies with large profits for managers but with a relevant risk in economic and noneconomic ambit to eliminate any negative impacts of the crisis from one country to another. In this case, it is necessary to enact and apply ethics principles in international...
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...[pic] |A History of Business Ethics | |By Richard T. De George | |The term 'business ethics' is used in a lot of different ways, and the history of business ethics will vary depending on | |how one conceives of the object under discussion. The history will also vary somewhat on the historian—how he or she sees | |the subject, what facts he or she seeks to discover or has at hand, and the relative importance the historian gives to | |those facts. Hence the story I'm going to tell will be somewhat different from the story someone else might tell in various| |particulars, and I hope that instead of being a dull recitation of facts it might in fact prompt some discussion at the end| |by those who would tell a somewhat different story. | |The story I will tell has three strands, because I believe the term business ethics is used in at least three different, | |although related, senses. Which sense one chooses therefore gives priority to nature of the history of the topic. The | |primary sense of the term refers to recent developments and to the period, since roughly the early 1970s, when the term | |'business ethics' came into common use in the United States. Its origin in this sense is found...
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...ETHICS IN FINANCE CONTENTS INTRODUCTION ..................................................................... 4 ETHICS IN FINANCE ............................................................. 5 ROLE OF ETHICS IN FINANCE............................................ 5 TRUST .......................................................................................... 6 Aristotelian virtuous ethics......................................................... 7 CODE OF ETHICS ................................................................... 7 ETHICAL BEHAVIOR .............................................................. 8 CODE OF ETHICS IN FINANCE AND ETHICAL BEHAVIOR................................................................................... 8 ETHICS IN FINANCE IN DIFFERENT FIELDS ................... 8 NEED OF ETHICS IN FINANCIAL MARKET, SERVICE INDUSTRY AND PEOPLE IN ORGANIZATON: ......................................................................................................... 9 SOCIALLY RESPONSIBLE INVESTMENT ....................................................................................................... 10 ETHICS V/S FINANCE .............................................................. 10 IS FINACE ETHICALLY NEUTRAL ...................................... 11 CORPORATE SOCIAL RESPONSIBILITY ............................11 CONCLUSION..........................................................
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...Why is business ethics important? Please select all that apply. Question options: | 1) | Business has greater power and influence in society than ever before. | | | 2) | Business has the potential to provide a major contribution to our societies. | | | 3) | Business malpractices have the potential to inflict enormous harm on individuals, communities and the environment. | | | 4) | Business continues to violate ethics, across countries and sectors. | | View Feedback | Question 2 | | 1 / 1 point | The law can be said to be a definition of the minimum acceptable standards of behaviour, with many morally contestable issues not covered by the law. What does this imply for business ethics? Question options: | 1) | In a sense, business ethics can be said to begin where the law ends. | | | 2) | Businesses should prevent laws from being enacted so as to give themselves maximum freedom to act. | | | 3) | Business ethics is about uncovering the definitive answer to business ethics problems in the absence of guidance from the law. | | | 4) | The other three answers are all correct. | | View Feedback | Question 3 | | 1 / 1 point | A sex shop might call itself ethical because it... Please select all that apply. Question options: | 1) | sells sex toys made with environmentally friendly materials. | | | 2) | uses fair trade materials in its toys and aides. | | | 3) | provides philanthropic support for...
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...Running head: A NEW WORK ETHIC 1 A New Work Ethic? Strayer University Business Ethics – BUS 309 October 25, 2010 A NEW WORK ETHIC 2 1. Describe how typical the attitudes that Sheehy reports appear to be in work environments you have experienced. With the new generation of workers, in particular recent college graduates the attitudes of the Sheehy reports are neither unusual nor unprecedented. This generation unlike those of the past, are not exposed nor in some instances, taught the meaning of hard work, dedication, sacrifice and how success can evolve from those types of attitudes. Unfortunately through influences of the media such as television, and in some instances glorified unethical business practices of corporate CEO’s, this new generation of workers with a new work ethic, succumb to believe that hard work does not matter and that treating co-workers and external customers indifferently will get you what you want no matter what the consequences may be. As I have worked and currently work in a prominent, nationally recognized entity, and have hired both college and non-college graduates, there seems to be an attitude of entitlement with the new work ethic and workforce. There are expectations of promotions, and high salaries without proven ability of performance. There is a lack of understanding and true reality of where they fit within the organization and how they meet the performance standards. These attitudes are far different...
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...Business Ethics and Efficiency RWT1 Table of Contents Executive Summary 3 Subject and Purpose 3 Introduction 5 Discussion 5 Ethics and Economic Efficiency 6 Organization Goodwill and Competitive Advantage 7 Risk Management and Credit Facility 9 Recommendation 9 Conclusion 10 References 12 Executive Summary Due to increased globalization and competition in industry, organizations are facing tough challenges in the keeping their business operations sustainable and ethical so that they continue to grow and develop in a successful manner. When we talk about driving the organization towards success it is not any different from steering a car or vehicle in the right direction towards the required destination. That is why roadmaps and directions are developed and changed constantly so that the organizations and management are able to keep their business current and follow the latest trends and requirements as demanded by the external environmental factors that are constantly changing. It is extremely important that on its way to growth and improvement, the organizational management must look out for any new developments like technological advancement, globalization, new regulations, and laws or policies with regards to their business industry in order to maintain the performance and reputation of the business. On their way towards growth many leaders and management often ignore and forget the importance of business ethics and corporate...
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...expected revenue, engage in off balance sheet transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative estimates of future earnings. And this phenomenon of accounting scandal exist in contemporary society. The integrity of the accounting profession and the credibility of financial information provided by businesses have been undermined by scandals. Accounting and business education should pay more attention to the ethical to prevent accounting scandals. And they should not be focused on the teaching of accounting techniques. Neoliberal ideology is a political movement beginning in the 1960s that blends traditional liberal concerns for social justice with an emphasis on economic growth. And it is similar to globalization. Globalization includes three elements that are difficult decreasing, quick response to alterations, and multilateral trade liberalization. And accounting professional contains individual professional judgment and professional self-regulation. Globalisation brings many benefits but also a number of problems, for instance, low price labour used by multinationals that Increasing wages for highly-skilled workers and reducing wages for less-skilled workers obviously leads to greater inequality. Neoliberalism has also been unable to address growing levels of global inequality. In order to better focus on ethical education, accountants should consider ethical issues in various directions. And they should...
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...Professional Values and Ethics GEN/200 June 28, 2011 Professional Values and Ethics It is important to understand why professional values and ethics are vital to a successful career. To fully appreciate what professional values and ethics are, we must describe the meaning of each. Values pertaining to a professional environment are defined as “A professional’s obligation to comply with rules of one’s conduct, ethics, etiquette, professional values and attitudes.” (Ethics and Professional Responsibility, 2004). Ethics is concerned with “What is right and wrong, good and bad, and harmful and beneficial regarding decisions and actions in organizational transactions.” (Business Ethics, the Changing Environment, and Stakeholder Management, 2006). Maintaining positive ethics and values in a personal, economic, and social environment will promote a successful career. Personal values continuously change, are developed over time, and help with making appropriate decisions in a professional career. For example, an automobile salesperson is often expected to falsify costumer’s incomes to increase loan approvals to sell the customer a vehicle that is beyond his or her means. The type of salesperson who goes along with, this shows a lack of personal values and often makes one time sales to customers. It is the salesperson with values that will make repeat sales and garner the greatest number of referrals. “Fostering a customer-oriented selling approach amongst salespeople...
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...system and making sure nation-states adhere to the rules laid down in the trade treaties signed by WTO member states. International Monetary Fund (IMF) and the World Bank (WB) were both created in 1944 by 44 nations that met at Bretton Woods, New Hampshire. The IMF was established to maintain order in the international monetary system; The WB was set up to promote economic development. United Nations (UN) – was established on October 24, 1945, by 51 countries committed to persevering peace through international cooperation and collective security. International trade occurs when a firm exports goods or services to consumers in another country. Foreign Direct Investment (FDI) occurs when a firm invests resources in business activities outside its home country. Stock of foreign direct investment – refers to the total cumulative value of foreign investments. Multinational enterprise (MNE) – is any business that has productive activities in two or more countries. International Business – is any firm that engages in international trade or investment. Chapter 2 Political economy – the political, economic, and legal systems of a country are interdependent; they interact and influence each...
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...Running head: A NEW WORK ETHIC 1 A New Work Ethic? Strayer University Business Ethics – BUS 309 October 25, 2010 A NEW WORK ETHIC 2 1. Describe how typical the attitudes that Sheehy reports appear to be in work environments you have experienced. With the new generation of workers, in particular recent college graduates the attitudes of the Sheehy reports are neither unusual nor unprecedented. This generation unlike those of the past, are not exposed nor in some instances, taught the meaning of hard work, dedication, sacrifice and how success can evolve from those types of attitudes. Unfortunately through influences of the media such as television, and in some instances glorified unethical business practices of corporate CEO’s, this new generation of workers with a new work ethic, succumb to believe that hard work does not matter and that treating co-workers and external customers indifferently will get you what you want no matter what the consequences may be. As I have worked and currently work in a prominent, nationally recognized entity, and have hired both college and non-college graduates, there seems to be an attitude of entitlement with the new work ethic and workforce. There are expectations of promotions, and high salaries without proven ability of performance. There is a lack of understanding and true reality of where they fit within the organization and how they meet the performance standards. These attitudes are far different...
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...Behavioral Aspect of Accounting: The Need to Emphasize on Ethics ------------------------------------------------- Ahmad Zubair Chedi ------------------------------------------------- Abstract Accounting plays a vital role in providing information that permit economic decision, therefore the information has influence on its users. The financial statements that serve the basis for the economic decision are drawn up, not by the users, but by the enterprise’s accountants under the authority and control of the enterprise’s management. Ideally the preparers should take as their objective the fulfillment, (to the best of their ability) of the users’ needs. However the preparers have their own objectives, which often are quite different from those of the users. The financial statements can play a very important role in helping the enterprise’s management to achieve its objective. If the accounts show that the enterprise is doing well, the shareholders will be happy also the market price of the company’s shares will remain high. Since the accounts are prepared under the direction of the management there is a temptation for the management not to present the full truth about the enterprise in the financial statements, particularly when the company is doing badly. The paper examines the behavioral aspect of accounting with emphasis on the need of ethics; the methodology used is purely content analysis, using secondary data. The study reveals that unethical behavior is less...
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...What are Business Ethics? Meaning Ethics is a branch of social science. It deals with moral principles and social values. It helps us to classify, what is good and what is bad? It tells us to do good things and avoid doing bad things. So, ethics separate, good and bad, right and wrong, fair and unfair, moral and immoral and proper and improper human action. In short, ethics means a code of conduct. So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government. In short, business ethics means to conduct business with a human touch in order to give welfare to the society. Need or Importance of Business Ethics Stop business malpractices : Some unscrupulous businessmen do business malpractices by indulging in unfair trade practices like black-marketing, artificial high pricing, adulteration, cheating in weights and measures, selling of duplicate and harmful products, hoarding, etc. These business malpractices are harmful to...
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