05 economicsðics
-
Upload
iva-walton -
Category
Spiritual
-
view
588 -
download
0
description
Transcript of 05 economicsðics
Principles of Business, Marketing, and Principles of Business, Marketing, and FinanceFinance
Lesson FiveLesson Five
Economic and Ethical Activity in a Changing World
UNT in partnership with TEA, Copyright ©. All rights reserved
Economic MeasurementsEconomic Measurementsfor a Changing Worldfor a Changing World
• Gross Domestic Product-total value of goods and service produced in a country in a given year• Consumer goods and services• Business goods and services• Government goods and services• Goods and services sold to other
countries
UNT in partnership with TEA, Copyright ©. All rights reserved 2
Economic MeasurementsEconomic Measurementsfor a Changing Worldfor a Changing World
• Unemployment Rate• Rate of Inflation
-rate at which the cost of goods and services rise
• Standard of Living
-amount of goods and services the average citizen can buy
• Deflation
-when the supply of good is greater than the demand
UNT in partnership with TEA, Copyright ©. All rights reserved 3
Economic MeasurementsEconomic Measurementsfor a Changing Worldfor a Changing World
• National Debt
-total amount of money a government owes
• Budget Surplus
-when a government’s revenue exceeds its expenditures during a one-year period
UNT in partnership with TEA, Copyright ©. All rights reserved 4
Four Phases of the BusinessFour Phases of the Business CycleCycle
UNT in partnership with TEA, Copyright ©. All rights reserved 5
EthicsEthics
• A set of moral principles by which people conduct themselves personally, socially, or professionally• Businesses have a legal
responsibility to do what is right for society’s welfare
• Business Ethics-a set of laws about how a business should conduct itself
UNT in partnership with TEA, Copyright ©. All rights reserved 6
Unethical Business PracticesUnethical Business Practices
• Bad for business• Affects a business’s profits,
customer base, and employee loyalty
• Sweatshops
-factories that have unsafe working conditions, treat workers badly, and pay poorly
UNT in partnership with TEA, Copyright ©. All rights reserved 7
Important Ethical QuestionsImportant Ethical Questions
• Is it against the law?• What if everyone did this?• Am I sacrificing long-term benefits for short term
gains?UNT in partnership with TEA, Copyright ©. All rights reserved 8
Making Decisions on Ethical Making Decisions on Ethical IssuesIssues
• Identify the ethical dilemma.• Discover alternative actions.• Decide who might be affected.• List the probable effects of the alternatives.• Select the best alternative.
UNT in partnership with TEA, Copyright ©. All rights reserved 9
Social ResponsibilitySocial Responsibility
• Duty to do what is best for the good of society
• Businesses have a responsibility to consumers, workers, and society
UNT in partnership with TEA, Copyright ©. All rights reserved 10
Government’s Responsibility to Government’s Responsibility to CustomersCustomers
• FDA (Food and Drug Administration)• FTC (Federal Trade Commission• CPSC (Consumer Product Safety
Commission)• USDA (United States Department of
Agriculture)UNT in partnership with TEA, Copyright ©. All rights reserved 11
Business’ Responsibility to Business’ Responsibility to EmployeesEmployees
• Equal Pay Act
• OSHA-division of the Department of Labor (sets and enforces work-related health and safety rules))
UNT in partnership with TEA, Copyright ©. All rights reserved 12
Business’ Responsibility to Business’ Responsibility to SocietySociety
• EPA (Environmental Protection Agency)• Saving energy• Recycling
• Conflict of Interest-when a business is tempted to put profits before social welfare
UNT in partnership with TEA, Copyright ©. All rights reserved 13
Adapting to Current MarketsAdapting to Current Markets
• Meeting the challenges of international competition
• Overcoming economic conditions
• Adjusting to changing government demands
• Adjusting the workforce to different economic conditions
UNT in partnership with TEA, Copyright ©. All rights reserved 14