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11 Cards in this Set
- Front
- Back
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Explain the business world in a Market Economy
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Complex system involving transforming resources into products and services
Ultimate goal is profit |
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What are the four elements that describe the business world in a Market Economy?
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Human Activities
Profit Exchange Production |
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Concept of Consumerism
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Protects consumers against unsafe products and malpractice by exerting moral and economic pressure on businesses.
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Concept of Social Responsibility
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Contribution towards employment opportunities and to the economy as well as the provision of a responsible and safe workplace, concern of health issues and housing, environmental awareness and the empowerment of previously disadvantaged individuals.
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Concept of Business Ethics
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Focuses specifically on the ethical behavior of managers and executives in the business world.
Expected to maintain high ethical standards |
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Concept of Business Management
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Applied science concerned with the study of those institutions in a particular economic system that satisfy the needs of a community.
Limits its studies to one component of the economic system: the individual organization. |
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Define a business organization
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Private need-satisfying institutions of a market economy that accept risks in pursuit of profit by offering products and services on the market to the consumer.
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Name the 4 economic systems
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Market
Mixed Socialist Command |
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Order of Mazlow's Hierarchy of needs (Top down)
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Self-Actualization (personal growth & fulfillment)
Esteem Needs (achievement, status, responsibility) Social needs (love, recognition) Safety and Security Needs (protection) Physiological needs (hunger, thirst, sleep) |
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Name societies limited resources
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Natural resources
Human resources Capital Entrepreneurship |
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Is there a difference between the economic principle and the economic problem?
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No. Both entail satisfying needs with scarce resources.
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