1.5: Attitudes Towards Business Flashcards
What are the three levels of factors influencing attitudes toward business?
Macro Level: Nation, legal system, economy.
Meso Level: Organizations, communities, political parties, ethnic groups.
Micro Level: Individuals, relationships, families.
What are some macro-level influences on attitudes toward business?
Geopolitical Environment: Globalization and its effects on trade, ethics, and regulations.
Government: Role of laws, policies, subsidies, and infrastructure.
Business Cycle: Natural market cycles, including prosperity and recession.
Standard of Living: Impact of economic growth, wages, and unemployment on the public’s view of business.
Resource Allocation/Scarcity: Control of resources by businesses and its effects on prices and availability.
Low Carbon Economy: Push to reduce carbon emissions influencing business practices.
Big Data, Digital Economy: Legislation around privacy and data use.
Technological Innovation Shift: The role of AI and robotics in the future of work.
What are some key ethical issues associated with artificial intelligence (AI)?
Challenges in programming AI to make ethical decisions.
The impact of AI replacing human jobs.
Economic effects on wages and job security.
Increased inequality due to the benefits of AI favoring certain groups.
The need for legal protections against AI bias and discrimination.
Security threats related to data collection and use by AI.
What are some meso-level influences on attitudes toward business?
Decentralized Decision-Making: Businesses making independent decisions, ensuring product diversity.
Business Wrongdoing: Corporate misdeeds such as insider trading, financial manipulation, workplace violations, and environmental harm.
Media Coverage: The role of traditional and social media in shaping public perceptions of business.
What are some micro-level influences on attitudes toward business?
Self-Interest: How individual self-interest drives business behavior and perceptions.
Competition: Consumers’ choices between businesses and how competition influences economic behavior.
Perceptions of Greed: Self-interest viewed negatively when perceived as greed or selfishness.
What is the ethical dilemma presented by artificial intelligence (AI) in business?
AI presents a challenge between innovation and regulation. It holds the potential to revolutionize industries but also brings risks such as job displacement, inequality, and security threats.
The balance lies in ensuring AI is used ethically while enabling business innovation.
