business and society

Question 1

what is system theory?

Answer 1

help us comprehend how business and society form an interactive social system

Question 2

how each business functions (morality)

Answer 2

1. market capitalism
2. dominance
3. stakeholder

Question 3

what is market capitalism?

Answer 3

focus on profit maximization, and efficiency. morality is not important

Question 4

what is dominance?

Answer 4

focus on achieving organization objectives, strive for equilibrium and efficiency. Morality is not important

Question 5

what is stakeholder (morality)

Answer 5

broader responsibilities beyond profit maximization. acknowledge moral obligations towards stakeholder

Question 6

segments of the macroenvironment

Answer 6

1. social segment
2. political segment
   3.economic segment
3. technological segment

Question 7

forces that shape the business-society relationship

Answer 7

1.globalization
2. evolving government regulations
3.explosion of new tech

Question 8

define globalization

Answer 8

increased movement of goods, services, and capital across national borders

Question 9

main strategies of globalization

Answer 9

1. exporting
2. global supply chain
3. overseas operation

Question 10

benefits of globalization

Answer 10

1. increased market access
2. efficiency
3. cultural exchange and innovation

Question 11

costs of globalization

Answer 11

1. job displacement
2. income inequality

Question 12

environmental issues facing businesses

Answer 12

1. ozone depletion
2. climate change
3. air pollution
4. water pollution

Question 13

business power

Answer 13

the ability to produce an effect or to bring influence

Question 14

what is iron law of responsibility?

Answer 14

those who don’t use power in a manner society considers responsible will lose it