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MNB1501 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Providing the greatest possible need satisfaction with limited resources is know as?

A

The economic principle

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2
Q

What is transformation?

A

Turning resources into products and services

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3
Q

What is social responsibility?

A

Interested alia. Provisions of a safe workplace. And basically means the company looks after employees.

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4
Q

What is employment equity

A

Composition of the workforce should reflect community. Equal employment opportunities
Wmliminates discrimination

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5
Q

Business ethics and social responsibility difference.

A

SR- focuse on organisation

BE- ethical behaviour of managers.

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6
Q

What is consumerism

A

A social force that protects consumers against unsafe products and malpractice. By exerting pressure on business

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7
Q

Environmental sustainability

A

Pollution and stuff.

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8
Q

The market economy

A

Earn profit

Basically capitalism

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9
Q

Command economy

A

Aka centrally directed economic system

Basically communism

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10
Q

Socialism

A

A compromise between pure and command economy

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MNB1501 (3 decks)

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