Foundation of business thoughts - Assignment Example

FOUNDATION OF BUSINESS THOUGHTS 26. What was Fausts Motivation? Faust’s motivation was to excel/to be conversant with human knowledge so that he could gain/acquire divine knowledge (Boardman, Calvin, Alan and Harris, p.20-30). 27. How would Adam Smith View Corporate Lobbying and the financing of candidates for states and federal elected offices in relation to influence of the economic environments? Smith was against any form of corporate lobbying and the financing of candidates for states and federal elected.

This is because it could causes political and economic injustice whereby, the elected officials could pass economic policies that favour those who financed their elections/campaigns rather than serve the interest of the general public (Boardman, Calvin, Alan and Harris, pp.39-44). 28. Explain Smith’s Invisible hand” The term invisible hand is more popular in economics. Smith used this phrase three times. The first time he was trying to show how some people ascribe to power and urgency of what they believed in.

The second time he implied to show the selfishness of the rich people as they pursue their interest. Thirdly, time he was trying to show how the rich tries to support the interest of the public so that they can increase security of their wealth (Boardman, Calvin, Alan and Harris, pp.50-65).29. Plato said that unlimited wants will inevitably lead to war. Explain why this is so? This is so because the desire to acquire wealth does not have an end because there are limitless want. This may further leads to war as one tries to balance between limitless wants and the available resources.

Additionally, unlimited wants may cause one to overstep the necessary boundaries (Boardman, Calvin, Alan and Harris, 70-98).30. utilizing your reading of Rand how will history view current American society?The society will view the current American society as a state that is highly dominated by capitalism while still surrounded by communist world. Rand further indicates that the current constitution seems not to be functional whereby; she kept referring to the legislature (Boardman, Calvin, Alan and Harris, pp.110-159).31.

Why has the statement “Do Unto others before they do unto you” taken the peace of “Do unto others as you would have done unto you” In the American socioeconomic lexicon? The statement aims to promote justice and fairness to lower social economic groups in the American society. Justice in courts and all spheres of life should prevail. Whereby, just like in the past catholic the statement implies that one should do good to others in the same way one would like other to good unto you (Boardman, Calvin, Alan and Harris, 160-185).32. Explain Rand’s statement: When Money Ceases to be the tool by which men deal with one another then, men become the tools of men.

Blood whips and guns-or dollar, taken your choice-there is no other-and your time is running out’ The statement tries to explain that, for one to get money one must work for rather than obtaining it with force from other people. This means that one must use his/her efforts to work hard and earn money. In addition, one must create value or deliver service or a product to other to earn money in a most justifiable means (Boardman, Calvin, Alan and Harris,pp.180-204).33. Identify and explain three ethical dilemmas in today’s business practices.

The three ethical dilemmas include: in employees hiring whereby, human resource manager may face the dilemma of hiring either a relative who is not as qualified as compared to the other candidates. Secondly, an accountant may find him/herself in a dilemma if directed by the manager to manipulate financial records to deceive the public that the company is performing well. If accountant fail to obey he/she may be threaten to lose the job. Thirdly, business consultant may find themselves in a dilemma of providing true information to all investors especially when they want to take advantage of a particular venture (Boardman, Calvin, Alan and Harris, pp.223-255).34.

Describe how profit maximization has changed American society. Profit maximization has changed the American society by creating artificial demand and cost. Whereby, some companies tend to emphasize of profit making at the expense of the people. This leads to production of lower quality goods compromise the economy and Americans health. This further causes the government to incur additional cost as it increase the health budget (Boardman, Calvin, Alan and Harris, pp.263-286).35. Describe how profit maximization has forever turned American capitalism into something other than true capitalism.

Instead of bring wealth through Profit maximization; it has brought unfair competition among individuals and business. Additionally, the rate of inflation has been reported to increase significantly unlike what was intended (Boardman, Calvin, Alan and Harris,)36. Explain your greatest personal ethical dilemma as a student at the U of U.My greatest ethical dilemma as a student at the U of U was that it was on time for lunch and decided to get out of the class because I dint have enough money to buy myself a lunch I came across a wallet containing $450 with the name of the owner whom I dint know.

I found myself in a dilemma of whether to use some of the money to buy a lunch or take the wallet to the college security department so that they can find the owner.37. in your own words, tell what you think Adam Smith would say about American Capitalism American capitalism is a liberal one it allows free trade/exchange of goods and services. However, there should be government intervention to ensure that businesses are carried out in a lawful manner. Additionally, the government should charge taxes and tariffs in order to provide social services to the society.

Works CitedBoardman, Calvin M, Alan N. Sandomir, and Harris Sondak. Foundations of Business Thought. Boston: Pearson Custom, 2013. Print.