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Answer the 4 Questions in 1 or 2 paragraphs each. (Questions listed in Order Instructions) - Assignment Example

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The types of economic system in the world are traditional economy, command economy, market economy and mixed economy. Traditional economy are those economies that only produces according to the needs of their population. Example of a traditional economy are the natives in…
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Answer the 4 Questions in 1 or 2 paragraphs each. (Questions listed in Order Instructions)
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2. Social responsibility is a duty that needs to be done to society. Ethics on the other hand “refers to well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues” (Santa Clara University).
Organizational stakeholders are those entities that have interest in an organization which could include the stockholders, employees, government regulators, general public, funding institutions, international monitoring agencies and anybody who has an interest in the organization. Social consciousness today is generally driven by consumption and accumulation of wealth because the motivation why people do the things that they do is either to profit or to have something.
3. A corporation is an artificial being created by law “which permits a group of people, as shareholders, to apply to the government for an independent organization to be created, which then pursues set objectives, and is empowered with legal rights usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money” (www.duhaime.org). Publicly held corporations issue stock certificates to be bought by the public to have an ownership in the corporation. The advantage of a corporation is that it could make additional revenue from the stocks it issued to its investors or stockholders. It also has a limited liability or its liability is limited only to the business. Its disadvantage is that it is difficult to manage and is prone to unethical business practices.
Managing a corporation can be tough and complex because of its sheer size especially today when corporations are global in reach. It has to deal with many entities such as employees, government regulators, stockholders and competition. Corporations are also prone to ethical issues such as greed where ...Download file to see next pagesRead More
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