Introduction to Business - Assignment Example

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It is measured in the goods’ or services’ monetary value. If exports are more than the imports, it is known as a trade surplus. However, if imports are more than the exports, it is called a trade…
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and Section # of 15th January Introduction to Business Question Balance of trade is the difference between a country’s exports and imports. It is measured in the goods’ or services’ monetary value. If exports are more than the imports, it is known as a trade surplus. However, if imports are more than the exports, it is called a trade deficit.
Question 2
United States’ trade deficit in the year 2008 was US$ 695.9 Billion and from January 2009 to October 2009, it was totaled to be US$ 304 Billion. (Trade Deficit in U.S. Increased)
Question 3
Protectionism is an economic policy that attempts to limit the trade between states. As opposed to free trade, it makes use of methods like tariffs, restrictive quotas, duties, taxes, and other regulations to discourage the people from importing goods and services.
Question 4
The North American Free Trade Agreement, abbreviated as NAFTA, is a free trade agreement between the governments of United States, Canada and Mexico, started in the January 1994.
The main goals of NAFTA include the reduction of barriers in trade between the countries. It aims to increase and regulate trade between the countries through minimizing and eliminating tariffs and duties on products and services. (Foundation)
Question 5
European Union is an economic and political jointure that consists of 27 of European countries. Established in 1993, it aims to establish a single market through a standardized set of laws that all member countries have to adhere to. The laws mainly come under the domain of trade, fisheries, agriculture and regional development.
Question 6
Ethics refers to code of principles and values that direct a person’s actions in his personal or business life. It, basically, means knowing the difference between what is right and what is wrong and then choosing the right way to do things.
Social responsibility refers to an ethical ideology that says that any individual or organization has an obligation to the society. Any individual, company, or country should act in a way that inflicts the least amount of harm or damage to its environment and must take steps that are beneficial to the society as a whole.
Question 7
The main purpose of any business is to maximize gains and minimize losses. In a non-profit-organization, however, these gains are not monetary. Nonetheless, the sole purpose of the existence of any business is to make profits. Therefore, this should be given highest priority.
However, it is also the firm’s responsibility to abide by the particular state’s rules and regulations, standard, and moral obligations as well. Failure to do so, in the long run, affects the very purpose of the firm i.e. making profits. Therefore, the firm should not only be focused on making profits and should adapt its offerings and procedures to the regulations and other moral obligations even if that translates into some additional costs and compromise on the profits.
The business should understand long term gains are better than short term ones and the only way to make long term profits is by following the right procedures.
Question 8
The success of the business can be measured by the following metrics:
Profitability of the business
The increment in customer base
Efficiency of business processes
Degree of customer satisfaction
Degree of Employee satisfaction
Degree of Owner satisfaction
Question 9
As a business, I would have obligation to the following entities (in order of priority):
The customers – customer satisfaction is the basis for any business’s core objective of profitability
The employees – customer satisfaction cannot be achieved if the employees are not motivated enough to work
The creditors – all lenders such as banks, shareholders, investors, etc. must be paid back or compensated through other means, in due time to avoid additional costs and law suits, giving the company a bad name
The government – the company must make sure that its processes adhere to the regulations and comply with the standards for smooth running of the business.
Question 10
Unethical lending practice simply means that the lender lends a loan to a consumer who does not have the capacity to pay it back. The lenders are somewhat aware of the situation, but still, immorally, lend the loan by setting personal belongings as collateral. (Howell)
Companies also engage in immoral business practices through accounting fraud. An instance of this was the American energy company, Enron, which used a systematic and planned accounting fraud known as the Enron Scandal.
Individuals also indulge in immoral practices in the commercial world at the expense of others. An example of such a practice is the Ponzi scheme operated by Bernard Madoff that defrauded thousands of investors, totaling to billions of dollars.
Works Cited
Foundation, Direct Selling Education. "NAFTA, What it Means For U.S. Consumers." 1998. January 2010 .
Howell, Nicola. Ethical lending: a corporate social responsibility or a legal responsibility? Melbourne, 8 November 2004.
"Trade Deficit in U.S. Increased." 12 January 2010. Trading Economics. 15 January 2010 . Read More
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