Let's Get Ethical
Tayshaun acts with honesty in all situations. He is demonstrating this ethical principle.
Integrity
What do service businesses sell?
intangible goods and services
When Raylee continued buying gasoline after prices increased, her demand was unaffected by price changes. This demonstrates this type of demand.
Inelastic Demand
This economic system adopts the fewest new ideas or improvements, often sticking to long-standing traditions.
Traditional.
A business decides not to open a store in the next town after research shows it will be unprofitable. This form of risk management involves completely eliminating the risk.
Avoidance
Which question should one ask himself/herself to determine whether one is facing a true ethical dilemma?
Could someone be hurt by the actions? OR
Is there a right or wrong choice?
All businesses should be socially responsible to whom?
Users
When the prices of iPhones increase, this law predicts that the quantity of iPhones offered for sale will also increase.
Law of Supply
In a socialist economy, this entity determines how basic economic questions are answered.
Government & Private businesses
Markets with only a few sellers, like those for automobiles or pharmaceuticals, are known by this term.
Oligopoly
This type of dilemma involves a conflict where moral principles are at stake, requiring a choice between right and wrong
Monte works for a grocery store that buys food from producers and then sells it to customers. The grocery store is an example of a:
Trade Industry
ABC Corporation purchased a new conveyor belt for its factory. What type of good is this?
capital good
An economy based on public OR governmental ownership of the production and distribution of goods is known as this.
socialist economy
A company that has exclusive control over the supply of a service, such as a local trash collection service, is an example of this type of monopoly.
regulated monopoly
If a company is always upfront about the financial situation of the company, what ethical principle are they upholding?
Transparency
Retailing occurs wherever goods are:
sold to consumers or the ultimate customer.
A form of demand where changes in price directly correspond to changes in demand is called...
Elastic Demand
This type of economy involves government ownership of the basic means of production, with some private ownership of businesses.
Socialism
A market structure with no barriers to entry and numerous businesses selling identical products describes this competitive market condition.
Perfect competition
The role of ethics in business is to guide...
decision making OR behavior
A business that buys goods or services and sells them to the ultimate consumer is a:
retailer
The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters? The price will increase and the supply will __________.
increase
In this type of economy, decisions about production and distribution of goods are driven by supply and demand with minimal government intervention.
Market economy
In 1890, Congress passed a law to prevent monopolies and limit price fixing. This law is still key in antitrust regulation today.
Sherman Antitrust Act