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Business Management

Contemporary Business 110 14th Edition

QuestionAnswer
Chapter 1 What is business? All profit seeking activities and enterprises that provide goods and services necessary to an economic system.
What is Business & Profits? Rewards for business people that take the risk involved to offer goods and services to customers
What are the Factors of Production? Human resources, capital, natural resource, entreneurship
What is The Entrepreneurship Alternative? Person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business, production era, marketing era, relationship era,
What is the 21st Century Manager? Intelligent and highly motivated people with the ability to create and sustain a vision of how an organization can succeed must also apply critical thinking skills and creativity to business challenges and lead change.
What is the Importance of Critical Thinking and Creativity? Critical thinking and creativity are essential characteristics of the 21st century work force today’s business people need to look at a wide variety of situations draw connections between disparate information and develop future oriented solutions.
Chapter 2
What is the Development of Individual Ethics to include Fig. 2.2? PRECONVENTINAL -Individual is looking out for his or her own interest. CONVENTIONAL- Individual considers the interest and expectations of others in making decisions. POST CONVENTIONNAL-Individual follows personal principles for resolving ethical dilemmas
What are some on-the-job Ethical Dilemmas? Conflict of interest; whistle blowing, loyalty versus truth, honesty and integrity
What is Conflict of Interest? a Situation in which an employee must choose between a business’s welfare and personal gain.
What is Honesty & Integrity? Employees disclosure to company officials government authorities or the media of illegal immoral or unethical practices committed by an organization.
What are some Quality of Life issues to include FMLA 1993 Working Long hours, Handling Child care, and caring for elderly parents and solving other family crisis
Learning Goals Chapter 2
To whom do businesses have responsibilities to? Businesses are responsible to customer’s employee’s investors and society
What factors influence the ethical environment of a business? Individual ethics and technology influence the ethical environment of a business
What is the preconventional stage in the development of ethical standards? In the preconventional stage the individual looks out for his or her own interests and follows rules out of fear of punishment or hope of reward
How can loyalty and truth come into conflict for an employee? Truth and loyalty can come into conflict when the truth about a company or situation is unfavorable.
Created by: realist1uno
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