Friedman suggests that businesses should only be responsible for making profits. If a business stays within the law‚ it is encouraged to do anything and go to any means necessary to maximize the bottom line. Other aspects such as customer happiness‚ impacts on society should not be its main concern. Porter and Kramer on the other hand suggest that we can create shared values in other words we can create economic value simultaneously by creating societal benefit and vice versa. Theoretically‚ Friedman’s
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International Business & Economics Research Journal Volume 3‚ Number 6 The Determinants Of European Bank Profitability Christos K. Staikouras‚ (E-mail: cstaik@aueb.gr)‚ Athens University of Economics and Business‚ Greece Geoffrey E. Wood‚ (E-mail: geowood@aol.com)‚ City University Business School‚ United Kingdom Abstract The rate of return earned by a financial institution is affected by numerous factors. These factors include elements internal to each financial institution and several
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Diff between economics vs managerial economics 1 The traditional Economics has both micro and macro aspects whereas Managerial Economics is essentially micro in character. 2. Economics is both positive and normative science but the Managerial Economics is essentially normative in nature. 3. Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals with the practical aspect. 4. Managerial Economics studies the activities of an individual firm or unit. Its analysis
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Final draft: 08 Theories of economics: classical economics verses Keynesian economics. Mamun‚ M.H.A Classical and Keynesian economics are two different economic philosophies. The classical economists usually oppose government intervention and believe that the free market creates efficiency automatically (Greenwald et al‚ 1988). However‚ Keynesian economists are in favour of general intervention by the state to create an efficient market (Blinder‚ 2007). Looking at price
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Butterfield v. Forrester Factual Situation: 1809‚ Butterfield‚ plaintiff was riding and struck an a pole placed in the road by Forrester‚ defendant‚ at approximately 8 PM; sued for damages Witness testified that pole was visible at 100 yards with light at that time‚ and that Butterfield was riding recklessly Trial court: jury instructed that if an individual riding with reasonable care could have avoided the pole and that Butterfield was not riding with care‚ Forester should win Trial Court
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UNIT 1 ECONOMIC ENVIRONMENT OF BUSINESS Objectives After studying this unit‚ you should be able to : • Define what you mean by “environment” • Classify the complex environmental variable on the basis of objective criteria • Identify the critical elements of economic environment of business • Analyse the interactions between economic and non-economic environment • Explain the impact of economic environment on business management; and • Illustrate your understanding of economic environment
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Milestone I:Business recommendations based on economic projections ECO 561 November 28‚ 2010 John McNary Milestone I:Business recommendations based on economic projections Determine pricing strategy to meet organizational goals In every organization strategies have to be put in place to ensure the company runs smoothly. Larson is currently facing a slowdown in business due to financial issues throughout the economy. The company is currently being labeled as a risk because of some
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Version 1.2 amended 22 September 2011 Business Economics Module Study Guide module code MS5003E Level 5 (year 2) core module for students on all undergraduate business programmes taking the module from week beginning 26 September 2011 to 16 January 2012 all classes: Fridays lecture: 11.00 to 13.00 in TC128 seminars: Group A: 10.00 to 11.00 in TC262 Group B: 14.00 to 15.00 in TC258 Group C: 15.00 to 16.00 in TC258 You must stay with the group to which
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Unit 38: Unit code: QCF Level 3: Credit value: Business and the Economic Environment T/502/5500 BTEC National 10 Guided learning hours: 60 Aim and purpose The aim of this unit is to introduce learners to the interaction between the general economic environment and business activity and how the interactions generate national wellbeing. Learners will study how government activities regulate and influence business activities and how business activities influence government action and policy
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ECONOMICS AND BUSINESS ENVIRONMENT 1.1) Economic activity and economics (Pp. 14-16) Prosperity: The ready availability of goods and services to fulfil needs. Resources: Land‚ labour and capital. Scarcity: The excess of human needs over what can be produced. Economic activity: occurs when people (consumers‚ managers) make choices to maximise their prosperity using scarce resources. The Science of Economics: is concerned with the study of economic activity. This field is complex
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