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What is demography? Identify 3 demographic trends in the United States and discuss how they will impact U.S. businesses.
Demography is the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.
There are 3 major demographic trends in the U.S that will have a great impact on businesses in our country. Those trends are managing diversity, the increase in the number of older citizens, and the increase in number of single-parent families.
Managing diversity will impact businesses in the U.S because it now means that instead of only trying to employ females and minorities, employers are now trying to employ people of different sexual orientations, religious backgrounds, and marital statuses. Another manner in which managing diversity will impact businesses is that fact that many business are now printing important paperwork and information in different languages due to the fact that there has been a major change in diversity.
Next, the increase in the number of older citizens will also impact U.S. businesses because it means that there will be a higher demand for services that cater to an older population. Those services include but are not limited to: nursing homes, home health care, and assisted-living facilities.
Finally, the increase in the number of single-parent families will impact businesses because it has changed the hours that an employee can work in a given day. This change has led to businesses implementing family leave (where they can take time off of work in order to care for a sick child or elderly family member) and flextime (allows them to come in or leave ate selected times).
Describe several ways that governments can foster entrepreneurship and encourage the creation of wealth.
There are many things that a government can do to create a healthy business environment which in turn will foster entrepreneurship and encourage the creation of wealth. The first thing that a government can do is keep taxes low. This will foster entrepreneurship and encourage the creation of wealth because it means that the economy of a country is doing well making possible entrepreneurs believe that there is less of a chance that they will lose their money. Another thing that a government can do to foster entrepreneurship and encourage the creation of wealth by making copyright and trademark laws. This will encourage people to start their own businesses because they will know that their products are protected by the law and that all profits from the sales of their items are theirs.
Explain the significance of price, supply, and demand in a free-market economic system.
The price, supply, and demand of an item all have significance in a free-market economy. The supply of an item is significant because it is the amount of an item that producers are willing to sell at different prices at a specific time. Next, the demand is significant in a free-market economic system because it is the amount of a product that people are willing to buy at different prices at a specific time. Finally, the price of an item, the amount that a person pays, is significant in a free-market economic system because it is set by a constant conversation between buyers and sellers. The price is also significant because it tells producers how much of a certain item to make.
Discuss the concept of the Invisible Hand. Would the ‘Hand Effect’ still exist in an economy that was purely 100% capitalistic?
The concept of the Invisible Hand was used by Adam Smith to describe the manner in which by meeting their own self-interest, by starting their own business, businesspeople will inadvertently stimulate economic growth and benefit the population as a whole. This is the case because in wanting to build their own wealth business owners are opening up business that will create jobs for people and produce needed goods for the entire population.
The “Hand Effect” will not exist in an economy that was purely 100% capitalistic. This is the case because business people would be able to set the wages paid to their employees to anything they wish this fact would not lead to economic growth because there would be very little money circulating. Every industry needs a little regulation in order to work.
Explain and provide at least one example of how socio-cultural differences can create trade difficulties in world markets.
The growth of global business has greatly changed the way that businesses interact with each other. This chance has created some challenges for the people involved in global business. One major challenge are the socio-cultural differences that can exist between businesses trying to work with each other. Socio-cultural differences are differences between the values, beliefs, and rules held by a specific group of people.
For example, one major socio-cultural difference that can create trade difficulties in world markets is the printing of a countries flag that contains a religious image on a disposable item. This can pose a problem because some religious groups do not believe that their holy writ should never be thrown away.
Identify and discuss the social responsibilities of a firm, to three of the four stakeholder groups described in your textbook.
One social responsibility that a firm has is to its customers. That responsibility includes giving the customers the right to safety, the right to be informed, the right to choose, and the right to be heard. First, the customer’s right to safety means that they should trust that the company has their best interest in mind and would not sell anything that can cause harm to the customer. Next, the right to be informed means that the customer should be able to have easy access to important information about a company/business. Thirdly, having the right to choose means that the customer should have more than one option for any give product or service that they need. Finally, the right to be heard means that companies will hear and take into account what customers have to say about their products.
The next social responsibility that a firm has is to its investors. That responsibility entails that the company has to act with the best interest of the investors in mind. This means making decisions that are both legal and profitable.
The third social responsibility that the firm has is to its employees. This responsibility means that business not only have a responsibility to create jobs but to also make sure that an employee’s hard work and talent is rewarded.
Explain the difference between Integrity and compliance based codes of ethics. Provide an example of each approach. What are the pros and cons of each approach and which would you tend to employ?
The difference between integrity and compliance codes of ethics is that the integrity code of ethics defines a company’s guiding values and allows the employee their own interpretation of those values whereas, the compliance code of ethics increases control and penalizes wrongdoers by giving specific examples of what is expected and tells employees what behavior is acceptable and what is not.
A perfect example of an integrity based code of ethics is Nordstrom’s code of ethics and an example of a compliance based code of ethics is Starbuck’s code of ethics.
Each base for the code of ethics that a company employees has pros and cons. One pro for the integrity based code of ethics is that there are no strict rules that an employee has to follow but a con is that each employee will have their own interpretation of what is expected of them. A pro that can be seen in the compliance based code of ethics is that the employees are told what is exactly expected of them and how they should act but a con is that there may be too many rules for an employee to memorize or that they may not have even read the code of ethics.
I would attempt to employ a combination of the two bases for the code of ethics because I believe that employees need to know what is expected from them but then I do not what to create too many rules that they may not abide by them all.
Although most new firms start out as sole proprietorships, few large firms are organized this way. Why is the sole proprietorship such a popular form of ownership for new firms? What features of the sole proprietorship make it unattractive to growing firms?
The sole proprietorship is a popular form of ownership for new firms because it is easy to both start and terminate, people are their own bosses, and that there are no special taxes to be paid. Just as there are things that make sole proprietorships popular there are also features that make them unattractive and those features include: having limited funds for the business, an unlimited amount of liability, and a lack of knowledge that often accounts for the high failure rates of sole proprietorships.