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Principles of Business, Marketing, and Finance Lesson Five Economic and Ethical Activity in a Changing World UNT in partnership with TEA, Copyright ©. All rights reserved Economic Measurements for a Changing World • Gross Domestic Product-total value of goods and service produced in a country in a given year • • • • Consumer goods and services Business goods and services Government goods and services Goods and services sold to other countries UNT in partnership with TEA, Copyright ©. All rights reserved 2 Economic Measurements for a Changing World • Unemployment Rate • Rate of Inflation -rate at which the cost of goods and services rise • Standard of Living -amount of goods and services the average citizen can buy • Deflation -when the supply of good is greater than the demand UNT in partnership with TEA, Copyright ©. All rights reserved 3 Economic Measurements for a Changing World • National Debt -total amount of money a government owes • Budget Surplus -when a government’s revenue exceeds its expenditures during a one-year period UNT in partnership with TEA, Copyright ©. All rights reserved 4 Four Phases of the Business Cycle Prosperity Recovery Basic Business Cycle Recession Depression UNT in partnership with TEA, Copyright ©. All rights reserved 5 Ethics • A set of moral principles by which people conduct themselves personally, socially, or professionally • Businesses have a legal responsibility to do what is right for society’s welfare • Business Ethics-a set of laws about how a business should conduct itself UNT in partnership with TEA, Copyright ©. All rights reserved 6 Unethical Business Practices • Bad for business • Affects a business’s profits, customer base, and employee loyalty • Sweatshops -factories that have unsafe working conditions, treat workers badly, and pay poorly UNT in partnership with TEA, Copyright ©. All rights reserved 7 Important Ethical Questions • Is it against the law? • What if everyone did this? • Am I sacrificing long-term benefits for short term gains? UNT in partnership with TEA, Copyright ©. All rights reserved 8 Making Decisions on Ethical Issues • • • • • Identify the ethical dilemma. Discover alternative actions. Decide who might be affected. List the probable effects of the alternatives. Select the best alternative. UNT in partnership with TEA, Copyright ©. All rights reserved 9 Social Responsibility • Duty to do what is best for the good of society • Businesses have a responsibility to consumers, workers, and society UNT in partnership with TEA, Copyright ©. All rights reserved 10 Government’s Responsibility to Customers • FDA (Food and Drug Administration) • FTC (Federal Trade Commission • CPSC (Consumer Product Safety Commission) • USDA (United States Department of Agriculture) UNT in partnership with TEA, Copyright ©. All rights reserved 11 Business’ Responsibility to Employees • Equal Pay Act • OSHA-division of the Department of Labor (sets and enforces workrelated health and safety rules) UNT in partnership with TEA, Copyright ©. All rights reserved 12 Business’ Responsibility to Society • EPA (Environmental Protection Agency) • Saving energy • Recycling • Conflict of Interest-when a business is tempted to put profits before social welfare UNT in partnership with TEA, Copyright ©. All rights reserved 13 Adapting to Current Markets • Meeting the challenges of international competition • Overcoming economic conditions • Adjusting to changing government demands • Adjusting the workforce to different economic conditions UNT in partnership with TEA, Copyright ©. All rights reserved 14