Grade 10 Business Review

| The establishment relies on their customers to shop at their stores but also they try and bring in

We’ve had a lot of discussion about ethics, values and morals this week and have drawn some lines between the meaning of each that applies to our personal and professional lives. Our values help guide us in our understanding of right and wrong, basically what we believe to be acceptable action in any situation we’re presented with. Morals are types of values that deal more with good and bad, the foundation for our behavior and decisions (The Definition of Morality, 2014). Ethics use shared morals and values in a system of accepted rules that a specific group of people agree to abide by. For example, most physicians agree to abide by the Code of Medical Ethics established by the American Medical Association since it is considered to be the most comprehensive code available (AMA's Code of Ethics, 2015).

1. Franchisees gain numerous advantage when they purchase a franchise. First, while a franchisee may be opening a new store, it is part of an already established business and system. This means a franchisee has access to turnkey operations, allowing an increased speed to establishing and growing the business. Franchisees also get support for management and training activities, as well as financial assistance. Going hand in hand with this, a franchise already has an established brand name, quality of goods and service which have been standardized across the franchisor’s larger company, and national advertising programs from franchisors. Franchises also have large-volume, centralized buying power. A franchise has proven products, and

1. A value is personal principle. Values are beliefs chosen by oneself that helps to shape the individual into who they are. An ethic is a system of principles having to do with ones morals.

Supply and demand lies in the heart and soul of economics. The concept is perhaps the single most driving force in an economy, specifically a capitalist economy. Supply and demand is based on two concepts: The law of demand and the law of supply. The law of demand states that the demand of a product rises as its price falls, therefore the demand of a product falls as its price rises. A good example of this occurs in grocery stores. If the price of a case of Coca-cola drops from $6.99 to $2.99 the demand for the product will rise because more people are willing to pay $2.99 rather than $6.99. Not only will typical consumer of Coca-cola purchase more but consumers who are not normally willing to pay $6.99 will make the purchase. Substitution also plays a role in the equation. Substitution occurs when consumers substitute one good for another based on price levels. In the Coca-cola scenario, some Pepsi drinkers will purchase the Coca-cola given the case of Pepsi is price higher.

Supply and demand is a fundamental element of economics; it is the main support system of a market economy. Demand can be interpreted by the quantity of a product or service a consumer is desired to acquire at a given time period. Quantity demanded is the amount of product consumers are willing to purchase at a given price; the relationship between price and quantity demanded is commonly known as the demand relationship. Supply however, accounts for how much a market produces for consumers. The quantity supplied refers to the actual amount of a certain good firms are willing to supply to consumers when receiving a certain price. Having limited resources we all have to

Values are described as set of rules and guides in the right and wrong decisions we make. Values facilitates the decisions in recognising what is worthy and valuable, with this, weighs out the important and less important, when there is a conflict of values. Ethics is set of moral principles of values, and these contribute to individuals and what groups live by. Ethics consists of factors being culture, religion, and these continuously

Values and ethics are one of the most important characteristic of an individual. They basically define who we are and what we believe. There are many factors that determine our values and ethics. Culture, religion, and many other factors affect our beliefs. Many times are values and ethics can clash with different people who hold different views and beliefs. This doesn't mean our values or ethics are wrong it just means we think differently than others. Most people have a good sense of ethics and values. Knowing between right and wrong is a good foundation to practicing good ethics and morals.

Ethics refer to the values that guide a person, organization or society - - the difference between right and wrong, fairness and unfairness, honesty and dishonesty.

Understanding the fundamental concepts of economics allows us to analyze laws that have a direct bearing on the economy. These laws and theories are essentially the backbone of how economics is used and studied. The law of demand can be expressed by stating that as long as all other factors remain constant, as prices rise, the quantity of demand for that product falls. Conversely, as the price falls, the quantity of demand for that product rises (Colander, 2006, p 91). Price is the tool used that controls how much consumers want based on how much they demand. At any given price a certain quantity of a product is demanded by consumers. As the price decreases, the quantity of the products demanded will increase. This indicates that more individuals demand the good or service as the price is lowered. This can be illustrated using the demand curve. The demand curve is a downward sloping line that illustrates the inversely related relationship of price and quantity demanded.

Introduction Opening up a business such as a franchise can carry many risks, both financially and personally but can also be very rewarding and challenging. Some people make a decent living, some end up rich, then again, plenty of people fail. (MSNMoney, 2014) There are many advantages of owning a franchise. Some advantages are that you have association with a well-established brand, reputation and product or service, access to established standard procedures, operating manuals and stock control systems.

Values relate to principles and attitudes that provide direction to everyday living. Values also refer to beliefs or standards considered desirable by a culture, group or individual (AASW). Similar to values, but slightly different, ethics means a system of beliefs held about what constitutes moral judgement and right conduct, they are moral principles (rules, guides) (AASW). So an ethical dilemma is then when a person is faced with a choice between two equally conflicting moral principles and it is not clear cut which choice will be the right one (AASW). Finally, ‘a code of ethics’ is an explicit statement of the values,

The following graph demonstrate the demand curve of how many items of a product or service a consumer would like to purchase at different prices. Now by having the product at a lower price, the more a consumer is likely to buy. For that same reason it can be concluded that the price is one major factor of the product demand.

Demand is the relationship between price and quantity demanded for a particular good and service in particular circumstances. For each price the demand relationship tells the quantity the buyers want to buy at that corresponding price. The quantity the buyers want to buy at a particular price is called the Quantity Demanded.

Business is loosely defined as buying and selling. However business is both an economic and social activity which is done to acquire wealth and serve the society through the provision of goods and services which the society needs.