Essay on managerial ehics

1410 Words Aug 8th, 2014 6 Pages
Complete Discussion Questions 3, 4, and 5 on page 27 of Business and Society.
3. Identify and explain the major factors in the social environment that create an atmosphere in which business criticism takes place and prospers. How are the factors related to one another? Has the revolution of rising expectations run its course? Or is it still a vital reality?
Affluence refers to the level of wealth, and standard of living of the society. As the standard of living is increasing every year, people are becoming well educated. As a result they are expecting a lot more from the businesses. This is one of the factor leading to business criticism. Now a day’s people are spending more time using television and Internet especially social media
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The micro level of corporate power is the level of individual business. The best example of this level is Walmart, with its dominance of the lower prices in the market. Finally, the individual level of corporate power resides in individual business leaders. Steve Jobs, former CEO of Apple, Bill Gates, founder of Microsoft, are good examples of people with the individual level of corporate power.
Spheres of power include economic, political, social/cultural, technological, environmental, and power over the individual. The businesses with economic power controls their assets and sales. If any organization enjoys freedom in a particular state with the help of elected person, it sure is having political power. Cellphones, appliances and automobiles are manufactured and distributed by corporations with technological power. Corporations working hard to produce environmentally safe products. Business also have power over individuals because most people work for corporations and buy most of their products from corporations.
5. Explain in your own words the Iron Law of Responsibility and the social contract. Give an example of a shared understanding between you as a consumer or an employee and a firm with which you do business or for which you work. Is Congress justified in creating new regulations to govern the financial services industry? The iron law of

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