Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 2.2, Problem 2.2AQ
Summary Introduction
To determine: The dependence or independence of the fundamental rights that exist in the economic system called free-market capitalism.
Introduction:
Economics is the term used for the study of production, distribution and consumption of resources.
Fundamental rights that exist in the economic system called free-market capitalism are; freedom to own property, freedom to compete, freedom to own a business and to keep all of its profits and freedom of choice.
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Students have asked these similar questions
How would a utilitarian, a liberal, and a libertarianeach determine how much income inequality ispermissible?
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(b) Entrepreneurs like Mark Zuckerberg of Facebook and Elon Musk of Space X have taken risks to build to their businesses and been successful at it. The fundamental premise for their success mostly hinges on the ownership of private property and free market forces. Identify and describe the type of theory of justice applicable in these cases.
Chapter 2 Solutions
Understanding Business
Ch. 2.1 - Prob. 2.1AQCh. 2.1 - Prob. 2.1BQCh. 2.1 - Prob. 2.1CQCh. 2.1 - Prob. 1TPCh. 2.1 - Prob. 2TPCh. 2.1 - Prob. 3TPCh. 2.2 - Prob. 2.2AQCh. 2.2 - Prob. 2.2BQCh. 2.2 - Prob. 1MEDCh. 2.2 - Prob. 4TP
Ch. 2.2 - Prob. 5TPCh. 2.2 - Prob. 6TPCh. 2.2 - Prob. 7TPCh. 2.3 - Prob. 2.3AQCh. 2.3 - Prob. 2.3BQCh. 2.4 - Prob. 8TPCh. 2.4 - Prob. 9TPCh. 2.4 - Prob. 10TPCh. 2.4 - Prob. 11TPCh. 2.5 - Prob. 2.5AQCh. 2.6 - Prob. 2.6AQCh. 2.6 - Prob. 12TPCh. 2.6 - Prob. 13TPCh. 2.6 - Prob. 14TPCh. 2.6 - Prob. 15TPCh. 2 - Prob. 1CECh. 2 - Prob. 2CECh. 2 - Prob. 3CECh. 2 - Prob. 4CECh. 2 - Prob. 1CTCh. 2 - Prob. 2CTCh. 2 - Prob. 3CTCh. 2 - Prob. 1DCSCh. 2 - Prob. 2DCSCh. 2 - Prob. 3DCSCh. 2 - Prob. 4DCSCh. 2 - Prob. 5DCSCh. 2 - Prob. 1PPTCh. 2 - Prob. 2PPTCh. 2 - Prob. 3PPTCh. 2 - Prob. 4PPTCh. 2 - Prob. 1VCCh. 2 - Prob. 2VCCh. 2 - Prob. 3VC
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- What do ethics and ethical behavior have to do with finance?arrow_forwardThe risk of failure is an inherent part of free enterprise. Does society have an obligation to come to the aid of entrepreneurs who try but fail? Why or why not?arrow_forwardThe safeguard and care of natural capital should be the responsibility of the government and not be left to private ownership. (You might start by defining "natural capital"). Agree or disagree with this assertion, explaining your position.arrow_forward
- is it important for businesses to have CSR plans? Or should the government be the one to “save our planet.” Explain your opinion.arrow_forwardBy allowing incorporation and limited liability, societies via governments allow companies to seek unlimited profit while spreading all risk and any negative externalities equally over a society. To what extent is this fair? Explain whether and why you think companies should be forced to balance this societal risk in some way.arrow_forward
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