Description
1)
- Do you believe that people take for granted the economic system they live in, specifically in the United States? Why or why not?
- Discuss why some people might believe a capitalistic society is unequal. Do you agree? Why or why not?
2)Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state whereas socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. (Shaw, William H. (2014). Business ethics (8th ed.). Boston, MA: Wadsworth, Cengage Learning). In this assignment, you will define the roles capitalism and socialism play along with the pros and cons of each.
In two to three (2-3) paragraphs:
- Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.
The specific course learning outcomes associated with this assignment are:
- Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns.
- Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making.
- Use technology and information resources to research issues in business ethics.
- Write clearly and concisely about business ethics using proper writing mechanics.
Explanation & Answer
Attached.
Outline
Capitalism
Part 1
An economic system constitutes a system of production resource allocation and distribution of
commodities and services within a specific geographic area.
Capitalistic society is a social order under which property is owned by individuals who have the
impetus to increase wealth through the production of profits.
Part 2
Both capitalism and socialism are economic systems that can be espoused in a country.
In socialism, the allocation of resources is centrally planned and takes into account both
individual need and greater social needs.
Capitalism, on the other hand, helps competition and entrepreneurship, which are essential for
economic growth.
Running head: CAPITALISM
1
Capitalism
Student’s Name
Institutional Affiliation
CAPITALISM
2
Capitalism
Part 1
An economic system constitutes a system of production resource allocation and
distribution of commodities and services within a specific geographic area. Citizens often have
minimal knowledge about the financial system operating in their country hence could give
minimal or no information about the matter. People, specifically in the United States, do not take
for granted the economic system they live in but ha...
