Economics
GB 540 PGU Free Market Features and Industry Ethics Discussion

GB 540

Purdue Global University

GB

Question Description

Help me study for my Economics class. I’m stuck and don’t understand.

5 Page paper, in APA format on Free Markets and Ethical Issues.

- Select a social problem where free markets are not allowed to function, and conduct research on the social problem.

- Describe how free market features could be introduced to help alleviate the social problem through free market operations of supply and demand.

- Discuss the risks of introducing market mechanisms of supply and demand in situations where ethical issues are present.

- Explain roles of the government in maintaining ethical business practices.

Unformatted Attachment Preview

Unit 1 [GB540: Economics for Global Decision Makers] Assignment: Free Market and Ethical Issues Markets are mechanisms for coordinating the set of connections of production operations that are distributed throughout the whole economic system. Thus, the market is the predominant and determining link between producers of goods and services and consumers. Accordingly, markets, as an exchange of goods and services that takes place as a result of buyers and sellers interactions, are generally considered the most efficient allocator of resources in the market economy. However, free markets are unable to solve many social problems, and they make others worse. One such social problem is illegal drugs. Another example is environmental issues such as pollution. For one example of a social problem where supply and demand is not allowed to function freely, conduct basic research on markets for human organs. There are black markets (underground economies) for human organs in some countries. But a trade in human organs, based on supply and demand, raises enormous and troubling ethical issues and shows that free markets are clearly limited in their ability to provide answers to social problems. Course Outcome practiced and assessed in this Assignment: GB540-1: Evaluate ethical issues in economics. Directions Your research should be about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc. ● Select a social problem where free markets are not allowed to function, and conduct research on the social problem. ● Describe how free market features could be introduced to help alleviate the social problem through free market operations of supply and demand. ● Discuss the risks of introducing market mechanisms of supply and demand in situations where ethical issues are present. ● Explain roles of the government in maintaining ethical business practices. Criteria ● Your Assignment should have a cover sheet with the following information: Title of the paper, Your Name, Course Number and Section Number, and Date. ● It must be a minimum of five pages long (excluding title page, references, etc.). ● Be sure to include the criteria located in the rubric below within your paper. ● It must be APA formatted with citations to your sources and your last page should list all references used. For assistance on APA format, visit the various writing resources, accessed under the Academic Tools area in the left navigation pane. ● You must use a variety of three objective, high quality, and current sources. Peer reviewed articles, articles published in journals, textbooks, and library resources found in the Library are examples of high quality resources. ● Note that Wikipedia, Investopedia, etc. are not considered as reliable resources for this research. Submit your Assignment to the Unit 1 Assignment Dropbox by the end of Unit 1. GB540 Unit 1 Assignment: Free Market and Ethical Issues Content and Analysis Introduction and conclusion. Identified a specific social problem where free markets are not allowed to function. Described how free market features could be used to help alleviate the social problem. Discussed the risks of introducing market mechanisms where ethical issues are present. Discussed rules and regulations of the government on ethical business practices. Five pages in length and at least three reliable references. Writing style, grammar, APA formatting (references, cover page, etc.) Total Points Possible 20 10 25 25 20 10 15 125 Points Earned ...
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Final Answer

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OUTLINE
FREE MARKET FEATURES AND INDUSTRY ETHICS
THESIS STATEMENT: This paper focuses on the Medicare problem in the United States
market, citing why its incompatible with free markets. Further, the paper encapsulates how
integrating features of a free market in health care could help diminish the Medicare problem,
along with assessing the regulatory role of the federal government.
I.

Introduction

II.

The Medicare Problem
A. Issues in Medicare

III.

Introducing Free Market Features in Medicare

IV.

The Ethical Risks of Introducing Free Market Features

V.

The Role of Governments in Business Ethics

VI.

Conclusion


Running head: FREE MARKET FEATURES

Free Market Features and Industry Ethics
Name:
Course Code:
Section
Date:

1

FREE MARKET FEATURES

2

Free Market Features and Industry Ethics
Introduction
The term free market defines a system where economic exchanges aren’t regulated,
and other government interventions like taxes and quotas, are absent or minimal. Technically,
the United States economy is majorly dominated by a free market, as industries are run by
supply and demand, with slight federal interventions. In an ideal free market, businesses and
buyers function without government regulations, but economists argue on the applicability of
the framework, particularly on social issues. Advocates of free markets maintain that waiving
government restrictions makes businesses protect their consumers better, along with
supplying superior goods and regulating prices. In this context, governments are considered
as an unnecessary bureaucracy that disrupts market dynamics.
On the contrary, other scholars argue that federal interventions are vital in
protecting the public and the environment because businesses are driven by self-interest.
Furthermore, government regulations are essential to combat various social issues that arise
in a free market system. Technically, a social problem refers to any condition, like crime or
violence, that distorts societal dynamics. Indeed, it’s accurate to state that a free market is a
focal point for societal progress. Nevertheless, the strategy is not a practical solution for all
issues but can be a typical guidance tool. A free market doesn’t source its superiority from
providing accurate answers, but rather the freedom it offers to buyers and sellers.
Further, there are numerous social problems in the economy, and private investors
have to be...

DrHill (7508)
Cornell University

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