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Generation of Wealth

Generation of Jobs

Impact of Businesses on the Community

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Generation of Jobs Consumer Demand: businesses try to meet demand indicated by consumers

i.e. ipad -> ipad 2

Business Cycles (p.72) Four phases: trough, peak, recession, depression Recovery: demand increases

Technological Improvements Increase efficiency of their operations

Android

Competition Must be competitive to survive

Drives pricing

Impact of Businesses on the Community

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The Business Cycle

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Generation of Income The money that a business has received

Selling goods Earning interest Investing extra funds

Standard of Living The way a person lives as measured by the kinds and quality of goods and services that

person can afford

Quality of Life Type of work has a direct impact on the life of the worker

Changing Community When business move, the wealth, income and jobs in a community are affected

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Corporate Social Responsibility

Ethics are rules that help us tell the difference between right and wrong. They encourage us to do the right thing.

What is Ethical Behaviour?Ethical behaviour is conduct that conforms to ethics—individual beliefs and social standards about what is right and good.

Values tell us what is important. They help us make decisions about right and wrong.

Morals are rules we use to decide what is good or bad.

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What Role Should Ethics Play in Business?

Business ethics are based on society’s ethics and those of the people who work for and buy from them.

A Code of Ethics

Some companies write a code of ethics,

- a document that explains specifically how employees should respond in certain situations.

Canadian laws address acceptable business behaviours. However, businesses can still behave unethically without breaking these laws.

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A business exhibits corporate social responsibility (CRS) through their values, ethics, and the contributions it makes to communities. CRS is driven by a desire to protect customers and to treat employees and shareholders fairly.

CSR PrinciplesBusinesses that practice CSR principles support their employees and consumers by

• providing a safe and healthy work environment• adopting fair labour polices• protecting the environment• being truthful in advertising• avoiding price discrimination• donating to charity

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Think about this….

How would the opening of a large corporation such as

Wal Mart affect a small community?