Do Now to Turn In 9/5/17 12 mins What is the difference between a consumer and a customer? What is the difference between an implicit and expressed warranty? What are morals? What are ethics? What is conduct? What does it mean to be responsible? What does it mean to be socially responsible?

Social Responsibility and Business Ethics Social Responsibility: the obligation of a business to contribute to the well-being of a community Social responsibility concerns are related to: Environmental protection Workplace Diversity Safety on the job Employee wellness What are examples of environmental protection, workplace diversity, safety on the job, and employee wellness?

Social Responsibility and Business Ethics cont. What are examples of environmental protection, workplace diversity, safety on the job, and employee wellness? Environmental protection: conservation, reduction of pollution Workplace diversity: removing barriers for women in the workplace, workforce should reflect groups in the community, workers should have same access to job programs Safety on the job: installing non-polluting safer equipment, building renovations to remove hazardous materials Ethics: are the principles of morality or rules of conduct Business Ethics: rules about how businesses and their employees ought to behave

Social Responsibility and Business Ethics cont. Code of Ethics: a statement of rules for guiding the behavior of employees or members of an organization How does an ethical decision differ from a social responsibility decision? An ethical business decision is based on a sense of morality and rules of conduct. A socially responsible decision is based on an understanding of what is good for the environment, the needs of the community, and the fair treatment of employees.

Do Now to Turn In 9/5/17 12 mins

Government in Our Economy Government has the responsibility to protect the rights of citizens, business owners, and consumers. Government protects our rights: as citizens through police and fire services. as business owners and consumers through enforcement of contracts and intellectual property rights as workers through laws that require safe working conditions Government regulates utilities and prevents unfair business practices Government collects and reports valuable information and provides loans to help businesses get started or overcome natural disasters.

Government in Our Economy cont. Government buys a variety of good and services and employs workers Government raises revenue through the taxes and borrowing.

International Business Nations do business with each other to increase the variety of goods and services available to their consumers. An exchange rate is the amount of currency of one country that can be traded for one unit of the currency of another country There are three barriers to international business: quotas tariffs Embargoes Balance of trade is the difference between a country’s exports and imports

International Business cont. Multinational companies conduct business activities in several countries and have management capable of doing business worldwide. Advantages of international business include more goods available, lower prices, and increased number of jobs; disadvantages include some loss of jobs and lowered demand for some U.S. products