• Business

    PRICE AND PROFIT: INVESTIGATING THE CONUNDRUM

    It appears reasonable to define profit as what is left-over after all tangible, specifiable and quantifiable costs have been paid. Hence, it is considered to be the reward for tangible factors that are crucial to business. These would include risk, entrepreneurial creativity, initiative and the deferment of the use of one’s resources. Reasons for the justification of profit is that many of the solutions to problem in business effect affect profits, these include pollution, adequate workers’ wages, conducive work environment, genuine products and honest adverts. For many people, the intangible element that may justify profit do not have as much important as other immediate, basic, tangible and seeming pressing needs…

  • Business

    RESPONSIBLE BUSINESS MODEL

    How can businesses become more responsible? And how can we prevent the sorts of abuses that create the need for whistleblowing in the first place? Just the formulation of business moral statements is a major first step employees and customers then have a moral reference point: expectations are created and commitments made. The company declares, at least officially that it is willing to be held to certain standards. Training programs, executive progress reports, and other practical application are the next step. These too are becoming widespread. Companies need to signal in day-to-day ways that their moral commitments are taken seriously and make a difference. But business structure may have to…

  • Business

    DECISION MAKING IN BUSINESS

    Many issues in business arise from conflicts between the personal interest of business managers and those of business; between the interest of business and society; between the interest of business and their customers. Others may be generated from a tension between the moral values and beliefs of business owners and their employees, customers, or society’s beliefs, culture, and tradition. For example; the fact that the people operate some principle in their personal life that may be incompatible with those that hold sway in business may generate some issues. In this regard, a conflict of interest would arise when an employee is under pressure to choose his or her own personal…

  • Business

    ECONOMY AND BUSINESS

    Economy starts with the idea of scarcity, it is the careful use of scarce resources. We can’t have everything we want as such we will like to have. Money and time are great examples of scarce resources because they are limited and often insufficient. Economy has to do with decision making of businesses and government given the scarce resources that are available. Business might appear to be ambiguous as it may be used to connote anything that concerns a person personally or which he or she has interest in. It might also mean an important matter or issue that has to be attended to. However, business may be defined as…