To determine: The benefits of business and determine whether it can negatively affect the society.
Introduction:
A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.
Explanation of Solution
Determine the benefits of business:
- Most of the goods and services consumed by the customers are produced by the business.
- It creates innovation
- It provides an opportunity for new business and it employs many people.
- It improves the standard of living and it contributes to the quality of life.
Determine whether a business can negatively affect the society:
A business can negatively affect the society if the goods and services provided by the business harm the environment, society, or customers.
A business that provides healthcare services or education benefits the society and the business that produces harmful chemicals and dumping the chemical into a nearby lake or water resource have a negative effect on the society.
Want to see more full solutions like this?
Chapter 1 Solutions
Business Essentials (12th Edition) (What's New in Intro to Business)
- With your team, choose three established business theories that apply to the current event and market reactions. Recommend alternative courses of action that are consistent with established business theories and concludearrow_forwardHow can external economic forces play a part in business?arrow_forwardHow development and progress in business greatly affect the programs and policies of an enterprise?arrow_forward
- Considering the COVID 19 pandemic and its impact on the general business environment, use the business model canvas to develop a new business that has higher chances of survival, growth and profitability: stating clearly your justifications.arrow_forwardwhat do you think are the opportunities and threats that you see from the macro environment, industry, market, micromarket, and consumer perspective of the business you intend to pursue or already pursuing?arrow_forwardHow can businesses effectively manage and mitigate risks arising from the business environment, such as economic downturns, regulatory changes, or natural disasters?arrow_forward
- Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage LearningFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning