In: Business and Management

Submitted By milan6887
Words 789
Pages 4
Ethics Game Simulation
Milan Kascelan
April 10, 2011
Sonny Bowman

Ethics Game Simulation
In this paper, will be focusing on two important cases: the Case of Warning and Risk and the Case of Standards. Before we begin, I think that it is vital that we identify the stake holders involved because they play very important roles in determining the decisions of the organization and are also the people who are directly affected by the various decisions. In both cases, the stakeholders include the different members of G- Bio sport such as the Chief Executive Officer (CEO), all of the quality control managers, operation directors, director of public relations, and the various shareholders of the organization and also the consumer of the organization.
The Warning and Risk: From the point of view of a quality control manager, I decided that the organization should make it policy to inform the various stakeholders, customers, about all the risk which they are about to be exposed to and all the goods that are in questioning. This could be accomplished in many different ways. First, the company should give out the proper information, and inform the stakeholders through media, newspapers, and post on the company’s website so that they are informed and know what they are getting in to. The company should provide the best service for the stakeholders so that they are not confused and know exactly what is going on. I think that if the company does this all parties involved will be happier and everything can go back to normal.
Relationships between Ethics and Values: It is very important that many companies’ makes the most profit they can on what they sell to ensure business goals and profitability. It’s important that values and ethics play important role in that. The most important thing that you want to ensure is that all parties who…...

Similar Documents

Eco212-Wk2 Quiz

...University of Phoenix Material Supply, Demand, and Price Elasticity Quiz Student: Rhonda Markham____________________________ Date: 02/11/2013____________________________________ Section One: Multiple Choice A 1. If a 20% decrease in the price of long distance phone calls leads to a 35% increase in the quantity of calls demanded, you may conclude that the demand for phone calls is a. elastic. b. inelastic. c. unit elastic. d. stretchy elastic. B 2. Which of the following pairs are examples of substitutes? a. Popcorn and Soda b. Automobiles and bicycles c. Boats and fishing tackle d. Wine and cheese 3. If a price in a competitive market is “too high to clear the market,” what does this usually mean? Assume upward-sloping supply curves. a. No producer can cover the costs of production at that price. b. Quantity supplied exceeds quantity demanded at that price. c. Producers are leaving the industry. d. Consumers are willing to buy all the units produced at that price. 4. Which of the following statements is incorrect? Assume upward-sloping supply curves. a. If the supply curve shifts left and the demand remain constant, equilibrium price will rise. b. If the demand curve shifts left and the supply increase, equilibrium price will rise. c. If the supply curve shifts right and the demand curve shifts left, equilibrium price will fall. d. If the demand curve shifts right and the supply curve shifts left, price will rise. ...

Words: 474 - Pages: 2

Eco212 Market Structures

...Differentiating Between Market Structures ECO/212 Principles of Economics Monday, November 8, 2007 Dr. Rudolph Differentiating Between Market Structures Executive Summary Starbucks coffee has been around since 1971. With its objective to be the most recognized company for coffee in the world, the company faces a great task of expansion. “Starbucks mission is to inspire and nurture the human spirit one person, one cup and one neighborhood at a time” (Starbucks corporation, 2005). Starbucks plans are derived from their unending customer service that is influenced by the labor market and market structure of the company. They know the value of their employees so they continue to aid them in his or her everyday success and well being. Although the company has expanded its services oversees it has been challenged greatly in the categories of goods for North America. The natural monopolies have challenged the company to venture into new avenues that will allow them to continue earning money from their once leading specialty coffee. Categories of Goods All goods can be put into a certain category based on whether or not the good is “rival” and/or “excludable”. A good is considered to be rival when “one person’s consuming a unit of a good means no one else can consume it” ( Hubbard & O’Brien, 2010, p. 148). A good is considered to be excludable when “anyone who does not pay for a good cannot consume it” (Hubbard &......

Words: 1475 - Pages: 6

Eco212 Federal Reserve Paper

...Federal Reserve Paper Money to the global market and governments around the world consider it to be an object that has value. There is a common understanding that money is used to exchange or trade services and goods throughout the world. In the early 1900’s the Central banking system and Federal Reserve were founded by the United States Congress resulting from the aftermath of an economic crisis that shook the United States financial stability (Thai Press Reports, 2009). The Federal Reserve was mandated with providing regulatory and monetary obligations. The Federal Reserve has an extensive knowledge and experience managing a fast majority of financial markets for both domestic and foreign circumstances. The Federal Reserve plays a critical role during an economic crisis according to the Treasury Department to manage and prevent financial emergencies. The Federal Open Market Committee is the authority head over of the Federal Reserve Board. The Federal Reserve can manage interest rates on loans to banks and higher interest discourages banks from lending as freely; lower interest rates have the opposite effect. Reserve requirements are mandated by the Federal Reserve and what banks are required to keep in their loan portfolio. Unemployment numbers rose although there was an increase in output during the second half of 2009. Unemployment hit a peak that we have not seen since the late 1980’s although reported job losses have slowed employers do not......

Words: 361 - Pages: 2

Differentiating Between Market Structures

...structures has defined their companies as top leaders of the consumer market. If Wal-Mart and Costco did not approach their companies with effective market structures such as oligopolies and monopolistic competition, they would not be the powerful companies they are today. With out the chosen structures it would be difficult to envision their success and the impact they have contributed to the business world. References Hannaford, S. (2005). Both sides now. Harvard Business Review, 83(3), 17-17. Retrieved from Hubbard, R. & O’Brien, A. (2010). Economics (3rd ed.). Boston, Ma: Pearson Hall. Retrieved from University of Phoenix, ECO212 – Principles of Economics Course Website. Wal-Mart Stores, Inc. (2010). Services you need, prices you can afford. Retrieved from Microeconomics and Public Policy, retrieved on 8/04/10 from

Words: 1429 - Pages: 6

Supply and Demand

...Running head: SUPPLY AND DEMAND AND ELASTICITY PAPER Supply and Demand and Elasticity Paper Principles of Economics ECO212 Supply and Demand and Elasticity Paper Supply and demand is perhaps one of the most fundamental concepts of economics and is the backbone of a market economy. The relationship between demand and supply underlie the forces behind the allocation of resources. (Investopidia A forbe digital company, n.d.). In this paper we will discuss what causes changes in supply and demand, determine how changes in price and quantity will influence market equilibrium. This paper will also describe how the necessity of a good and the availability of substitutions affect price elasticity and compare and contrast market systems and the role of an economist within these systems. Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply also refers to the quantity of goods a vendor or suppliers are willing to make at a certain price that will benefit the growth of that vendor’s or supplier’s profits, business and demand. Demand refers to how much (quantity) of a product or service is desired by buyers. (Investopidia A forbe digital company, n.d.) The law of demand is based off of “the higher the price is the lower the demand of the product will be.” Demand goes down. “If the price comes down the higher the demand of the product will be.” Demand goes up. The......

Words: 1005 - Pages: 5

Differentiating Between Market Structures

...Differentiating Between Market Structures Nikki Branch ECO212 November 1, 2010 Alex Gialanella Differentiating Between Market Structures When examining market structures a basic knowledge of the types of goods offered is necessary. The four categories of goods are public goods, private goods, common resources, and natural monopolies. Public goods, private goods, and common resources can either be rival or excludable. As consumers in the market, it is necessary to know the similarities and differences between each of these categories of goods. A basic definition of what is a rivalry or nonrival good and what is excludability and nonexcludable is necessary to begin. A rivalry means that if “one person consumes a unit of a good no one else can consume it” (O'Brien, 2010). Excludability means that if a someone does not pay for a good it cannot be consumed (O'Brien, 2010). Each of the four categories of goods will fall into one or the other of the above. Private Goods These goods are both rival and excludable. According to Thayer Watkins (The Nature of Public Goods, Para 1) of the San Jose State University Economics Department, “a private good is such that if one person get one more of them then necessarily there will be less for other people. No person is able to consume these goods without buying them (O'Brien, 2010). If a consumer goes and gets a haircut at a local salon, no other consumer can get that same haircut. Public Goods In......

Words: 579 - Pages: 3


...paperback version, this could be a possibility to stay on top of the market, by offering different versions of the book. The benefits the customer will see is having the book shipped to them instead of the painstaking drive and experience to go to the bookstore, again saving the customer money. On the other hand you can go completely left field and try what is known as the pay what you want pricing strategy.(PWYW) “PWYW is less profitable on a competitive market but still viable under our experimental conditions.” (Monopolistic Competition: The Competitive Model in a More Realistic Setting ) Of course this strategy was run through a controlled environment and not tested in the real world at this moment.   References Leeson, J. (n.d.). Eco212 livechat 7 1-25-2015 ppt. Retrieved Febuary 2 , 2015 Monopolistic Competition: The Competitive Model in a More Realistic Setting . (n.d.). Retrieved February 2, 2015, from Schmidt, K. M., Spann, M., & Zeithammer, R. (2014, February 28). Pay What You Want as Marketing Strategy in Monopolistic and Competitive Markets. Retrieved February 2, 2015, from

Words: 1012 - Pages: 5

Supply and Demand

...affect the demand and supply curve are population, demographics, income, and substitutes. Price and supply elasticity are directly effect by options given to the customer. While the necessities like gas and cigarettes tend to stay inelastic, our options for luxury items, and major purchases like house, car and boat are elastic. Economists are able to create an analysis according to the market curves, and work with the government and private sectors on regulating the market and allocating resources to the supplier and consumer to create equilibrium on price. References Hubbard, R., & O’Brien, A. (2010). Economics (3rd ed.) [University of Phoenix Custom Edition e-text]. Boston, MA: Pearson Hall. Retrieved from University of Phoenix, ECO212—Principles of Economics course website. Type of Economic System. (n.d.). Economy Watch. Retrieved from Sociology Guide. (2010). Features of Planned Economy. Retrieved from QuickMBA.(2010). Price of Elasticity. Retrieved from

Words: 1580 - Pages: 7


...Essay Three The president of the Seattle credit card processing company Gravity Payments, Dan Price, recently announced that a cut would be made to profits and his pay in order to raise the minimum wage at the firm up to $70,000 a year. This move by Mr. Price has drawn both applause from some and criticism from others. Among those criticizing the move, suggestions are being made stating the move is counterproductive because it creates an incentive for workers to slack off and be lazy, some insist it is not the right method of operating, and Rush Limbaugh has gone as far as referring to this method as being “pure, unadulterated socialism.” By setting this new minimum wage, Mr. Price is not following the forces that influence wages and rule to maximize profits within the market, instead he is deciding to do what he believes is best for him, his employees, as well as the firm, specifically in the long-term. Mr. Price also suggests that his decision will help reveal the “corrosive effects of income inequality” in society. Another word in is defense was made by an economist at the conservative Manhattan Institute for Policy Research, by stating “you get what you pay for” when dealing with the labor market. Only after a few days after Gravity Payments made the announcement, they “heard from more than 3,500 hopeful applicants” and “signed up several new clients.” The decision by Dan Price to increase minimum wage will definitely affect both the demand and supply of......

Words: 663 - Pages: 3

Internationa Trade

...ECO212 Scott Shaw 3/20/2011   Trade in today’s society is one of the major ways goods get around the world. This includes services provided in the United States, as well as those around the world. It is both mind boggling and perplexing the number of goods traded on a daily basis. With this major amount of trading there are both advantages and disadvantages. Let’s look at some of these advantages and disadvantages of trading internationally as well as some issues that arise due to international trade, the role of the government in the trading process, and the role of the World Trade Organization (WTO). An advantage of international trade is that it allows for the enhancement of domestic competitiveness. This allows an organization to get offers from other countries in the future which gives them the variety to choose from in the long term. Another advantage to trading internationally is that an organization can reduce their dependence on existing markets. If a market is low on a substance that is needed, then the organization can trade for it internationally with a country with a plentiful supply of what you need. Also, international trading will extend the sales potential of existing products. The more exposure that the product gets in international markets, the more profits a company sets to gain, thus creating better sales opportunities in the long run for the company doing the trading. With these advantages, there comes some disadvantages. One......

Words: 1393 - Pages: 6

How People Make Economic Decisions

...How People Make Economic Decisions Francisca A. Castellanos ECO212 January 18, 2011 Evanthis (Pete) Mavrokordatos How People Make Economic Decisions Decisions, decisions, decisions…Decisions are the worst, and yet we must make them each and every day. The ten principles of economics explains how people make decisions, how people interact, and how the economy as a whole works. Economics is a behavioral science, which studies how societies manage their scarce resources (Hubbard-O’Brien, Glossary). Societies have different economic interactions that are affected by the type of economic system present. The main attributes of each system are as follows. In a market economy decisions of households and firms interacting in markets allocate economic resources (Glossary). In a centrally-planned economy the government decides how economic resources will be allocated (Glossary) and in a mixed economy economic decisions result from the interaction of buyers and sellers in markets but the government plays a significant role in the allocation of resources (Glossary). My small society (household) depends on me to allocate our scarce resources (monetarily), taking into account our abilities, efforts, and desires. My husband makes decisions based on our emotional needs as a family, yet both parts are equally important. How People Make Decisions Principle One: People face trade-offs. Making decisions requires trading off one item for another. I face this dilemma all the time because...

Words: 923 - Pages: 4

Eco212 Final Exam

...ECO/212 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. The Student Guide provides a breakdown of the readings that align to the Final Examination questions. Week One: Principles of Economics Objective: Explain how the principles of economics relate to decision-making, interaction, and the workings of the economy as a whole. 1. Economists make use of assumptions, some of which are unrealistic, for the purpose of a. teaching economics to people who have never before studied economics b. advancing their political agendas c. developing models when the scientific method cannot be used d. focusing their thinking Objective: Compare and contrast economic systems. 2. In a market economy, a. supply determines demand and, in turn, demand determines prices b. demand determines supply and, in turn, supply determines prices c. the allocation of scarce resources determines prices and, in turn, prices determine supply and demand d. supply and demand determine prices...

Words: 2088 - Pages: 9