Principles of Business, Marketing, and Finance Lesson Five Economic and Ethical Activity in a Changing World UNT in partne...
Economic Measurements for a Changing World <ul><li>Gross Domestic Product-total value of goods and service produced in a c...
Economic Measurements for a Changing World <ul><li>Unemployment Rate </li></ul><ul><li>Rate of Inflation </li></ul><ul><li...
Economic Measurements for a Changing World <ul><li>National Debt </li></ul><ul><li>-total amount of money a government owe...
Four Phases of the Business Cycle UNT in partnership with TEA, Copyright ©.  All rights reserved  5
Ethics <ul><li>A set of moral principles by which people conduct themselves personally, socially, or professionally </li><...
Unethical Business Practices <ul><li>Bad for business </li></ul><ul><li>Affects a business’s profits, customer base, and e...
Important Ethical Questions <ul><li>Is it against the law? </li></ul><ul><li>What if everyone did this? </li></ul><ul><li>...
Making Decisions on Ethical Issues <ul><li>Identify the ethical dilemma. </li></ul><ul><li>Discover alternative actions. <...
Social Responsibility <ul><li>Duty to do what is best for the good of society </li></ul><ul><li>Businesses have a responsi...
Government’s Responsibility to Customers <ul><li>FDA (Food and Drug Administration) </li></ul><ul><li>FTC (Federal Trade C...
Business’ Responsibility to Employees <ul><li>Equal Pay Act </li></ul><ul><li>OSHA-division of the Department of Labor  (s...
Business’ Responsibility to Society <ul><li>EPA (Environmental Protection Agency ) </li></ul><ul><ul><li>Saving energy </l...
Adapting to Current Markets <ul><li>Meeting the challenges of international competition </li></ul><ul><li>Overcoming econo...
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05 economics&ethics

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Lesson Five - Economic and Ethical Activity in a changing world

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  • Explain how international business has affected gross domestic product in both a positive and negative way.
  • Ask students to explain how an increasing unemployment rate has a domino affect on the economy. Have someone look up on the internet what the current unemployment rate is.
  • Prior to any discussion have students write down which cycle they believe the economy is in currently and then at the end of the discussion have then show their answers to the class and see if anyone wants to change their answer. Prosperity-peak of economic activity Recession-economic slowdown Depression-a deep recession that affects the entire economy and lasts for several years Recovery-the rise in business activity after a recession or depression
  • Explain how bribery is expected in business transactions for some countries. Then ask students if U.S. businesses should resort to bribery to increase the GDP.  
  • Brainstorm ethical issues in the workplace that students today may have to make decisions about. Then explain how ethics involves doing the right thing when it is more attractive to do the unethical activity.  
  • Ask students to list the four government agencies identified in the slide and then see if the can explain the consumer protection role for each agency.  
  • Ask students to list three responsibilities that employers have for employees. Then ask students to list three responsibilities employees have to the employer.
  • Ask students to list one international, economic, governmental, and workforce challenge facing businesses in today’s changing marketplace.
  • 05 economics&ethics

    1. 1. Principles of Business, Marketing, and Finance Lesson Five Economic and Ethical Activity in a Changing World UNT in partnership with TEA, Copyright ©. All rights reserved
    2. 2. Economic Measurements for a Changing World <ul><li>Gross Domestic Product-total value of goods and service produced in a country in a given year </li></ul><ul><ul><li>Consumer goods and services </li></ul></ul><ul><ul><li>Business goods and services </li></ul></ul><ul><ul><li>Government goods and services </li></ul></ul><ul><ul><li>Goods and services sold to other countries </li></ul></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 2
    3. 3. Economic Measurements for a Changing World <ul><li>Unemployment Rate </li></ul><ul><li>Rate of Inflation </li></ul><ul><li>-rate at which the cost of goods and services rise </li></ul><ul><li>Standard of Living </li></ul><ul><li>-amount of goods and services the average citizen can buy </li></ul><ul><li>Deflation </li></ul><ul><li>-when the supply of good is greater than the demand </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 3
    4. 4. Economic Measurements for a Changing World <ul><li>National Debt </li></ul><ul><li>-total amount of money a government owes </li></ul><ul><li>Budget Surplus </li></ul><ul><li>-when a government’s revenue exceeds its expenditures during a one-year period </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 4
    5. 5. Four Phases of the Business Cycle UNT in partnership with TEA, Copyright ©. All rights reserved 5
    6. 6. Ethics <ul><li>A set of moral principles by which people conduct themselves personally, socially, or professionally </li></ul><ul><ul><li>Businesses have a legal responsibility to do what is right for society’s welfare </li></ul></ul><ul><ul><li>Business Ethics -a set of laws about how a business should conduct itself </li></ul></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 6
    7. 7. Unethical Business Practices <ul><li>Bad for business </li></ul><ul><li>Affects a business’s profits, customer base, and employee loyalty </li></ul><ul><li>Sweatshops </li></ul><ul><li>-factories that have unsafe working conditions, treat workers badly, and pay poorly </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 7
    8. 8. Important Ethical Questions <ul><li>Is it against the law? </li></ul><ul><li>What if everyone did this? </li></ul><ul><li>Am I sacrificing long-term benefits for short term gains? </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 8
    9. 9. Making Decisions on Ethical Issues <ul><li>Identify the ethical dilemma. </li></ul><ul><li>Discover alternative actions. </li></ul><ul><li>Decide who might be affected. </li></ul><ul><li>List the probable effects of the alternatives. </li></ul><ul><li>Select the best alternative. </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 9
    10. 10. Social Responsibility <ul><li>Duty to do what is best for the good of society </li></ul><ul><li>Businesses have a responsibility to consumers, workers, and society </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 10
    11. 11. Government’s Responsibility to Customers <ul><li>FDA (Food and Drug Administration) </li></ul><ul><li>FTC (Federal Trade Commission </li></ul><ul><li>CPSC (Consumer Product Safety Commission) </li></ul><ul><li>USDA (United States Department of Agriculture) </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 11
    12. 12. Business’ Responsibility to Employees <ul><li>Equal Pay Act </li></ul><ul><li>OSHA-division of the Department of Labor (sets and enforces work-related health and safety rules ) </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 12
    13. 13. Business’ Responsibility to Society <ul><li>EPA (Environmental Protection Agency ) </li></ul><ul><ul><li>Saving energy </li></ul></ul><ul><ul><li>Recycling </li></ul></ul><ul><li>Conflict of Interest-when a business is tempted to put profits before social welfare </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 13
    14. 14. Adapting to Current Markets <ul><li>Meeting the challenges of international competition </li></ul><ul><li>Overcoming economic conditions </li></ul><ul><li>Adjusting to changing government demands </li></ul><ul><li>Adjusting the workforce to different economic conditions </li></ul>UNT in partnership with TEA, Copyright ©. All rights reserved 14

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