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Summary MANCOSA business and society notes
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BUSINESS AND SOCIETYSTUDY UNIT 1
- BSG is the field of this environment and the importance
for managers.
IMPORTANCE TERMINILOGY.
- Business – encompasses a broad range of actions,
institutions, and operations the purpose of which is to
make a profit by providing products and services that
satisfy human needs.
- Government – refers to structure and processes that
authoritatively make and apply policies and rules.
, - Society – is a network of human relations including ideas,
institutions, and material things.
- Ideas – are intangible objects of thought.
- Institutions – are formal patterns of relationships that link
people together to accomplish a goal.
- Material things – are the tangible artefacts of a society.
IMPORTANCE OF BSG TO MANAGERS.
To succeed they must be responsive to forces in both
their economic and non-economic environments.
Business must comply with a social contract – agreement
between 2 parties.
4 BASIC MODELS OF BSG
MARKET CAPTIALISM MODEL
THE DOMINENCE MODEL
COUNTERVAILING FORCES MODEL
STAKEHOLDER MODEL
,1. MARKET CAPITALISM MODEL
- Depicts the relationship as a set of arrangements in
accord with the assumption of classical capitalism.
- It is assumed that social responsibility is measured
primarily as economic performance that enhances
social welfare.
- The model depicts business as substantially
sheltered from direct impact on socio-political forces
and focuses on the primacy of economic forces.
- Depicts business as existing within a market shaped
both by business operations and by social and
political pressure.
, - The system depicted here is called “Classic
capitalism” driven by private firms in competitive
markets.
A. Market economies – in which people produce
mainly for trade, not subsistence, developed in the
1700s.
B. In a market economy that emerges, people
moved beyond subsistence production to production
for trade and market take on a more central role.
C. Capitalism - refers to an economy in which
private individuals and corporations own the means
of production and motivated by the desired profit,
compete in free markets under conditions of limited
restraint by government.
D. Managerial capitalism – a market economy in
which the dominant businesses are large firms run
by salaried manager’s not smaller firms run by
owner-entrepreneurs.
E. Laissez- Faire – an economic philosophy that
reject government intervention in markets.
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