Summary
Summary MANCOSA business and society notes
- Course
- Institution
these are summary notes covering the various aspects of business and society. Hope it helps you
[Show more]
Seller
Follow
athidikana803
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller athidikana803. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.39. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67232 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now