Answer to Question #171186 in Management for simranjit singh

Question

 

1.  What are four types of economic systems? Provide an example of a country using each type?

 

 

 

 

 

2.  Explain the terms supply, demand, equilibrium price, and competition. How do these forces interact in the Canadian economy?

 

 

 

 

 

 

 

 

 

3.  (3 parts) Define business ethics. Who determines whether a business activity is ethical? Is unethical conduct always illegal?

 

 

 

 

 

 

 

 

 

 

4. What skills do managers need? Give examples of how managers use these skills to do their jobs.

 

 

 

 

 

 

 

 

 

5. What are the advantages and disadvantages of corporations? 

 

 

 

Answer 1

1.Economic system are categorized into:

1. Traditional economic system. e.g. in Haiti
2. Command economic system. e.g. in North Korea
3. Market economic system. e.g. in United States
4. Mixed system. e.g. in Philippines

2.  Explain the terms supply, demand, equilibrium price, and competition.

Supply: refers to the number of commodities that businesses are willing to sell at different prices at specific times.

Demand: is the number of goods and services that consumers are willing to buy at different prices at a specific time.

Equilibrium Price: is the price at which the number pf products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.

Competition: is the contest among businesses for consumers' money and superiority.

-How do these forces interact in the Canadian economy?

Since the supply and demand curves must intersect to equalize (this is the equilibrium price), they are all connected, and supply and demand are influenced in part by local competition. More competition can have a negative impact on supply and demand, while less competition may improve supply and demand.

3.Define business ethics. Who determines whether a business activity is ethical? Is unethical conduct always illegal?

-Business ethics refers to the values and norms that govern acceptable business conduct.

-The organization, clients, rivals, government regulators, advocacy groups, and the general public all weigh in on a company's acceptability.

-No, unethical conduct isn't always illegal. All actions deemed unethical by society are not necessarily illegal, and both legal and ethical concerns change over time.

4. What skills do managers need? Give examples of how managers use these skills to do their jobs.

1. Good communication. Having good Communication skills is probably the most important skill of all for managers to have to enable them pass information to employees effectively
2. Good Organisation skills. Probably the second most important skill that you can have as a Manageris the ability to organize a project assign roles and have the overview of the goals and aims of the project.
3. Planning skills: The ability to build an effective team and organize a project in a way that each team member knows their role.
4. Leadership skills so that you are seen as the authority but have a light touch and can delegate responsibility.
5. Flexibility and adaptability skills: Ability to Deal with Changes Effectively. Good managers are flexible and can adapt a project as things change.

5. What are the advantages and disadvantages of corporations?

The Benefits

1. A corporation's shareholders are only responsible for the value of their contributions. Their personal properties are covered by the corporate body, which shields them from further liability.
2. A public company, in particular, can raise a lot of money by selling stock or issuing bonds.
3. Transfers of ownership are made. A shareholder's right to sell stock in a company is not extremely difficult.
4. A corporation's lifespan is unbounded since its ownership can be passed down over several generations of investors.
5. Profits and losses are passed on to the shareholders if the company is organized as a S entity, which ensures the company does not have to pay income taxes.

The following are some of a corporation's drawbacks:

1. Higher taxes . Depending on the form of company, it may pay income taxes, then shareholders pay taxes on any dividends earned, resulting in income being taxed twice.
2. Excessive tax filings are a concern. The different forms of income and other taxes that must be charged, depending on the form of company, will necessitate a considerable amount of paperwork.
3. Management that is autonomous. The management team of a company will run the business without any real control from the owners if there are many investors with no strong majority interest.