Business & Society.pdf - Business Society Tuesday 6:10...

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Business any organization that is engaging in making a product or providing a service for profit Society human beings and social structures that they create Corporation an entity created by law | statute; it is an artificial legal "person" created under the laws of a state or nation Devoted to carry out a central economic mission - Corporation can: conduct business, enter contract, sue, be sued, etc. - Two Approaches to Conducting Business Ownership Theory of Business Sometimes called the property or finance theory a. Firm is seen as property of it's owners b. Maximize it's long term market value or make the most money for shareholders c. 1. Stakeholder Theory of Business Firm is seen as serving a broad public purpose: to create value for society a. Corporation focuses on dealing fairly with all stakeholders… b. 2. Stakeholders persons/group affect or affected by organizations decisions, policies, and operations Descriptive argument that the stakeholder view is more realistic of how companies really work
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Christopher Reinemann
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