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Chapter_02_How_the_Business_System_Works

Chapter_02_How_the_Business_System_Works - BUS306002...

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BUS 306-002  Ethics in Decision Making Chapter 2:   How the Business System Works George Z. Peng
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Chapter Outline The Right of Private Property Individualism and Economic Freedom Equality of Opportunity Competition and Profits The Work Ethic  Consumer Sovereignty The Role of Government The Fundamentals and Canadian Capitalism Various Forms of Capitalism
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The Right of Private Property The legal right to own and use economic  goods—for example, land and buildings Ethical implications: Uneven distribution of wealth Infringement of copyright rights Membership rights (e.g., labour unions) are  sometimes preferred over individual rights
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Individualism and  Economic Freedom Individualism : The view that the individual,  and not society or a collective, is the  paramount decision maker in society;  assumes that the individual is inherently  decent and rational.
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