TS_BusinessProfits - ECO 498 Spring 2004 Taking Sides...

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ECO 498 – Spring 2004 Andreas Syz Taking Sides Assignment #1 ID: 000005699 Due: March 8 Issue: Are Profits the Only Business of Business? Briefly state the main idea that forms the basis of this argument: In today’s capitalist economies the basic answers to the three questions of resource allocation—what, how, and for whom—are determined by profit. In these societies, what will be produced is determined by what will yield the greatest profit. Similarly, the profit-seeking behavior of business firms determines how the goods and services will be produced. Finally, the for whom question is also linked to profits and concentrates on where supply shortage is greatest, and therefore leads to the most profit possible. List 2 or 3 facts that the author uses to support the idea on the FOR or PRO side: The executive is an agent serving the interests of his principal—the stockholders. The manager has to conduct the business in accordance with the owners’ desires, which generally will be to make as much
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