This course studies the ethical, legal, and social responsibilities of business, particularly in the product, resource, and labor markets. Principles of moral philosophy are applied to the analysis of corporate conduct and decision making in the United States and elsewhere. Case studies and academic articles are used in the discussion of social responsibility and the respect for human dignity in organizations driven by the profit motive and competition.
Economics is the study of choices we make among our many wants and desires, given our limited resources. Resources are the input that society uses to produce output, called goods. These resources and goods are considered scarce because of society’s tendency to demand more resources and goods than are available. Macroeconomics is the study of the market system on a large scale. Macroeconomics considers the aggregate performance of all markets in the market system and is concerned with the choices made by the household sector, the business sector, and the government sector.