Issues Related to Fairness and Honesty May Arise Because Business

question 3

Multiple Choice

Issues related to fairness and honesty may arise because business is sometimes regarded as a

• A)legal case, where everything must be done to the letter of the law.
• B)contest, with the most ethical firm "winning."
• C)guerilla war where businesses seek to destroy each other.
• D)game governed by its own rules rather than those of society.
• E)game governed by social values.

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Definitions:

Opportunity Cost

Opportunity Cost is the value of the best alternative that is foregone when a particular decision is made.

Microchip

A small semiconductor device containing integrated circuits used in various electronic devices for processing, memory, or specific control functions.

Tire(s)

Rubber coverings placed on wheels of vehicles to provide traction and absorb shocks.

Gain From Trade

The benefits that parties obtain by exchanging goods or services through voluntary negotiation.