In the Price System

question 322

Multiple Choice

In the price system

• A) prices are set by government action.
• B) consumers alone set the price.
• C) producers alone set the price.
• D) prices are set by the interaction of supply and demand.

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Definitions:

Corporate Social Responsibility

An approach in business aimed at fostering sustainable progress by ensuring economic, social, and environmental gains for all parties involved.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Codes of Ethics

A set of guidelines designed to set out acceptable behaviors for members of a particular group, organization, or profession.

Mission Statements

Brief descriptions of a company's fundamental purpose and values, intended to guide its strategic planning and operations.