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R. Edward Freeman, Academic Director of Business Roundtable Institute for Corporate Ethics and a Professor at the University of Virginia's Darden School of Business, gives advice to other scholars on how to best teach business or corporate ethics.

mind map of the economy from Credo Reference


What Is an Economy?

An economy is a complex system of interrelated production, consumption, and exchange activities, which ultimately determine how resources are allocated among participants. The production, consumption, and distribution of goods and services combine to fulfill the needs of those living and operating within the economy.

 


Work Cited

Kenton, Will. "Economy: What It Is, Types of Economies, Economic Indicators." Investopedia, 20 Aug. 2024, www.investopedia.com/terms/e/
     economy.asp
.

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Who Are Your Stakeholders?

In order to be successful in your endeavors it's important to know who your stakeholders are. How can one do that if they don't know what the term means? R. Edward Freeman defined the term in his seminal 1984 text, Strategic Management: A Stakeholder Approach, as being "any group or individual who can affect or is affected by the achievement of the organization's objectives."

Once you are able to accurately identify your stakeholders you're able start applying other stakeholder management techniques to your work. For more on this topic check out some of the selected resources below.

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What are Ethics?

Ethics are the principles, standards, and norms of conduct governing individual and firm behavior.

What are Business Ethics?

Business ethics are moral values and principles espoused by members of the business community as a guide to fair and honest business practices.

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What is Globalization?

The Oxford English Dictionary defines globalization as "the action, process, or fact of making global; the process by which businesses or other organizations develop international influence or start operating on an international scale, widely considered to be at the expense of national identity."

Why is Globalization Important?

So, why is globalization important? Well, it's literally what makes the world go round. It "encourages each country to specialize in what it produces best using the least amount of resources" (PIIE). This is what "makes production more efficient, promotes economic growth, and lowers prices of goods and services, making them more affordable especially for lower-income households" (PIIE).

 


Works Cited

"Globalization, N." Oxford English Dictionary, Oxford UP, July 2023, doi.org/10.1093/OED/1404426084.

"What Is Globalization? And How Has the Global Economy Shaped the United States?" Peterson Institute for International Economics, 16 Aug. 2024, www.piie.com/microsites/globalization/what-is-globalization.

"What Is Globalization? Business: Explained." YouTube, uploaded by HBS Online, 6 Mar. 2023, youtu.be/U20vo-PA3-k?si=-twOGnP-XYCkRg1O.

desktop globe with scrabble letters spelling out worldwide


Countries & Cultures

Different countries & cultures have different ways of interacting with one another on all levels (such as spiritual, economic, and global). It is helpful to know what different customs surround business practices in different regions of the world. Check out the resources listed for materials related to different areas.

 

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Terminology

If you're struggling to understand key concepts in (or as they relate to) business and industry, finding a good business dictionary or glossary can be a game changer. The database Business Insights has an excellent glossary available to use. It's located on the home page of the database as well as in the header of each page within.

Glossary on the homepage:

Gale business insights home page with glossary highlighted in yellow

Glossary in the page header:

Gale business insights glossary link in the page header with the word glossary highlighted in yellow

 

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