Deflation-when the supply of goods is greater than the demand National Debt Budget deficit-when the government spends more on programs than it collects in taxes National debt-total amount of money a government owes Budget surplus-when a exceeds government’s revenue its expenditures during a period Give each student a Four Phases of the Business Cycle piece of construction Prosperity-peak of economic activity paper that they divide Recession-economic slowdown into four window panes. Depression-a deep recession that Each window pane affects the entire economy and lasts should illustrate the four for several years phases of the business Recovery-the rise in business activity cycle, using pictures and after a recession or depression text. Explain how bribery is Ethics-set of moral principles by which expected in business people conduct themselves personally, transactions for some socially, or professionally countries. Then ask Businesses have a legal responsibility students if U.S. to do what is right for society’s businesses should resort welfare to bribery to increase the Business Ethics-a set of laws about GDP. how a business should conduct itself Unethical Business Practices bad for business affects a business’s profits, customer base, and employee loyalty Ask students to list three sweatshops-factories that have ethical issues that they unsafe working conditions, treat have made decisions workers badly, and pay poorly about. Then explain how Important Ethical Questions ethics involves doing the Is it against the law? right thing when it is What if everyone did this? more attractive to do the Am I sacrificing long-term unethical activity. benefits for short-term gains? Making Decisions on Ethical Issues Identify the ethical dilemma. Discover alternative actions. Decide who might be affected.
Deflation-when the supply of goods is greater than the demand National Debt Budget deficit-when the government spends more on programs than it collects in taxes National debt-total amount of money a government owes Budget surplus-when a government’s revenue exceeds its expenditures during a period Four Phases of the Business Cycle Prosperity-peak of economic activity Recession-economic slowdown Depression-a deep recession that affects the entire economy and lasts for several years Recovery-the rise in business activity after a recession or depression Give each student a piece of construction paper that they divide into four window panes. Each window pane should illustrate the four phases of the business cycle, using pictures and text. Ethics-set of moral principles by which people conduct themselves personally, socially, or professionally Businesses have a legal responsibility to do what is right for society’s welfare Business Ethics-a set of laws about how a business should conduct itself Unethical Business Practices bad for business affects a business’s profits, customer base, and employee loyalty sweatshops-factories that have unsafe working conditions, treat workers badly, and pay poorly Important Ethical Questions Is it against the law? What if everyone did this? Am I sacrificing long-term benefits for short-term gains? Making Decisions on Ethical Issues Identify the ethical dilemma. Discover alternative actions. Decide who might be affected. Explain how bribery is expected in business transactions for some countries. Then ask students if U.S. businesses should resort to bribery to increase the GDP. Ask students to list three ethical issues that they have made decisions about. Then explain how ethics involves doing the right thing when it is more attractive to do the unethical activity.