Business System Ethics in the Marketplace

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Business System refers to the value-added chain, which describes the value-added process, meaning the supply of goods and services. Business is a feedback system. The members of the system are the capital owners, employees and consumers. To the owner of the company, the purpose of business is to yield profits and appreciation of capital; to employees, the purpose is to afford them a living; and to consumers, furnishing them goods and services. Business should do the right thing and must keep the wishes of the societies it serves.

What role should the government play in the business system? When should government intervene? I have learned that the government’s role in business includes protecting the consumers or customers and the government should intervene to promote general economic fairness.  

I think getting into the marketplace is a challenging but it is fulfilling if you do it right. In the marketplace, we should always consider the welfare of the consumers and it’s important to have laws in the government to ensure that business are not overpricing and that they deliver product and services of fair value.

References:

https://sourcemaking.com/uml/modeling-business-systems/business-processes-and-business-systems

https://hbr.org/1983/11/the-ethical-roots-of-the-business-system