Explain the concept of ethical relativism. Use examples to support your answer.

Ethical relativism represents the position that there are no moral absolutes, no moral right or wrong. This position would assert that our morals evolve and change with social norms over a period of time. This philosophy allows people to mutate ethically as the culture, knowledge, and technology change in society. Slavery is a good example of ethical relativism. Repeatedly the value of a human being is determined by a combination of social preferences and patterns, experience, emotions, and “rules” that seemed to bring about the most benefit.

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Case Study: A perfect competition

In 1997, over $700 billion purchases were charged on credit cards, and this total is increasing at a rate of over 10 per cent a year. At first glance, the credit card market would seem to be a rather concentrated industry. Visa, MasterCard and American Express are the most familiar names, and over 60 per cent of all charges are made using one of these three cards. But on closer examination, the industry seems to exhibit most characteristics of perfect competition. Consider first the size and distribution of buyers and sellers. Although Visa, Mastercard and American Express are the choices of the majority of consumers, these cards do not originate from just three firms. In fact, there are over six thousand enterprises (primarily banks and credit unions) in the US that offer charge cards to over 90 million credit card holders. One person's Visa card may have been issued by his company's credit union in Los Angeles, while a next door neighbour may have acquired hers from a Miami B

Discuss the relationship between economics and management functions. How does the former contribute to the latter?

Economics and Management are ideal intellectual partners, each particularly fitted to strengthen and cross-fertilize the other. Economics provides the broader understanding of economic activity within which all organizations function; management in turn analyses the character and goals of that functioning. The management economics is often a subsection of the economic science and thus in broader sense a special form of the social, culture and Geisteswissenschaften. Like the economic science it is based in principle on the fact that most goods are limited and must by the participants be managed. It describes the economic functions of the enterprise within a national economy. In addition above all the optimal organization of the factors of production belongs apart from the company targets and the economical functions. In the broader sense also all households are enterprises.

Case Study: Human Resource Planning - What is that?

You are a human resource consultant. The newly appointed president of a large paper manufacturing firm has called you: President : I have been in this job for about one month now, and all I seem to do is interview people and listen to personal problems. You : Why have you been interviewing people? Don't you have a human resource department? President : Yes, we do. However, the human resource department does not hire top management people. As soon as I took over, I found out that two of my vice presidents were retiring and we had no one to replace them. You : Have you hired anyone? President : Yes, I have, and that is part of the problem. I hired a person from the outside. As soon as the announcement was made, one of my department heads came in and resigned. She said she had wanted that job as vice president for eight years. She was angry because we had hired someone from outside. How was I supposed to know she wanted the job? You : What have you done about the other vice pre

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