Management

Introduction to Law

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This may all be true. However, it is imperative for those in the business world to understand the legal environment in which they are operating. While you may have the best intentions and be truly diligent in your efforts to do business fairly, inevitably conflicts will arise in everyday business dealings. For example, what does it mean to do business “fairly”? Fair to whom? Fair to your shareholders? Fair to your employees? Fair to the consumers who will purchase your products? Through which ethical lens will you contemplate these issues? Trade-offs are a part of business. If you want to increase shareholder profits, you may need to reduce labor costs. One way to reduce labor costs is to use cheaper labor. If you pay your
employees less, your employees will be less well off, but your shareholders may be happier.
Consider the credit crisis that came to the world’s attention in October 2008 and nearly toppled the U.S. economy into depression. Hundreds of thousands of homes were foreclosed by banks (Figure 1.1 "The Credit Crisis"), leading to a vicious cycle of depressed housing prices, shattered consumer confidence, and business retrenchment.

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Detail Information

Series Title

Introduction to Law

Call Number

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Publisher

USA : ., 2008

Collation

1-40

Language

English

ISBN/ISSN

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Classification

NONE

Content Type

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Media Type

-

Carrier Type

-

Edition

1st Edtion

Subject(s)

Law

Specific Detail Info

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Statement of Responsibility

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