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LAW1054 Introduction To Business Law

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LAW1054 Introduction To Business Law

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LAW1054 Introduction To Business Law

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Course Code: LAW1054
University: Newcastle University

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Country: United Kingdom

Question:

Prepare a Memo, summarizing a legal item of interest from a business periodical which is relevant to the study of business and law and your thoughts on the issues and concepts.
Your memo should address how it relates to the focus of our studies in our class.Topics can be selected from a wide range of sources

Answer:

Memo

To University
From Students
Date- 29th July 2018
Subject- Business ethics and social responsibility
A business is a collaboration of various people to meet its desired aims and the targets as the motive of employees are to accomplish the common goals of an entity to achieve the desired profitability of an enterprise. Business is a very complex framework in which time; energy and money are involved to achieve particular tasks by keeping various things on a stake in delivering quality oriented services to all the participants whether directly or indirectly associated with the business entities. A business activity comes with a high level of responsibility associated with all the activity in its business. Ethics play an integral role in meeting all the business needs and the expectations.
Ethics will act as a compass that guides an entity to reach its final destination by following a legal path by accomplishing all the aims and targets within a stipulated time period. The ethics are a study of judging the behaviour of an individual by showing a bad or good depends on different kinds of situations takes places in an entity. In following all the ethical principles, an entity owner can come to an ethical dilemma where they have to choose between its ethics and the sake of its business. Every entity operated its empire to earn a profit as only non-governmental organization aims to provide social welfare activities for no profit. But nowadays, this myth has eliminated under which all the profit-making, as well as non-profit making entities, will earn profit to meet all its daily routine activities. An entity plays with the business figurer by forgetting the business ethics as their aim is to meet its entire costs by manipulating with the figures to show the better financial position in front of its external users (Singer, 2018). The position of the business plays an integral role in increasing or suppressing the capital of the firm as the majority of investors will invest in a firm whose overall financial performance is good.
Another term comes in the picture is the social responsibility which tells the social obligation of a venture towards its internal as well as the external stakeholders which are providing all kinds of resources for running the smooth business operations of an enterprise. An entity uses three kinds of resources in its daily life such as human resources, financial resources, and technology resources to fulfil all its needs and the higher expectations if all the members associated with an entity (Turker, 2018). Social responsibility and the business ethics are two inter-related concepts which complement each other as both of these are related to each other. One concept will help in fulfilling the objectives of another concept. By following the business ethics, an entity can able to meet all its social responsibility obligations. The effect of the social responsibility will directly affect the financial as well as the non-financial structure of the firm. An entity who thinks about its society will avail the benefits received from the government in form of the subsidies that help in making bigger investments.
Values of a person will create a base for thinking about developing business ethics and its overall principles which will further benefit an entity in enhancing its image in front of its external users. The meaning of freedom value states that an individual will act without any kinds of restrictions from the external entity. An individual emphasizes enhancing the job security to all its employees to sustain all of them within the firm for a longer period of time. Justice is another important characteristic which further leads them to adopt a habit of doing justice with all the labour by offering the deserving salary to them according to their qualification without any kind of biasness (Berns, J. P., and et.al., 2018). This will also involve eliminating the caste, creed, race and culture criteria before short listing candidates for particular job posts. Efficiency is another value which every supplier demands in the end and finished services offers by an entity to get the satisfied and loyal consumers for its entity which remains honest towards the services offered by the firm. Optimum utilization is adopted by an entity where the focus of the firm lees on using the lesser input to generate the maximum output which, in turn, decreases the overall costs incurred in a business.
Before making final decisions from a perspective of the business ethics,
It is essential to know all the stakeholders of the firm which further helps in delivering the final decision by following all the ethical principles. There are various stakeholders whose interest should be considered before taking a decision in the business ethical era are given as below:

Customers
Management
Board of members
Suppliers
Investors
Shareholders
Owner
Employees
Society members
Future generations

Every decision taken by an entity should be reviewed from the angles all the identified participants which proved anonymous decisions which consist the viewpoint of all the members who are associated with an entity in some terms. An entity deals in a service industry where they emphasize on satisfying the needs of all the members by taking their opinions on all the decisions taken by the firm.
Conclusion
As per the case study of World com firm which is considered as the biggest accounting scandal as the business decisions of this entity were taken in a spontaneous way as they falsely rely on wrong accounting data which results in the decreasing image of its entity. This case study is a proof for an entity to take decision by analyzing the same from all the angles in advance to get to know about all the uncertainties that will comes in the future and also get to know about the existing weaknesses of the decisions and the entire ability of an individual which should be improved to take a reasonable decision by following a relevant decision framework system in resolving all the prior execution issues.
Sustainable development is a concept under which every action of an entity is such that will not compromise with the needs of the future generations as they aim to create a fundamental for the future generations (Vazquez, 2018).
CC- University Professors and teachers
References
Berns, J. P., and et.al., (2018). Dynamics of Lending-Based Prosocial Crowdfunding: Using a Social Responsibility Lens. Journal of Business Ethics, 1-17. Retrievd from https://www.researchgate.net/profile/Maria_Figueroa-Armijos/publication/325564690_Dynamics_of_Lending-Based_Prosocial_Crowdfunding_Using_a_Social_Responsibility_Lens/links/5b192b8a45851587f298779d/Dynamics-of-Lending-Based-Prosocial-Crowdfunding-Using-a-Social-Responsibility-Lens.pdf
Singer, A., (2018). Justice failure: Efficiency and equality in business ethics. Journal of Business Ethics. 149(1). pp.97-115. Retrieved from https://s3.amazonaws.com/academia.edu.documents/42947052/s10551-016-3086-x.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1533304609&Signature=VSnGYJgsrOPnK9iqcpekqp7ok%2Fw%3D&response-content-disposition=inline%3B%20filename%3DJustice_Failures_Efficiency_and_Equality.pdf
Turker, D. (2018). Global Challenges: Aligning Social Responsibility and Sustainable Development Goals. In Managing Social Responsibility (pp. 161-176). Springer, Cham.
Epstein, M. J., (2018). Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge. Retrievd from file:///C:/Users/admin/Downloads/making_sustainability_w

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