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Pruett Mgmt. Ch. 4

Management Ch. 4 CRS

TermDefinition
Friedman's Argument The social responsibilities of business is to increase profits.
Freeman's Argument Stakeholders are individuals or groups that have an interest, claim or stake in the company and its actions.
Property Rights Free enterprise, private property system
Managers ___________ ought to take others into consideration in decision making.
Capitalism Market Failures (list) Externalities, Moral Hazards, Monopoly Power
Externalities Free-riding, externalize costs
Moral Hazards Seller passes on costs
Monopoly Power Restraint of competition
Firms/Managers Who are other stakeholders besides owners?
Friedman's Argument (list) Propert Rights, Agents of Owners, Compete fairly/openly/no fraud, pursue other goals besides profit when required or in best interest
Agents of Owners Pursue their objectives, within the rules of the game. Open and free competition, no deception, no fraud
Created by: sfrase
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