Business ethics refers to the way firms behave with regard to conducting business. Business ethics involves following legal requirements for business, but, also involves considering issues which may be legal but not necessarily beneficial for society. Business Ethics may involve. Treatment of workers, shareholders, stakeholders, suppliers etc Care not to mislead consumers and workers with …
The Bank of England was given autonomy to set interest rates in 1997. The government set the Monetary Policy Committee MPC a target of inflation – 2% For the period 1997-2008, the Bank helped preside over a long period of economic expansion. They avoided a boom and bust economic cycle – keeping inflation low. However, …
Costs of production relate to the different expenses that a firm faces in producing a good or service. Types of costs Fixed costs – costs that don’t vary with output Sunk costs – costs that cannot be recovered on leaving industry, e.g. advertising Variable costs – costs relating to how much is produced (e.g. raw …
Benefit fraud and tax avoidance are currently emotive topics. What is the extent of benefit fraud and tax fraud in the UK? Benefit Fraud For 2011/12 (preliminary), it is estimated that 2.0 per cent of total benefit expenditure was overpaid due to fraud and error. In 2010/11 – benefit fraud was estimated at £3.4bn – …
Readers Question: What do people mean by countries/society/financial implosion? Financial implosion implies a serious financial crisis where a country experiences a severe economic and financial crisis. The concept of implosion suggests that a crisis in one part of the economy would have a knock on effects to other parts as well – leading to a …
Recently, a report suggested austerity can increase debt levels. Now, there is an indication that austerity could cause a decline in credit ratings. This has certainly been the experience of many European countries – who since they introduced austerity measures – have seen a reduction in their credit rating. Austerity hawks have often sold immediate …
Readers Question: The government keeps claiming that their harsh (but very necessary) austerity policies are working and that they have reduced the national debt by 24%, yet your graphs seem to totally disprove this claim. If anything, your graphs seem to show that the national debt is continuing to rise quite steeply, despite the government’s …
In 2009, US and EU unemployment rates both stood at 10% – but since then EU unemployment has increased to 12% and US unemployment fallen to 7.9%. (see: US v EU unemployment) These contrasting fortunes in unemployment are a reflection of diverging rates of economic growth. Whilst, Europe has entered a double dip recession, the …