QUESTION 3 (BUSINESS ETHICS) [40] PART A: The “economic system” is defined as a

Question

QUESTION 3 (BUSINESS ETHICS) [40] PART A: The “economic system” is defined as a system a society uses to provide goods and services it needs to survive and flourish. Required: 3.1 Briefly explain the two basic economic tasks. (4) 3.2 State the three (3) kinds of social devices in which these tasks can be achieved. (3) 3.3 What is the difference between “free market” and “free trade”’. (4) PART B: 3.4 Name and briefly describe the four (4) different types of discrimination. (8) 3.5 Define the term “insider trading” and why is it considered unethical and illegal. (6) 3.6 Give an example of insider trading. (1) 3.7 Should an employee find himself in a situation where a potential conflict of interest arise, how can he / she avoid or eliminate that conflict risk? (3) PART C: The Rational Interaction for Moral Sensitivity (RIMS) Strategy is used for resolving moral dilemmas. Required: 3.8 List the four (4) assumptions behind the RIMS Strategy. (2) 3.9 Name and explain the three (3) steps of the RIMS Strategy. (9)

Explanation / Answer

The two basic economic tasks:

Kinds of social devices in which these tasks can be achieved:

Social devices have the following characteristics:

Examples of social devices through which economic tasks can be performed are: Mobile phone’s, Tablets, Computers. They can all be used to analyse data, interpret data and explain it in a lay-man manner to the people.

Difference between free trade and free market:

Free market and free trade are ideas that are identified with each other and they both advance monetary opportunity for purchasers and merchants. But there are differences to both.

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