Shengbo ZHANG
Business 1050 Paper #1
May 16th, 2012
Draft 2:
How do you believe business and economic functions should interact with society?
We are living in a mixed economies society today. All business was built on the economic markets in different countries. As for as I am concerned,
there is no country could call itself real capitalism, socialism, and communism. However, every marketplace has its own economic functions. And
all businesses in the marketplace should have impacts with these economic functions, and vice versa. In this essay, I would like to talk about how
trades, unemployment rates, and technology development would interact between each other.
First of all, trades could help the society produce more than their capital can employ. Adam Smith (1790) mentioned in the article "From an Inquiry
into The Nature and Causes of The Wealth of Nations", if we give every country a opportunity to working on their advantages, and use trade as
a connection to balance the profit between countries, the general industry of the society may exceed what the capital of the society can employ.
International trade is a popular business today. Also, imports and exports are two important characters in the GDP calculation in the recent
economic theory. I believe that trades between businesses and countries would have a deep impact on our economic society.
Second, there is a negative relationship between unemployment rate and business markets. Unemployment rate is one of the most important
economic function data in the economy to define a society. As defined in the Capitalism by Adam Smith that "labor, land, and capital are three
main factors of production in business." The business market has a big impact on the unemployment rate. At the same time, if unemployment
rate is extremely high in the society, decreasing the income and consumer as a whole. The entire business market will fall down as a following.
So, unemployment rate would be influenced by the business in the marketplace. The whole economy also need a lower rate of unemployment
to support the development.
Third, the development of education and technology will push both businesses and economic society moving forward. Starts from people who
found and learned how to use oil power, our society had stepped into a high developing age. In recent years, computers and internet technology
keep increasing the changing of people's living style. These technology development was benefit from our modern education system.
It also creates lots new companies like Google, Facebook, and Amazon, which have huge impact on our economic society. So, the
development of education and technology not create new businesses, but also have a positive impact to our society as whole.
In conclusion, I believe that business is one of the main activities in our modern economic society. It was built based on the economic system.
It also changes our society as time goes by. At the same time, our economic society could not develop without the new businesses.
As I mentioned in this essay, economic functions like trades, unemployment rates, and technology development all have impacts to the
business markets and have interact with our economic society.
References:
1. Adam Smith (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. In C. M. Boardman & A. N. Sandomir (Eds.),
Foundations of Business Thought (2007, pp. 104-107). Boston: Pearson Custom Publishing.
2. Capitalism (2006). MSN Encarta. Retrieved August 9, 2006: http://encarta.msn.com/encyclopedia_761576596/Capitalism.html#p3
3. Economic System (n.d.). BUS 1050 class handout.
4. Potter. D. M. (1960). What kind of an animal is this here capitalism? In C. M. Boardman & A. N. Sandomir (Eds.),
Foundations of Business Thought (2007, pp. 187-194). Boston: Pearson Custom Publishing.
Business 1050 Paper #1
May 16th, 2012
Draft 2:
How do you believe business and economic functions should interact with society?
We are living in a mixed economies society today. All business was built on the economic markets in different countries. As for as I am concerned,
there is no country could call itself real capitalism, socialism, and communism. However, every marketplace has its own economic functions. And
all businesses in the marketplace should have impacts with these economic functions, and vice versa. In this essay, I would like to talk about how
trades, unemployment rates, and technology development would interact between each other.
First of all, trades could help the society produce more than their capital can employ. Adam Smith (1790) mentioned in the article "From an Inquiry
into The Nature and Causes of The Wealth of Nations", if we give every country a opportunity to working on their advantages, and use trade as
a connection to balance the profit between countries, the general industry of the society may exceed what the capital of the society can employ.
International trade is a popular business today. Also, imports and exports are two important characters in the GDP calculation in the recent
economic theory. I believe that trades between businesses and countries would have a deep impact on our economic society.
Second, there is a negative relationship between unemployment rate and business markets. Unemployment rate is one of the most important
economic function data in the economy to define a society. As defined in the Capitalism by Adam Smith that "labor, land, and capital are three
main factors of production in business." The business market has a big impact on the unemployment rate. At the same time, if unemployment
rate is extremely high in the society, decreasing the income and consumer as a whole. The entire business market will fall down as a following.
So, unemployment rate would be influenced by the business in the marketplace. The whole economy also need a lower rate of unemployment
to support the development.
Third, the development of education and technology will push both businesses and economic society moving forward. Starts from people who
found and learned how to use oil power, our society had stepped into a high developing age. In recent years, computers and internet technology
keep increasing the changing of people's living style. These technology development was benefit from our modern education system.
It also creates lots new companies like Google, Facebook, and Amazon, which have huge impact on our economic society. So, the
development of education and technology not create new businesses, but also have a positive impact to our society as whole.
In conclusion, I believe that business is one of the main activities in our modern economic society. It was built based on the economic system.
It also changes our society as time goes by. At the same time, our economic society could not develop without the new businesses.
As I mentioned in this essay, economic functions like trades, unemployment rates, and technology development all have impacts to the
business markets and have interact with our economic society.
References:
1. Adam Smith (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. In C. M. Boardman & A. N. Sandomir (Eds.),
Foundations of Business Thought (2007, pp. 104-107). Boston: Pearson Custom Publishing.
2. Capitalism (2006). MSN Encarta. Retrieved August 9, 2006: http://encarta.msn.com/encyclopedia_761576596/Capitalism.html#p3
3. Economic System (n.d.). BUS 1050 class handout.
4. Potter. D. M. (1960). What kind of an animal is this here capitalism? In C. M. Boardman & A. N. Sandomir (Eds.),
Foundations of Business Thought (2007, pp. 187-194). Boston: Pearson Custom Publishing.
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