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The Business of Profit: A Social Responsibility Name Matriculation number 3,672 words This piece of coursework in my own original work and has not been submitted elsewhere in fulfilment of the requirement of this or any other award. This paper aims to define business, its purpose in existence, and its effects on society by presenting a set of theoretical and practical situations and analyses to prove that business mainly exists for profit…
In addition to this, we must establish what the rules of the game are and discuss ethics in business, including issues on deception and fraud. The Business Purpose The word business has a variety of meanings and could not simply be defined. Even in the Merriam- Webster online dictionary (2013), it has 10 possible meanings. Some of the few interesting descriptions of business include that it is a ‘purposeful activity’, ‘engaged in as a means of livelihood’, ‘transaction of an economic nature’, and ‘a serious activity requiring time and effort and usually the avoidance of distractions’. All aforementioned definitions are correct and are applicable in different business interests. Friedman (1970) mentioned that the primary purpose of business is to maximize profits. Whole Foods Market is a big natural and organic food company in the US. ...
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