Salt Lake Community College

Business How business and economic functions should interact with society

Mary Wright S00766560 Foundation of Business 1050-045 Karen G. Killinger 9/20/2013

Wright 1 Economic, also known as the examination is the production, distribution, and consumption of goods and services. (Wikipedia Contributors) The government protects the consumer and societal interest, as the business gains profit by providing a product or service to consumers. While the consumer drives the market and economy by consuming. In society an economic analysis may be applied as in the government, business, and the consumer that includes their interactions and effect on todays society. If a business ever ripped you off, youre not the only one that feels that way? Who is supposed to help you and try and deterred this from happening? The government as they create repercussions for failure to comply. In order to help society and the consumer, government has made consequences for breaking the rules (law), thus enforcing state policy. For example Rorie Weisberg sued a makeup company for false advertising their product that was namely supposed to last 24hours when she discovered it did not (Abby Ellin). The company Lancme and its parent company were faced with the consequences for failure to comply (Abby Ellin). This is an example of the justice system that the government provided to settle disputes that explain laws. The government sets these minimum standards for each specific product in order to maintain order and fairness. Regulations for safety are formed by the government; however it affects the business activity on a daily basis trying to protect society and its consumers. Not only does the government protect the consumer, however they give opportunity for private ownership in the industry. As a major part of the economic society the government has played a huge role.

Wright 2 The business has three main sets of goals that affect the society (consumer), and government. The First major goal is make a profit to stay in business, which defines business in today's society perfectly profit-seeking (Heather Rufener). Another goal is to provide products to the consumer. Not only does the business want to provide a product but one that will meet the needs and wants of consumers. A product will only be purchased by the consumer if it meets their standards of needs and wants. Once the company has sold the product they service needs of that product, thus must still obey the rules set by the government. An example that perfectly illustrates a product being serviced is a dealership. Once a product is sold the consumer will get check ups such as oil change, tires, or go in due to a light on the dash board (an engine light). Even though the consumer has already bought the product there still remains regulations that protect the consumers in society through service. Without the world of business there would be no economic environment that interacts with society. Finally we have come to the last portion of society the consumers. What is the job of the consumer? One might say it is plain and simple but there is more that is included then one may think. The consumers like the business they also have not one but three roles to play. The major role and one of the only roles that others see of the consumer (customer) is to buy the product. While they are buying products it is not only helping the business but the economy itself. While driving the economy theyre setting the demands of products. This creates the supply and demand that helps the business. The consumer has created an economy that has evolved past the basic needs of an individual as people can purchase wants as well as needs. The final role of the consumer is to exhaust and replace products. This also relates back to the car dealership as they buy a vehicle it will most likely not be the one and only purchased throughout their life time. The

Wright 3 customer will continually buy vehicles as desired, which helps the business make a profit and the economy grow. Without the consumer there would not be basic needs met, or expansion throughout the world, or the possibility for wealth that is used to elevate living standards to the point of luxurious conditions (K. Killenger). Would there be an economy without a business, government, or consumer? The economy must be made up of all three as they all take part in major roles. There would not even be an economy with just one part missing. If there was a consumer and a government but not a business then that would lead to no government and no consumer. The economy is made of as if it were a math equation Business + Government + Consumer (Customer) = Economy. They come as a package deal as one might suggest not one without the other. The business, government, and consumer are what has created and grown the economy that exists in todays society.

Wright 4 Works Cited Page MLA Format: Author. Title of Article. Web site. Editor.Site publisher or N.p. Date of Publication. Date of access. URL Abby Ellin. Women Sues Make Up Company for False Advertising. ABC News. ABC News Digital Editorial Team. May 2, 2013 1:27pm. September 12, 2013. http://abcnews.go.com/blogs/business/2013/05/woman-sues-make-up-company-forfalse-advertising/. Heather Rufener. Definition of Business. Canvas. Heather Rufener. Karen G. Killinger. August 29, 2013. September 12, 2013. https://slcc.instructure.com/courses/245252/discussion_topics/729262?module_item_id= 1740103 . Karen G. Killinger. Foundation of Business: Plato. Canvas. Karen G. Killinger. Mar 16, 2012 at 2:48pm. September 15, 2013. https://slcc.instructure.com/courses/245252/discussion_topics/729264?module_item_id= 1740105. Wikipedia contributors. Economics. Pg 1. Wikipedia the free encyclopedia. Wikipedia Editor. 12 September 2013 at 13:45. September 15, 2013. http://en.wikipedia.org/wiki/Economics .