what is a stakeholder
people who have an interest or “stake” in a business. Stakeholder groups include customers, employees, suppliers, shareholders, government, pressure groups and local communities. Sometimes the environment is referred as a stakeholder as well
what is a stakeholder conflict?
when stakeholders in a business have conflicting views and ideas about how they want a business to act
what is ethical decision making
means following codes of practice that embody moral values. The objective is to do the right thing, acting with honesty and integrity and taking into consideration the interests of everyone affected b he decision.
what is exploitation of labour
means paying employees less than the value of what they produce. Employers who pay less than the amount of revenue generated by the employee are abusing the power that they have in labour markets where there are more people looking for work than jobs available
positive impacts of MNCs
- creates FDI
- rings jobs
- regional multiplier effect
- skills and technology transfer
- increased demand for local businesses / suppliers
- increased tax revenues - government has more to spend
- export earnings
- other MNCs may follow
- CSR policies bring benefits
negative MNC impacts
- illegal and unethical behavior
- exploitation of labour - low wages, poor working conditions, lack of health and safety, child labour
-environmental degradation/pollution - unsustainable practices
- tax avoidance
- “race to the bottom”
- cultural imperialism
- local businesses pushed out
- profits repatriated and not put back into local economy
potential stakeholder conflict shareholder vs local community
shareholders will want the business to make as much profit as possible do not care about ethics and environment
local community would want them to act in the most ethical environmentally friendly way
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2.1.1 Growth36
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2.1.2 Methods of growth16
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2.1.3 R&D and innovation15
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2.1.4 How the digital economy affects markets and firms12
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2.1.5 How small firms compete10
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2.2.1 Price elasticity of demand22
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2.2.2 Competing on price14
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2.2.3 Types of non-price competition2
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2.2.4 Income elasticity of demand11
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2.3.1 Productivity8
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2.3.2 Capacity utilisation10
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2.3.3 Efficiency and competitiveness using lean production20
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2.3.4 Impact on costs and sales revenue3
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2.4.1 Globalisation11
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2.4.2 Developed, emerging and developing economies12
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2.4.3 International trade13
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2.4.4 Exchange rates3
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2.5.1 Economic cycle10
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2.5.2 Circular flow of income, expenditure and output12
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2.5.3 Inflation14
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2.5.4 Employment and unemployment13
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2.6.1 Possible macroeconomic objectives7
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2.6.2 Policy instruments13
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2.6.3 Potential policy conflicts and trade-offs5
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3.1.1 Growing economies15
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3.1.2 Trade and growth12
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3.1.3 Trading blocs9
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3.1.4 Trade policy and trade negotiations11
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3.1.5 The impact of exchange rate change7
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3.2.1 Economic factors in business expansion5
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3.2.2 assessing the potential of different economies5
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3.3.1 Responding to global demand6
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3.3.2 Demand-side factors in global markets5
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3.4.1 Impact of globalisation on local and national economies7
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3.4.2 Ethical issues7
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3.4.3 Controlling MNCs6
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3.5.1 Employment paterns3
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3.5.2 Wage rates6
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3.5.3 Minimum wage legislation8
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3.6.1 Poverty and inequality4
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3.6.2 Reducing poverty8
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3.6.3 The impact of inequality on economic agents4
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3.6.4 Re-distribution of income and wealth8
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4.1.1 Spectrum of competition16
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4.2.1 Market failure3
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keywords theme 365
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keywords theme 2103
