Topic: Evaluate ethical issues in economics
Pages and Word Count: 5 pages (1,375 words)
Reference: 3 total. (References not older than 10 years, PEER-REVIEWED ARTICLES.)
APA7.
Markets are mechanismsfor coordinating the set of connections of production operations that aredistributed throughout the whole economic system. Thus, the market is thepredominant and determining link between producers of goods and services andconsumers. Accordingly, markets, as an exchange of goods and services thattakes place as a result of buyers and sellers interactions, are generallyconsidered the most efficient allocator of resources in the market economy.
However, free marketsare not allowed to solve some of the social problems in a society due tovarious reasons. One such social problem is illegal drugs. Another example is environmentalissues such as pollutions. For an additional example for a social problem,where supply and demand is not allowed to freely function, conduct basicresearch on markets for human organs. There are black markets (undergroundeconomy) for human organs in some countries. But a trade in human organs, basedon supply and demand, raises ethical issues and hence it indicates a limitationof relying on markets to solve the social problems we have in the society.
Directions
o Your research shouldbe about SOCIAL PROBLEMS where thefree markets are not allowed to function, which includes the market for aparticular illegal good and service, a regulated market, etc.
o Select a socialproblem where free markets are not allowed to function, and conduct research onthe social problem.
o Describe how freemarket features could be introduced to help alleviate the social problemthrough free market operations of supply and demand.
o Discuss the risks ofintroducing market mechanisms of supply and demand in situations where ethicalissues are present.
o Explain roles of thegovernment in maintaining ethical business practices.
AssessmentRequirements
o Respond to thequestions in a thorough manner, providing specific examples of concepts,topics, definitions, and other elements asked for in the questions. Yoursubmission should be highly organized, logical, and focused.
o Your submission shouldprovide a clearly established and sustained viewpoint and purpose.
o Your writing should bewell ordered, logical and unified, as well as original and insightful.
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Heading |
Heading and Subheading to be used. |
Word Count |
|
1st Heading |
Introduction |
about 75 |
|
2nd Heading |
[(Social) Problems Background] or something similar |
about 250 |
|
3rd Heading |
[Literature Analysis] or something similar |
about 250 |
|
4th Heading |
[Free Market Features] or something similar – Described how free market features could be used to help alleviate the social problem – How to alleviate the problem through supply – How to alleviate the problem through demand |
about 250 |
|
5th Heading |
[Risks of .Ethical Issues] or something similar – Discussed the risks of introducing market mechanisms where ethical issues are present. – provided the risks through supply – provided the risks through demand |
about 250 |
|
6th Heading |
[Government Roles Ethical Business Practice] or something similar – explained the roles of the government in maintaining ethical business practices – provided rules and regulations on ethical business practices |
about 200 |
|
7th Heading |
Conclusion |
about 75 |