Asked by Ebenezer Akinoluyemi on Jul 02, 2024
Verified
The idea that the mission of business is to produce goods and services at a profit, thus maximizing its contribution to society is associated with
A) Adam Smith.
B) Archie Carroll.
C) Jack Ma.
D) Noel Biderman
E) Milton Friedman.
Milton Friedman
An American economist and Nobel laureate who is best known for his strong belief in free-market capitalism and the minimal role of government in the economy.
Adam Smith
A Scottish economist and philosopher, best known for his influential works on capitalism and the concept of the "invisible hand" guiding economic markets.
Archie Carroll
A scholar known for his work on corporate social responsibility (CSR), particularly for introducing the pyramid model of CSR.
- Understand the fundamental beliefs regarding the mission of business and its contribution to society, including perspectives from key economic theorists.
Verified Answer
VA
Vanessa AmankwahJul 02, 2024
Final Answer :
E
Explanation :
The idea that the primary mission of business is to maximize profits is associated with Milton Friedman's concept of shareholder primacy. He argued that businesses should focus solely on increasing shareholder value, as this will ultimately benefit society by providing jobs and economic growth.
Learning Objectives
- Understand the fundamental beliefs regarding the mission of business and its contribution to society, including perspectives from key economic theorists.