Several key principles of the traditional approach to business were described in the Week 2 lecture. From the options below, which list of principles is correct?Group of answer choicesCompetition, profit maximisation, growth, ethics, capitalismProductivity/efficiency, shared value, capitalism, profit maximisation, growth, competitionCompetition, profit maximisation, growth, ethics, social responsibilityProductivity/efficiency, philanthropy, growth, profit maximisationCompetition, profit maximisation, growth, capitalism, productivity/efficiency

1 Classical economic theory suggests that firms aim to achieve:A BreakevenB Short-run profit maximisationC Long-run profit maximisationD Satisficing profit (1 mark)2 Which one of the following stakeholders is least likely to agree with an objectiveof profit satisficing?A ConsumersB EmployeesC ShareholdersD Suppliers (1 mark)3 Growth can be measured by all of the following except:A A change in sales revenueB A change in volumeC A change in profitD A change in the number of outlets (1 mark)4 State two examples of ethical objectives. (2 marks)5 What is the formula for calculating market share? (2 marks)6 A firm’s sales are £840,000 in 2014 and £780,000 in 2015. What is the firm’srate of growth over this time period? (3 marks)7 Explain the difference between short-run profit maximisation and long-runprofit maximisation. (4 marks)8 Give one reason why a firm’s profit might not be related solely to how wellit manages its resources. (5 marks)9 What is meant by ‘the divorce of ownership from control’? (5 marks)10 Explain why new firms are likely to prioritise survival as an objective. (6 marks)11 Explain why profit is likely to be more important than a firm’s other objectives. (10 marks

The principles and values that guide the behavior of individuals and organizations in the business world is known as _____________Question 17Answera.Team Buildingb.Corporate Social Responsibilityc.leadershipd.Business Ethics

Multiple Choice QuestionMilton Friedman, in his article "The Social Responsibility of Business Is to Increase Its Profits," suggests that Blank______.Multiple choice question.business has social responsibilities that go beyond the legal and economic ends for which it was createdcontrary to the title, the social responsibility of business is not to increase its profits but rather to invest them in societythe ethical responsibilities of managers are fulfilled when they pursue profit and increase shareholder wealththe legal restrictions on business should be removed as they prevent business from improving society

Which set of principles places quality at the heart of everything a business does?

What is the seventh principle of social businesses?Group of answer choicesEliminate greed.Advocate for the disabled.Teach others the model.Do it with joy.