Question and Answer

1) The United States, Mexico and Canada are in a business agreement called NAFTA. It allows the free movement of goods and services between the countries. There is no restriction in the market movement. Moreover, the prices are determined by the supply and demand of the product. There are some benefits of NAFTA for the U.S. For example, it has created a large North American market access. Secondly, there are new export and investment opportunities that emanate. There is an elimination of tariff. However, NAFTA has led to individuals losing jobs in small and midsize companies. I feel it is necessary for the U.S. to continue to support NAFTA. It is because NAFTA competes with the European Union keeping it on the forefront. Moreover, it plays a significant role in enhancing a variety of consumer choices and improves accessibility to the product markets.

2) Ethics refers to the moral principles that define what is right or wrong in the society. In other words, it insists on decent living in all dimensions. I believe that I have learned most of my ethical behavior from my religious background. In our religion we are taught the significance of a perfect life. For example, we should do unto others what we would desire them to do unto us. Moreover, I learn how to exist with other people in my everyday life.

3) A. I think that convicting an innocent person is worse compared to letting a guilty person go free. According to my ethical standard, an innocent person is void of any mistake. I believe in justice. Such a person should not be subjected to any form of pain or execution. Consequently, it is unethical to convict innocents. Nevertheless, although the guilty may need to be convicted, letting the person go free is a simple way of giving him another chance to live.

B. Yes, I will have done the wrong thing. Everyone has the right to decide on any action. One does not have to do the wrong thing just because it is a directive from the boss. I am individually answerable for my life. If I feel that something is likely to cause harm to the other person, I should speak out and refuse.

C. No. I am of the opinion that the truth is the supreme part of my everyday life. Consequently, whatever I say to another person must be solely the truth. In essence, it does not matter to me if a person’s reputation gets hurt. The fundamental thing is to tell the truth to the other party. The problem occurs if I speak a lie that ruins the reputation of somebody. I think it is imperative to do to others what you would desire to see them do to you. I aspire to the truth in all things.

Homework Assignment #2

1) A franchise is a system where two independent parties legally agree to let one party rightfully market its product or service using the trademark of the other company (franchisor). There are several advantages of the franchise. For example, it ensures an established brand and customer base. Secondly, some franchisers provide loans and training to the franchisee. Moreover, there is a reduced risk. The disadvantages include the initial pay out for the process. The royalty payments also affect the franchisee profitability. There is also limited room for innovations.

2) I think the two points that I find most important are that an entrepreneur must be a risk taker and goal oriented. It is because entrepreneurship meets a lot of threats. One who is afraid of jeopardy may not succeed. Moreover, one has to have a defined goal of what he wants to achieve.

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