UNDERSTANDING CONFLICTS AND ETHICAL CONSIDERATIONS

What do economic conflicts primarily arise from?

• Cooperation

• Shared Interests

• Differences in economic interests and goals

• Equal resource distribution

How do ethical considerations relate to economic decisions?

• They are unrelated.

• They provide legal guidelines.

• They involve examining decisions through moral principles.

• They focus solely on financial implications.

Who or what is a stakeholder in economic decision-making?

• Only individuals

• Only companies

• Anyone affected or interested in a decision.

• Only government bodies

Which fundamental economic problem leads to conflicts when different individuals or groups have competing interests?

• Abundance

• Scarcity

• Equilibrium

• Surplus

What is the opportunity cost of an economic choice?

• The financial cost

• The value of the next best alternative foregone

• The total cost of all alternatives

• The profit gained from the chosen alternative.

How might cost-cutting measures by a company to increase profits lead to conflicts?

• By promoting employee well-being

• By reducing production costs

• By increasing job security

• 
  By leading to layoffs and affecting employees negatively

In the context of ethical questions in economics, what might arise when a business prioritizes profit over environmental sustainability?

• Economic growth

• Ethical dilemmas

• Improved stakeholder relations

• Environmental conservation

What is a potential ethical concern related to pharmaceutical companies charging high prices for life-saving medications?

• Prioritizing public health

• Balancing profit motives with the right to health

• Ensuring fair competition

• Encouraging innovation

Which example illustrates a conflict related to disparities in access due to economic factors?

• Selling unhealthy products

• Environmental pollution

• Access to education

• Animal testing for cosmetics

 In the case study where a government increases taxes on luxury goods to fund social programs, who might resist this decision?

• Low-income individuals

• Middle-income individuals

• High-income individuals

• All income groups equally