Deontological and consequential approaches: Free market economy, poverty and income inequality & Pricing

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Assignment

Instructions

Question 1

There is growing concern about poverty and income inequality. These two concepts, however, are not the same. Income inequality deals with the percentage of income earned by the different income groups, while poverty is concerned with how difficult it is for the poor to meet basic needs. In Section 1.4, you read about deontological and consequential approaches to ethics.

Using those approaches, evaluate how well free market systems versus government intervention in markets address poverty and income inequality.

Include in your paper an explanation of how people in a free market economy, acting in their own self-interest, can better those around them.

Bring examples from your own experiences where your actions, though entirely self-motivated, resulted in a benefit to somebody else.

Question 2

You are introduced to the shutdown price, using elasticity to determine the effects of price changes, and cost-based pricing. Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on costs.

• No references or citations are necessary, unless used and must be in proper APA 7th formatting/citation where applicable.

• Each question should be 1 page in length.