Essay Example on Business and Society

Introduction

Every business’ goals and targets are mainly to achieve profits and improvements in their daily operations. Therefore, to obtain the set goals, strategies and policies have to be ensured that they are all are in place. Society largely depends on the business and likewise on the company because there are no business sales without the community. Relatively, there will be an insufficient provision of resources for a society that does not engage in business actions. In this topic, the relationship between business and society is discussed and how the government regulations, technology, and environmental issues are related to business and society.

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Government Regulations

Government regulations are the business rules that assist business and society to smoothly undertake their activities such as: they include taxes, environmental protection, Workplace Safety, and employee wage rules (Glaeser & Shleifer, 2001). Businesses pay taxes imposed on them by the government used to provide services to society. The government's services include free education, upkeep of hospitals and roads, highway construction, and police protection. The government also helps in environmental regulation and safety for businesses and society. The government has created groups, including the National Environmental Management Authority (NEMA), to ensure a right working place for business is available. Also, it prevents the business from polluting the environment either by poor disposal of waste or pollution of air from industries to water bodies, which will hinder society's lives (Glaeser & Shleifer, 2001).

Government plays a significant role in protecting society and ensuring safety. Consumers are protected from ethical practices from the businesses which can provide harmful products to the society, low quality and quantity goods, and increased prices for their commodities by taking the offenders to court and charged for illegal practices. The government also plays a role in protecting employees' rights. Government agencies like the U.S. Departments of Labor (DOL) ensure that the laws enforced to protect employees are adhered to. The Occupational Safety and Health Administration (OSHA) provides policies to assert that societal workers performing business operations operates in a healthful environment. The state also protects the investors from the business against violation of their rights. Businesses must make their financial information clear to be well understood by society before anyone invests in that institution. In this exercise, exchange commissions and agencies are involved in the files' signings for future reference in case of any arising issue.

Technology

Advancement in technology has increased many businesses ' performance Curry & Penman, 2004). The production rate has increased, and the cost of production has also reduced, thus a steady supply of goods to the market. Society's demand has been stable since the introduction of technology; hence they can easily access the goods without difficulties. Technology has also improved communication mode through the use of Emails and websites, which enables society to make orders even at their comforts and receive them at their homes (Curry& Penman, 2004). Communication has also improved organization to organization communication whereby businesses do not need to travel from one place to another.

`On the other hand, technology has resulted in negative impacts on both business and society. The technology involves using machines of which others have caused a loss of life to the employees and forcing the business to make compensation to the families rather than using the capital to invest in other opportunities (Curry& Penman, 2004). The use of machines also requires less human labor leading to unemployment in the society hence reducing society's development. With an increased production rate resulting from utilization of specialized machines; businesses use devices that are not environmentally friendly. Essentially, this exposes harmful gases like carbon dioxide to the environment that ultimately endangers society by causing greenhouse effects.

Environmental Issues

Environment issues like the rise in sea level impacts threats to the business leading to their dramatic displacement. Market supply will automatically decrease due to the customers' emigration, which might have resulted from flooding or drought in the area. Urban to rural migration, which resulted from a natural disaster like an infectious disease outbreak, will make it difficult for a business to supply to their areas because of fear. Warm weather affects mostly the agriculture and fishing industries, leading to a negative shift in food supply (Hapgood & Thomson, 2010). To the society who depend on farming, most of their crops will have a low yield and thus reduce their living standards and suffer many losses.

Unfavorable environmental changes lead to a shortage in the food supply. Stormy weather will dramatically lead to inflation due to increased costs for goods and supply, which are insufficient. Low supply of goods affects businesses' profitability causing a reduction in revenue and increases prices for goods, thereby limiting the low-class society from acquiring the goods. Environmental changes increase expenses to firms as well as the community (Hapgood & Thomson, 2010). Heavy rains are always accompanied by storms and destroy the government properties, which have to be serviced after the bad weather. The society also may suffer from loss of their houses and even the death of livestock, and they both have to incur unexpected expense which obstructs their daily activities.

Weather uncertainty forces the business to reduce its investment set and employee compensation reduction (Hapgood & Thomson, 2010). Business without plans for weather uncertainty is at a high risk of hunkering down when such incidences experienced because they did not set aside capital for future risk occurrence. The consumer will also reduce their spending to locate some amount for future uncertainties; thus becoming unable to satisfy their needs fully. Uncertainty also leads to unemployment in the society since the business has experienced a shock, which leads to reduced production; hence will only employ a few numbers until the time it will be at its initial state.

Conclusion

In conclusion, business and society experience many government impacts like the tax collection used to provide welfare to the society. Also, environmental issues impose challenges like uncertainty, which affects their activities. Finally, technological advancement impacts business and society as it increases air pollution by the emission of gases like carbon dioxide, which causes global warming.

References

Curry, A., & Penman, S. (2004). The relative importance of technology in enhancing customer relationships in banking–a Scottish perspective. Managing Service Quality: An International Journal. https://www.emerald.com/insight/content/doi/10.1108/09604520410546860/full/html

Glaeser, E. L., & Shleifer, A. (2001). A reason for quantity regulation. American Economic Review, 91(2), 431-435. https://pubs.aeaweb.org/doi/pdf/10.1257/aer.91.2.431

Hapgood, M., & Thomson, A. (2010). Space weather: its impact on Earth and implications for business. An International Journal of Business. 45(4), 34-76.
https://eprints.lancs.ac.uk/id/eprint/64442/.