The Company Of Free Enterprise And Market Competition

The foundation of the United States economy is the foundation of free enterprise and market competition. The competitive market allows consumers to benefit from price reductions, increasing quality, and allowing consumers the freedom of choice. These ideas of free enterprise and market competition are so crucial that they are protected by Congressional antitrust laws. As the Supreme Court has explained, â€Å"Antitrust laws in general, and the Sherman Act in particular, are the Magna Carta of free enterprise. They are as important to the preservation of economic freedom and our free-enterprise system as the Bill of Rights is to the protection of our fundamental personal freedoms.† (Harris, pg. 197, 2014) The healthcare industry is incredibly†¦show more content†¦(Harris, pg. 214-217, 2014) The question is that can Dr. Stuart state a valid claim against the doctors at General for their denial of her privileges under a three requirements of Section 1 of the Sherman Act? Do the providers at General have a defense against Dr. Stuart’s denial of privileges within the restrictions of Section 1 of the Sherman Act? Furthermore, does Dr. Stuart have a valid claim against the collaboration and coercions of General and Happy within Section 1 of the Sherman Act? Any application of Section 1 antitrust legislation must violate all three claims: proof of conspiracy, restraint of trade, and effect on interstate commerce. The first question poses the question of Dr. Stuart having a claim against General for violating section 1 of the Sherman Act. The Sherman Act is composed of three claims as previously stated. The first claim is the claim of conspiracy. In this claim, Dr. Stuart has no ground against the doctors of General. This is because â€Å"officers and employees of the same corporation cannot conspire with each other or with their corporation, similarly two parts of the same organization cannot conspire with each other.† As the decision was made solely by the physicians and administrators of General, they can not conspire with one another and therefore cannot commit conspiracy. (Harris, pg. 200, 2014) The second claim is in regards to the restraint of trade. The type of restraint demonstrated would most closelyShow MoreRelatedThe First Phase Of The Chinese Economic Reform Was Characterized1451 Words   |  6 Pageshowever, at the beginning of the first phase, state-owned enterprises dominated the economic output when private foreign invested firms did not appear. Two decades after, SOEs only comprised of about one-third of the total output while collective enterprises and private firms occupied one-third each. This drastic drop of the power of SOEs was the result of both the changing pattern of ownership and a more intense competition in the market. Yet, Lin and Qian still considered the reform of SOEs a failureRead MoreFree Enterprise : Advantages And Disadvantages1161 Words   |  5 PagesEnterprise The phrase â€Å"enterprise† has two basic connotations, the first one is simple it is another way of saying business. One thing that people will notice is that they will come about this phrase enterprise when they are looking up or reading up ways to startup businesses. Secondly and probably the most important one of the two uses of the phrase, enterprise is a way of describing the actions of people who display initiative by going out into the real world and take risks by setting up, investingRead MoreGlobal Business Community ( Macro Environment )1178 Words   |  5 PagesSociety/Subculture Enterprise is a privately held company and is also the nation’s biggest car rental service. They expanded their service in nearly 200 airport location within 10 years. With so many different consumer cultures and subcultures, the company Enterprise should make sure that they are providing quality vehicles and customer service to fulfill what consumers are looking for. Enterprise also provides electric and hybrid cars which caught eyes of many. â€Å"Enterprise offers customers theRead MoreGlobal Clothing Industry Overview And Five Forces Analysis776 Words   |  4 Pagesselectivity and pertinence at production and market. (Adhikari, R. Yamamoto, Y. 2007) Garment industry provides a lower investment cost and low skill labor in developed and developing countries. This industry has low barrier entry, so that clothing industry suitable for developing countries. But free trade and low barrier make it possible to adapt to rapidly changing market conditions. Therefore, the clothing industry characterize is high intensity of competition. This industry is the most protected inRead MoreDeregulation, Privatization And Trade Liberalization982 Words   |  4 PagesDeregulation, privatization and trade liberalization are the main components of the ‘free market’. The three major benefits of deregulations were mentioned by Pera (1989) â€Å"†¦the benefits from deregulation derive mainly from three sources – from the elimination of the costs of regulation, from its effects on the cost curve and from the competitive pressure it introduces for efficient pricing.† (p. 178). Costs of regulations mainly arise from the lack of information or delayed information. Lack ofRead MoreThe Economic System Of Capitalism1639 Words   |  7 Pagessystem of mercantilism. The major tenets of capitalism included: free enterprise, competition at every level, and private property. 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In the ‘Wealth of Nations’, Smith believed harmony could be achieved through self-interest and free market economics allowing enterprise to expand the economy and in turn improve society, however it was Marxs view that this was unobtainable due to the Smiths â€Å"laissez faire† approach to economics re-inforcing class divisions and therefore preventing the reduction ofRead Morebusiness Essay800 Words   |  4 PagesSiem ens performance. 2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organisation D2 How can Siemens successfully perform their business activities in current regulatory system? LO3 (Task 03): Understand the behaviour of organisations in their market environment 3.1 Explain how market structures determine the pricing and output decisions of businesses M3 Explain how market structures determine the pricing and output decisionsRead MoreCisco Systems, Inc.1431 Words   |  6 PagesCisco Systems, Inc. A potential competitive disadvantage for Cisco is supply chain issues. Supply chain issues such as delays in order fulfillment can affect Cisco’s business because the company is significantly dependent on suppliers and contract manufacturers for certain components. Due to its outsourced manufacturing strategy, Cisco has limited control over the delivery schedules and has suffered from component shortages as a result of manufacturing process issues. Additionally, the earthquakesRead MoreTaking a Look at the Concept of Monopoly923 Words   |  4 Pageswhat is a monopoly. A monopoly is an enterprise that is the only seller of a good or service. A monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit when there is no interference of the government. Just being a monopoly does not mean that it will be more profitable than other enterprises that face competition, because the market can be very small that it might not even be able to support one enterprise itself. Economists expect other entrepreneurs

Essay on Gambling Addiction In Gen. Y - 1308 Words

Gambling Addiction In Gen. Y Gambling has become a growing issue concerning the generation y. According to a survey done by Ctcclearing.com1, 80% of teenagers claimed to have gambled in some form. With a percentage that large, is the problem simply that gambling is a right of passage or are teens more susceptible to the temptations that casinos have. The Addiction Compulsive gambling is a disease among many people. The American Psychiatric Association classifies compulsive gambling as an impulse-control disorder. (MayoClinic) Which means compulsive gamblers are people who cannot control the urge gambling. They dont set spending limits and dont realize that they odds of winning are not in their favor†¦show more content†¦Another problem from gambling is depression and drinking. Some compulsive gamblers drink to forget their losses. According to estimates from WebMd Health, 5 4 - 8% of teenagers are compulsive gamblers compared to 1-2% for adults. Teenagers are prone gambling and other problems because they have lower self-esteem than adults do. It is harder for a teenager to admit defeat than it is for an adult. An adult may lose $20 say it isnt my day and leave. A teenager may not accept the loss and will try to win it back. This results in them loosing more money and the loss is harder to take. The treatment of compulsive gamblers is a hard task. In (Gambling Without Guilt6 106) a quote from Mohandas Gandhi on compulsive gambling In a way worse than the plague or the quake, for it destroys the soul within. A person without a soul is a burden on the earth. No doubt war against gambling is not so simple as war against plague and earthquake distress. ... To wean the gambler from his vice is like weaning the drunkard from the drink habit. This war against gambling is therefore an uphill task. The lines express the seriousness of the problems and they effort needed to accomplish the task of freeing the gambler from the addiction. There areShow MoreRelated The New Community: MMORPGs and Social Networking Essay1773 Words   |  8 Pages(Understanding, assessing and, 2010.) Studies are exposing the traditional â€Å"tolerance and withdraw symptomology associated with heavy, long duration video gaming,† a symptom set frequently associated with traditional addictions like drug use or pathological gambling or spending addictions (Understanding, assessing and, 2010.) Given that the MMO user community is averaging at least 22 hours weekly, this symptomology would include the majority of the user base. This addictive potential of the MMORead MoreA Case Study of Online Social Networking at Workplaces in Ghana9658 Words   |  39 Pagesinternet use and productivity at the workplace. Internet abuse is rife at the workplace 8 and has been identified as a major productivity curse. According to one website, a large proportion of corporate web traffic is for non-work purposes: gambling, music downloads, pornography and checking of personal webmail accounts. ( http://www.itpro.co.uk/108681/halfof-work-web-traffic-is-porngambling-downloads-and-webmail). Another website also claims that more than two-thirds of online porn trafficRead MoreFundamentals of Hrm263904 Words   |  1056 Pagesthese days for HR leaders? LS: I think the talent marketplace in the last two or three years has changed so dramatically that almost everything we do in HR has got to change with it. The evolution of the Internet, social media, the global economy, the Gen Y generation coming of age as the baby boomer generation is leaving creates a situation where you can no longer just think that you can have an opening, and recruit for the opening and get an employee. The company used to be in the driver’s seat: â€Å"Here’sRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesof intelligence is not how much we know how to do, but how we behave when we don’t know what to do. (p. 165) Fostering the development of such intelligence is the goal of Developing Management Skills. INTRODUCTION 23 S U P P L E M E N TA R Y M AT E R I A L Diagnostic Survey and Exercises Personal Assessment of Management Skills (PAMS) Step 1: To get an overall profile of your level of skill competence, respond to the following statements using the rating scale below. Please rate yourRead MoreOperational Risk Management50825 Words   |  204 Pagesacquisition of know-how and experiences, etc. The process presented in chart 2.1 constitutes a model to be adapted to the requirements in a speciï ¬ c case. Starting point Internal audit Predominantly reactive measures Safety-mindedness Error avoidance Gen. risk aversion Raising awareness / creating the basis OpR unit Proactive control Framework and strategy Implementation Self-assessments Collection of loss data / database Enhancements / ongoing adaptation Key risk indicators (KRIs) Business

Audit Reporting Going Concern Uncertainty -Myassignmenthelp.Com

Question: Discuss About The Audit Reporting Going Concern Uncertainty? Answer: Introducation According to APES 110 Codes of Ethics for Professional Accountants, Section 130, the auditors are required to take into consideration the limitation of audit profession while to be appointed in the clients company to be the auditors. It creates the obligation on the auditors not to make any false promises to the clients. Thus, Berowra Accountants are not required to give the advertisements for tax refund as they have nothing to do with tax refund. Hence, the principle of professional competence and due care has been violated (Houghton and Campbell 2013). APES 110 Professional Appointment, Section 210 makes the obligation on the auditors to determine the negative effect of their new appointment contract on the principles of audit profession. In this contract, it needs to be mentioned that the athletic clubs are not-for-profit societies in nature. For this reason, according to APES110, there will be no violation of audit principles for Jamie Harveys treasurer position in the athletic club. In addition, this position will not affect the audit of large public corporations. Thus, there will be no violation of ethical principles (William Jr, Glover and Prawitt 2016). APES 110 Principle of Objectivity, Section 120 indicates that the auditors should not compromise their audit judgment or opinion due to any conflict of interest, influence, biasness and others. In this case, the intention of Monlec Ltd can be to obtain favorable audit opinion by making the audit payment dependent on the audit opinion. Pymble Accountants will be breaching the principles of objectivity if they provide favorable audit opinion (Houghton and Campbell 2013). APES 110 Principles of Confidentiality, Section 140 makes the obligation on the auditors to maintain the confidentially aspect of obtained information about the audit clients. Thus, in this provided case, the actions of Winton Accountants have breached the principles of confidentiality of auditing (William Jr, Glover and Prawitt 2016). As per APES 110, Self-review Threat, Section 100.12, it is the obligation on the audit members not to use the audit judgment of previous audit operation done by another audit staff of the same audit firm. For this reason, the intention of Thornleign Accountants about the inclusion of Jane Davis in the audit team for Jenkins Ltd due to her pervious knowledge about the company has created the elf-review heart of audit independence (Wright and Capps 2012). As per APES 110, Intimidation Threat, Section 200.8, it is the obligation on the auditors not to accept any information and financial papers from the audit clients as pressure for delivering favorable audit opinion can be made on them and thus, it is the responsibility of the auditors to obtain conclusive evidence from various analytical procedures. In this case, John Darrow will be responsible for creating intimidation threat by accepting the accounting papers from Winmalee Ltd (Carson et al. 2012). According to APES 110, Self-interest Threat, Section 100.12 bares the auditors from having any financial and non-financial interest in the audit client as it has negative effect on the transparency of auditing. Hence, in this situation, the auditors will be responsible for creating the self-interest threat of audit independence in case they accept the invitation from the chocolate company (Wright and Capps 2012). The given situation shows the weak debt position of the organizations and they are facing difficulties in the repayment of their debts. In addition, the bank wants fast repayment of their loans from the company. At the same time, the auditors have failed to encounter any kind of material misstatements that can affect the materiality of their financial statements. Thus, it can be proven that the company has not tried to hide their weak debt position with the help of any kind of manipulation. Hence, the auditors will provide the company with Unqualified Audit Opinion (Arens, Elder and Mark 2012). In this case, material effect on the companys inventory can be observed due to the adoption of LIFO method instead of LIFO. Apart from inventory, this does not create any material effect on the other financial statements of the company. Thus, the auditors will provide the company with Qualified Audit Opinion by stating the reason for being qualified instead of unqualified (Arens, Elder and Mark 2012). It is the obligation on the companies to make the valuation of their factory and plant on a regular basis for getting the fair market value of them. In this case, the directors of Victorian Manufacturing Company have made an assumption that the market value of their Melbourne factory has not changed over the five years and thus, they have not done the valuation for five years. The financial position of the company can be materially affected in case the assumption of the directors is wrong. Thus, the auditors will provide Disclaimer of Audit Opinion due to lack of evidence (Knechel and Salterio 2016). References Arens, A.A., Elder, R.J. and Mark, B., 2012.Auditing and assurance services: an integrated approach. Boston: Prentice Hall. Carson, E., Fargher, N.L., Geiger, M.A., Lennox, C.S., Raghunandan, K. and Willekens, M., 2012. Audit reporting for going-concern uncertainty: A research synthesis.Auditing: A Journal of Practice Theory,32(sp1), pp.353-384. Houghton, K. and Campbell, T., 2013.Ethics and auditing(p. 354). ANU Press. Knechel, W.R. and Salterio, S.E., 2016.Auditing: Assurance and risk. Taylor Francis. William Jr, M., Glover, S. and Prawitt, D., 2016.Auditing and assurance services: A systematic approach. McGraw-Hill Education. Wright, M.K. and Capps, C.J., 2012. Auditor independence and internal information systems audit quality.Business Studies Journal,4(2), pp.63-84