Please note that there are two posts needed to successfully complete the discussion board assignment. An initial post addressing the discussion board topic
Part I: Introduce yourself to your classmates with your name, location, current employment, and future goals.
Part II: 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 Section1.3, 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 discussion an explanation of how people in a free market economy, acting in their own self-interest, can better those around them.
In page 1 , part I introduce me in a few sentences (My background below) then answer Part II
Part I: Introduce yourself to your classmates with your name, location, current employment, and future goals.
Part II: 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 Section1.3, 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 discussion an explanation of how people in a free market economy, acting in their own self-interest, can better those around them.
In page 2 reply to classmate below
Trisha Connors
3 hours ago, at 4:43 AM
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Hello, everyone. My name is Trisha Connors. My family currently resides in Mississippi, so that’s where home is. I am a Sergeant First Class in the United States Army on active duty and have been in service for 10 years. I am currently deployed to Iraq and have been here since the end of October; however, my tour will end in late July. I work as a Contracting Officer and Field Ordering Officer Program Manager for the 408th CSB, and I have been in the acquisition field for a year and a half. I intend to continue developing and advancing in this field. Therefore, my main goal for this initiative is to start my MBA, as this would enable me to enhance my business skills and, as a result, open doors to career growth.
According to Froeb et al. (2023), the deontological approach judges actions as ethical based on how they adapt to a set of principles such as the Golden Rule or the Ten Commandments. Contrarily, the consequential approach judges actions based on their consequences, where good consequences reflect good actions. These two approaches have distinctive perceptions of free market systems and government intervention in markets. In free market systems, there is minimal government interference; therefore, individuals or businesses can pursue self-interests. However, government intervention in markets entails regulations, stabilizations, and institutional systems set in place by the government.
Given that the free market system allows the pursuit of economic self-interests, it promotes economic efficiency, innovation, and growth, which contribute to economic growth. As seen by the example in Section 1.3 (Froeb et al., 2023), the free market system allowed hotels to change their prices based on demand and supply. A similar approach can be seen in hotels that use the seasonal pricing strategy. This strategy allows such establishments to improve their cash flow, and this stabilizes employment opportunities for employees. Therefore, employees experience constant minimum wage and are less likely to be laid off due to low seasons, given that the seasonal pricing of the high season compensates for the low seasons. In other words, individuals in the free market economy can better others around them by providing employment opportunities, charitable support, or investing in local infrastructure.
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