The caveat emptor doctrine is the established principle that, when a purchaser enters into a purchasing deal, it is up to them to inspect the consistency, health, and status of the goods. It’s a Latin statement that translates to beware of the consumer. The buyer faces the burden of his own decision because, in cases of theft or the result of the substance, it is contrary to what the contract states.
What kind of information is used in the Social Audit? Who’s going to prepare the audit?
A social audit is an objective assessment of the social success of a group, agency or firm. It is a study that covers the economic success of the body and the participation of society. It involves the well-being of shareholders community, around and employees. The social audit states how a body is concerned for the environment; preventing pollution and conserving resources. It finally outlines product service contribution to the society; the safety, quality, and warrant of product or service. In most cases, a social audit is prepared by an independent body.
Explain how the Basic Economic Questions are Answered in Capitalistic and Command Economies
Essentially, three questions are asked, namely, product, how to produce and from who. Command economies also called the planned economy whereby decisions are made by a central body or authority. It controls production means and allocation of resources which range from the price of product or service to pay for employees. It goes together with communistic in which emphasis is made on the distribution of wealth. The capitalist is where there is solo ownership, production, and decision-making. It mostly focuses on making the profit to a particular person or private body. It is used to answer economics questions by how benefits from a product are to be share.
What is a Strategic Alliance and its Major Advantage?
The strategic alliance is a controlled partnership which aims at mutual benefits, but the two remain under different entities. It is beneficial in reducing cost and maximizing profits.
To conclude, any business should be based on helping the community and have a social audit. It should be governed by communism or capitalism. It is upon the management to take risks and layout contracts, since strategic alliance is a milestone to the success of any business.
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