Answer:
Rent-seeking is different from profit maximization because rent-seeking attempts to influence political process to gain an increased profit or income.
The other-things-equal assumption, ceteris paribus refers to the notion that all variables except those under immediate consideration are held constant for a particular analysis.
<u>Explanation:</u>
"Holding other things constant" refers to the term Ceteris paribus. It mainly considers the one statement "all thing being equal" . In economic field, it takes only one variable into account and determines the effect of that one variable in economics holding all the other variables as a constant.
Whenever an argument occurs related to cause and effect then this concept comes into play. For instance this concept says that increasing the wage of an employee can reduce marginal cost, increase money supply, improves profits of the company he is working,etc. Thus, it considers the effect of only the wage of an employee.
Answer:
ethical
Explanation:
Corporate social responsibility (CSR) can be defined as an organization's obligation to act in a manner that benefits and adds significant value to the society, usually it has its business operations.
Hence, in addition to making profits and maximizing shareholders, organizations are required to lessen negative environmental impact or degradation and provide social amenities such as pipe-borne water, electricity, roads etc.
According to Carroll, the four (4) main levels of an organization's pyramid of corporate social responsibility are;
I. Legal
II. Economic.
III. Philanthropic.
IV. Ethical.
In this scenario, Whole Life Spa uses only organic products that are mainly considered to be environmentally friendly. Thus, Whole Life Spa is operating at the ethical level of the pyramid of corporate social responsibility because it involves doing or performing actions that are considered to be morally right.