, Cebu

REACTION PAPER

Date: _February 16, 2019__

Name : __Caryl Ivy Marie T. Arciete ______

Program : __MBA_ _______
Subject : __Philosophy of Business ___
Professor : __Mr. Roel A.Monsanto, MBA, Ph.D.c_______

___Chapter 2: The Nature of Business (Continuation)____

Topic

____________Mr. Keene Mark B. Tagaylo _________

Reporter

SUMMARY OF THE TOPIC:

Man has his perfection and his imperfections. Man is complete and perfect in the order of his
existence, his body and soul. Man is incomplete and imperfect in the order of operation. He is limited by
his in body, in its size, weight, strength and mortality. He has no limitation though with his mind. It
reaches out to the infinite. His quest for knowledge has no end, and as well as his desire for things.

Man’s completion cannot be achieved by him alone. He is limited in material things. His desire
for perfection and completion arises a need for man to seek complementation from other men. He has
need for society, to be with other men to secure provisions for his needs. The need to work, for the
acquisition of what he lacks which he can get from other men who have them. The need for exchange,
one man’s excess is another man’s need. This is the most fundamental service which business provides.

Business is an economic function. Economics is the study of how scarce resources are allocated
in a society of unlimited wants. One group produces what their skills and resources allow, while other
groups produce other. A gap is created between one industry and another, between those who produce
and those who need, between those how have and those who have note. The natural need for man to
acquire what they lack gives to the natural need to fill in that gap.

Plato’s notion of business is that man needs other people with skills they have mastered to
provide for his wants. Aristotle says that man has a natural and unnatural art of property acquisition.
Aquinas’s concept is that a tradesman is one whose business consists in the exchange of things for
profit. Confucius’ view on business is that the amount of wages of the labourer should be according to
the product which he contributes. Mencius says that a man should be paid his wage not on the basis of
his purpose but for the work done. Ssi-Ma Chien’s idea of business is that when the commodity is cheap,
it calls forth demand, and raises its price; and when it is valued, it calls forth supply, and lowers its price.
And lastly, Adam Smith’s thought is that businessmen should be left alone to do what is in their self-
interest, and the result would bat that they will automatically and inevitably do what is best for the
consuming public and/ or the national economy.

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