Briefly define, in your own words, the concepts of capitalism and socialism.

• Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.

The specific course learning outcomes associated with this assignment are:

• Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns.
• Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making.
• Use technology and information resources to research issues in business ethics.
• Write clearly and concisely about business ethics using proper writing mechanics.