I’m working on a business discussion question and need an explanation and answer to help me learn.
1.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. 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.
Answer in about a paragraph
after that reply to post below within 3- 4 sentenes
2. Free market reflects a supply and demand effect on cost of goods. The market decides the cost of goods and services based on the availability of items and the demand for those produts by consumers. For example, over the past year or so, we saw a substantial increase in the costs associated with building materials, particularly lumber prices. Due to a varierty of issues including COVID intervention, bark beetle infestation in the Pacific Northwest and Canada, and labor force in mill opertions we saw a decreased supply of lumber products.
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