Question

Describe at least one reason that businesses with a profit motive may be helpful for society and at least one reason that they may be harmful for society. Then, explain whether you think profit motive is a good thing or a bad thing for society

Answer 1

1) Helpful : It will help to optimize the use of scare resources
2) Bad : A company with profit motive maybe sometime operate or deal unethically, because they will mostly concerned about profit (like some oil companies)

Answer 2

Helpful: they provide jobs; they provide the goods and services that people want and need; they distribute their profits among the investors (retirees, pension funds, etc.)
Harmful: greed can easily take over and without a moral compass, well, just look at the solar industry today (Solyndra), or the American automobile manufacturers (except Ford), or the labor unions. [unions are not for profit? really? and you honestly believe that?]
Without a profit motive, you can't really have a society. Ask any North Korean or Cuban.

Answer 3

helpful: provide jobs,increase investments ,provide economic growth by providing multiplier effect by procuring material,man,machines,money from market ,etc.It by itself is not harmful if it follows ethical and moral values.this concept was termed as invisible hand where the government need not interfere in the firms activities.

harmful : if profits were the main motive then the firm might en up in two categories
1)willingly follow unethical means of earning more money
2)might follow unethical means without its knowledge as to how it could cause harm to society....ex:cigarette manufacturing(here i assume they are innocent and satisfying the demands)