Podcast
Questions and Answers
What is the main focus of the field of business ethics?
What is the main focus of the field of business ethics?
- To establish codes of ethics for employeesh
- To report on media violations of business rules
- To maximize profits for shareholders
- To study the impacts of business acts on individuals, firms, and society (correct)
What is the primary purpose of a code of ethics in a business organization?
What is the primary purpose of a code of ethics in a business organization?
- To prevent financial malfeasance and bribery
- To guide employee behavior in a particular manner (correct)
- To provide a foundation for a good life
- To optimize managerial responsibility
What is the central concern of business ethics?
What is the central concern of business ethics?
- Ethical and moral principles in a business environment (correct)
- Media reporting of business violations
- Profit maximization for shareholders
- Establishing codes of conduct for employees
According to Ferrell, Fraedrich, and Ferrell (2011), what do business ethics comprise?
According to Ferrell, Fraedrich, and Ferrell (2011), what do business ethics comprise?
What is the core purpose of business according to the concept of business ethics?
What is the core purpose of business according to the concept of business ethics?
What is the primary role of ethics in business organizations?
What is the primary role of ethics in business organizations?
What is the purpose of business ethics in an organization?
What is the purpose of business ethics in an organization?
What is the focus of the Stakeholder approach to business ethics?
What is the focus of the Stakeholder approach to business ethics?
What is the core idea behind the Kantian Theory?
What is the core idea behind the Kantian Theory?
What is the main criticism of the Kantian Theory?
What is the main criticism of the Kantian Theory?
What is the main argument of the Stockholder Theory?
What is the main argument of the Stockholder Theory?
What is NOT a goal of the Stockholder Theory?
What is NOT a goal of the Stockholder Theory?
What is the underlying ethical principle of the Stockholder Theory?
What is the underlying ethical principle of the Stockholder Theory?
What is the implication of the argument that 'businesses cannot have responsibility'?
What is the implication of the argument that 'businesses cannot have responsibility'?
What is the relationship between a corporate executive and the owners of the business, according to the Stockholder Theory?
What is the relationship between a corporate executive and the owners of the business, according to the Stockholder Theory?
What is the main difference between the Stockholder Theory and the Kantian Theory?
What is the main difference between the Stockholder Theory and the Kantian Theory?
What is the origin of the word 'ethic'?
What is the origin of the word 'ethic'?
What is the primary focus of ethics as a branch of philosophy?
What is the primary focus of ethics as a branch of philosophy?
What is the meaning of the Greek word 'ethos'?
What is the meaning of the Greek word 'ethos'?
What is the relationship between ethics and morality?
What is the relationship between ethics and morality?
What is the definition of ethics according to Desjardins and Valasquez?
What is the definition of ethics according to Desjardins and Valasquez?
What is the primary focus of the study of morality?
What is the primary focus of the study of morality?
What is the Latin word that is derived from the concept of morality?
What is the Latin word that is derived from the concept of morality?
What is the primary difference between ethics and morality?
What is the primary difference between ethics and morality?
What is the primary function of personal values in an organisation?
What is the primary function of personal values in an organisation?
Which of the following is an example of an 'Old value' in the workplace?
Which of the following is an example of an 'Old value' in the workplace?
What is the primary characteristic of a 'Negative value' in the workplace?
What is the primary characteristic of a 'Negative value' in the workplace?
Which of the following scholars identified 10 fundamental shared values for successful organisations?
Which of the following scholars identified 10 fundamental shared values for successful organisations?
What is the primary characteristic of a 'Moral instrumental value'?
What is the primary characteristic of a 'Moral instrumental value'?
What is an example of an 'Immoral instrumental value'?
What is an example of an 'Immoral instrumental value'?
Which of the following is NOT a characteristic of personal values in organisations?
Which of the following is NOT a characteristic of personal values in organisations?
Which of the following is an example of a 'Today value' in the workplace?
Which of the following is an example of a 'Today value' in the workplace?
What is the primary focus of virtue ethics?
What is the primary focus of virtue ethics?
What is one criticism of virtue ethics in addressing dilemmas?
What is one criticism of virtue ethics in addressing dilemmas?
What is a limitation of virtue theory in assessing tragic actions?
What is a limitation of virtue theory in assessing tragic actions?
Why is a list of prohibited offenses necessary according to critics?
Why is a list of prohibited offenses necessary according to critics?
What is the principle of justice concerned with?
What is the principle of justice concerned with?
What is one of John Rawls' principles of fairness?
What is one of John Rawls' principles of fairness?
What is a criticism of virtue ethics regarding character traits?
What is a criticism of virtue ethics regarding character traits?
What is a problem of moral backsliding in virtue ethics?
What is a problem of moral backsliding in virtue ethics?
Study Notes
Business Ethics
- The concept of ethics assumes that there exist norms, principles, and values that provide the foundation for a good life.
- Business ethics deals with questions about whether specific business practices are acceptable or not.
- Business ethics comprises the principles, values, and standards that guide behavior in the world of business.
- It studies the impacts of acts on the good of the individual, the firm, the business community, and society as a whole.
Morality and Ethics
- Morality refers to the rules for guiding conducts and the principles for evaluation of conducts.
- Ethics is the concept of morals; one's ability to choose between right and wrong, good and bad, acceptable and unacceptable behavior.
Ethical Decision Making
- Ethical decision making involves making choices that are morally justifiable and socially responsible.
- It requires considering the impact of one's actions on stakeholders, including employees, customers, investors, and the community.
Stakeholder vs. Stockholder Approach
- The stakeholder approach considers the interests of all stakeholders, not just shareholders.
- The stockholder approach prioritizes the interests of shareholders above all else.
Kantian Theory
- Immanuel Kant's theory proposes that an action is morally justifiable if it can be universalized, i.e., if everyone in similar circumstances would act similarly.
- The theory emphasizes the importance of treating people as ends in themselves, rather than means to an end.
Critiques of Virtue Ethics
- Virtue ethics has been criticized for failing to provide clear guidelines for decision-making in complex situations.
- It has also been criticized for overlooking the occasional tragic actions of virtuous people and failing to provide a list of prohibited offenses.
Justice
- The principle of justice deals with fairness and equality, ensuring that opportunities and hardships are distributed fairly.
- John Rawls' two principles of fairness are:
- Each person has an equal right to the most extensive basic liberties that are compatible with similar liberties for others.
- Social and economic inequalities are to be arranged so that they are both (a) to the greatest benefit of the least advantaged and (b) attached to positions and offices open to all under conditions of fair equality of opportunity.
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Description
This quiz covers contemporary issues in ethics and corporate social responsibility, including developing an effective code of ethics and CSR issues in the services sector.
