Business Ethics and Environmental Responsibility

MGT610 Final Term Study Notes

• Perfect competition arises when there are many sellers and buyers.

• Deceptive advertising can include using deceptive mock-ups, untrue paid testimonials, or misleading prices.

• Moral reasoning is used to judge actions or policies in relation to moral standards.

• Eco-feminists consider the domination of women by men as a form of hierarchy connected to the destruction of the environment.

• The comparative advantage theory was proposed by David Ricardo in 1817.

• The Club of Rome consists of economists, scientists, international civil servants, and other experts.

• Deforestation has contributed one third to the atmospheric build-up of CO2 in the past 150 years.

• In a command economy, the government takes all decisions.

• A principle acceptable to rational, self-interested persons who know they will live under it is considered moral.

• Virtue ethics can be seen as an alternative to moral principles.

• Monopoly firms are not encouraged to reduce their costs.

• Water pollution sources include agriculture, mines, and oil wells.

• Ensuring a supply for tomorrow's generations is achieved through preservation.

• The benefits of pollution control should go to those who bear the external costs of pollution.

• The relationship between a business and its customers is a contractual one.

• Thomas Klein summarized the procedures for cost-benefit analysis.

• Modern corporations consist of stockholders, employees, and directors.

• Moral development being ethical is NOT a criterion used by ethicists to evaluate moral reasoning.

• In the prisoner's dilemma scenario, the worst outcome for Mujeeb is when he doesn't confess but Imran does.

• Kant supports Categorical Imperative.

• Compensatory justice is an example where someone is held responsible for paying damages for harming another's property or body.

• A conflict between caring and justice occurs when a manager must decide whether to protect a friend who is stealing from the company.

• The rights approach in moral judgment is used when someone's actions affect the welfare and freedom of specific individuals.

• Pure free market system may result in slavery being legal

• Adam Smith defended free markets with the utilitarian argument.

• Capitalism is an economic system where the means of production are privately owned and operated for profit.

• Karl Marx was a critic of inequalities created by private property institutions and free markets.

• Faith is NOT a moral outcome of perfectly competitive markets.

• A Tying arrangement is exemplified when a company only sells certain goods if the buyer also purchases other goods from the firm.

• Undesirable environmental contamination from manufacturing or commodity use is known as pollution.

• The anti-trust view advocates for breaking large firms into smaller units to encourage competition.

• Environmental ethics studies the moral relationship of humans to the environment and the value of its contents.

• Manufacturers often do not bear the social costs associated with their products.

• Ecological ethic is based on the idea that the environment deserves to be preserved for its own sake, regardless of whether or not this directly benefits humanity.

• The principal utilitarian remedy for pollution is to internalize the external costs of production.

• Justice seems to be consistent with the utilitarian treatment of pollution, i.e. by internalizing costs.

• Thomas Klein summarized the procedures for cost and benefit analysis.

• Social audit is a discipline that advocates changing destructive modes of thinking to solve ecological problems.

• Social ecology provides a new model and some tools for navigating the deep and often confusing relationship between client and caregiver and for preventing the harmful consequences of ethical misconduct.

• Conservation is the only way of ensuring a supply for tomorrow's generations.

• Someone who does NOT believe in ecological ethics would state the world must be protected solely for the sake of humans.

• The preservation of nonhuman parts of the environment for their own sake is the focus of deep ecology.

• The due care theory assumes a manufacturer can discover all risks associated with a product before it's used.

• A not valid criticism on the ethics of advertising includes that advertising is wasteful

• Multiple pricing is not a manipulative marketing practice

• There are is currently no information to how many people died each year in America by lighter explotions

• Product safety is the degree of risk associated with using a product.

• Duty to produce healthy products is one of the areas of producer responsibility according to due care theory.

• Checking what happens to minorities as a group is a way to indicate if a process is fair.

• Morality is NOT a statement presenting a firm's view on ethics

• Claiming that the product lowers cholesterol without proof involves the Product element of the marketing mix.

• John Kenneth Galbraith wrote "The Affluent Society."

• K. Galbraith argued that advertising is manipulative and creates desires to absorb industrial output.

• Investment in men a proposed program of a publicly funded education program aimed at empowering ordinary citizens.

• Marketers should not exploit the credulity, lack of knowledge or inexperience of consumers, which translates to Honesty .

• Discrimination is the wrongful act of distinguishing illicitly among people not on the basis of individual merit, but on the basis of prejudice or some other invidious or morally reprehensible attitude.

• Selling products to prospective buyers is the primary function of commercial advertisements

• Misrepresentation makes freedom of choice impossible.

• The Agency problem refers to potential conflict between management and shareholders

• A shift to judgments based on rules or norms of a group to which the individual belongs is characteristic of the post-conventional level of moral development.

• Commodities valuable only because they lead to other good things are called Intrinsic Value

• Desire best represents the desire for a good or service.

• The necessity of doing something required by lead to other authority is NOT a situation covered by the concept of rights

• The principle of equal opportunity holds that all public offices and employment should be made available to everyone

• According to Nozick"s theory of justice, the theory IS redistributive

• A disposition to act in a multidimensional way does not describe virtue

• Adam Smith presented the theory of absolute advantage

• John Maynard Keynes argues that the aggregate demand for goods and services is the sum of all of the government policies

• Sells the commodity at which only covers the costs of producing the commodity including the going rate of profit obtainable natural Price

• Negative right of freedom of correction is embodied by perfectly competitive free markets

• Pollution refers to the undesirable or unintended contamination of the environment by manufacture of use of commodities

• The regulation view is a public policy view that holds that large funds should not be broken up into smaller units but subjected to substantial governmental restraint and Controls

• Oligopolies the Chicago School view claims that the power of oligopolies is not as large as it appears

• 1 billion people do not have access to safe water

Internalizing costs is when A Firm makes Basics goods and a great product for which is poor much allocate a larger proportion of the budgets then the effluent

• Requires that those who have been injured should be compensate by those who injure them compensatory justice.

• Explains bearing of external costs of pollution largely by those who do not enjoy a net benefit from the activity that produces the pollution environmental injustice.

The fundamental human right to Alivabile environment was argued by William Blackstoned

• Conservation describes the Saving or rationing of natural resources

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Explore the concepts of social costs, environmental ethics, and utilitarian approaches to pollution. Understand the anti-trust view, internalizing costs, and the impact of commercial advertisements on free choices. Examine conflicts of interest in business management.