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Questions and Answers
What are common ethical dilemmas faced by business people?
Dilemmas related to fairness, equality, social responsibility, and prioritizing profit over stakeholder interests.
What are the three levels of decision-making?
Operational, tactical, and strategic.
What is the difference between ethical management and management of ethics?
Ethical management focuses on integrating ethical principles into business practices, while management of ethics refers to the enforcement of ethical guidelines and codes.
What role does leadership play in creating an ethical culture in a business?
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What roles do managers play in a business context?
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What is the difference between compliance-based code of ethics and integrity-based code of ethics?
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Why is it important to integrate economic, legal, and moral dimensions in business decisions?
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What are the three check questions to self-assess when faced with an ethical dilemma?
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How can religion influence ethical decision-making in business?
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What is a conflict of interest?
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What personal traits can influence ethical decision-making?
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What factors should business people consider when sharing information with stakeholders?
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Study Notes
Ethical Dilemmas in Business
- Ethical dilemmas arise when profitability conflicts with fairness, equality, and social responsibility.
- Companies may face decisions like cutting employee benefits to maximize profits, jeopardizing employee well-being.
Stakeholder Responsibilities
- Balancing economic goals against broader responsibilities to stakeholders is crucial.
- Dilemmas include prioritizing shareholder profits over fair employee wages or environmentally sustainable practices.
Transparency vs. Confidentiality
- Business leaders must balance transparency with the need to protect sensitive information, including trade secrets and privacy rights.
- Ethical decision-making involves determining how much information to disclose to stakeholders.
Influence of Personal Traits on Ethics
- Personal traits such as integrity and empathy significantly affect ethical decision-making.
- Individuals with strong integrity make ethical choices aligned with their values, while empathy fosters consideration of others' perspectives.
- Moral courage is essential for advocating what is right, especially amid adversity.
Conflict of Interest
- Conflicts of interest occur when personal relationships or interests interfere with professional duties.
- These conflicts may include financial interests or biases affecting decision-making.
- Strategies to manage conflicts include implementing policies, ensuring transparency, and prioritizing stakeholder interests.
Levels of Decision-Making
- Three decision-making levels exist within organizations that must be addressed in ethical considerations.
Ethical Management vs. Management of Ethics
- Ethical management involves fostering an ethical workplace culture, while management of ethics pertains to enforcing ethical standards.
Role of Leadership
- Leaders play a critical role in promoting an ethical culture within organizations.
- Effective leaders must exemplify ethical behavior to influence their teams positively.
Integrating Dimensions for Decision-Making
- Effective business decisions should integrate economic, legal, and moral dimensions to ensure fairness and effectiveness.
Check Questions for Ethical Dilemma
- When facing ethical dilemmas, individuals should use three self-assessment questions to evaluate their decisions.
Role of Religion in Ethics
- Religion can guide ethical decision-making by providing frameworks for resolving ethical issues in business contexts.
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Description
This quiz covers Chapter 2 of Business Ethics, focusing on common ethical dilemmas in business, levels of decision-making, and the distinction between ethical management and management of ethics. Additionally, it explores the leadership's role in fostering an ethical culture within organizations.
