Business Ethics: Key Concepts

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Questions and Answers

How does Ethical Objectivism contrast with Ethical Relativism?

It posits that moral principles are universally valid, regardless of cultural differences, whereas Ethical Relativism suggests that moral principles are relative to cultural norms. (correct)
It disregards cultural differences in favor of economic considerations, while Ethical Relativism prioritizes cultural preservation.
It emphasizes the importance of adapting moral principles to different cultural contexts, aligning with Ethical Relativism's focus on cultural sensitivity.
It focuses on individual moral autonomy, in contrast to Ethical Relativism's advocacy for societal moral standards.

What does the concept of 'Gaia' primarily emphasize regarding the relationship between entities?

The interconnectedness of organisms, where the actions of one organism can affect others, moving away from classical liberal theory. (correct)
The independence and self-sufficiency of each entity, allowing for concentrated development without external influence.
The importance of clearly defined boundaries between entities to avoid resource dilution.
The necessity of each entity to compete in a closed system to ensure resource concentration.

How did the Brundtland Report address the issue of sustainability?

By recommending the privatization of resources to ensure efficient environmental management.
By advocating for reduced technological advancement to minimize environmental impact.
By focusing solely on economic growth as the primary driver of sustainability.
By providing institutional and legal recommendations for change, emphasizing the state of technology and social organization to confront global problems. (correct)

What is the main idea behind the principle of Economic Responsibility for companies?

To balance producing goods and services that society needs with making a profit, which is necessary for long-term survival and societal support. (B) Signup and view all the answers

How does Ethical Responsibility differ from Legal Responsibility for a corporation?

Ethical Responsibility goes beyond normative expectations, laws, and regulations, while Legal Responsibility consists of basic rules, laws and regulations representing society's view of codified ethics. (C) Signup and view all the answers

In what way is Philanthropic Responsibility viewed in the context of modern business?

It is not a literal responsibility, but businesses are increasingly expected by society to engage in such activities. (B) Signup and view all the answers

Which of the of the following best describes Legal Responsibility?

It refers to the basic rules consisting of laws and regulations that represent society's view of codified ethics. (C) Signup and view all the answers

What does 'Finance' refer to in the context of business and ethics?

It means defining an adequate return for the level of risk. (E) Signup and view all the answers

How is Environmental Impact defined in the context of corporate actions?

It is the effect of the actions of a corporation upon its geophysical environment. (D) Signup and view all the answers

What core principle does Teleological Ethics emphasize?

Distinguishing between 'the right' and 'the good,' where the right encompasses actions maximizing the good. (B) Signup and view all the answers

Which responsibility involves a company meeting society's normative expectations beyond just laws and regulations?

Ethical Responsibility (C) Signup and view all the answers

What is a primary focus of the Brundtland Report concerning sustainability?

Addressing the state of technology and social organization, providing recommendations for institutional and legal change to confront global problems. (D) Signup and view all the answers

How does the Gaia theory challenge classical liberal theory?

By emphasizing the interconnectedness of organisms. (D) Signup and view all the answers

What is the primary goal of Economic Responsibility for a corporation?

Balancing profit generation with the production of goods and services that meet societal needs, supporting long-term survival and societal support. (D) Signup and view all the answers

How does Ethical Responsibility relate to laws and regulations?

Ethical Responsibility goes beyond laws and regulations, exceeding normative societal expectations. (D) Signup and view all the answers

What best describes Financial Responsibility in the context of ethical business practices?

Defining an equitable return relative to the amount of risk assumed. (A) Signup and view all the answers

How does Environmental Impact primarily manifest in a corporation's operations?

As the effect that the corporation’s actions have on the geophysical environment. (B) Signup and view all the answers

Which of the following statements best defines Teleological Ethics?

Distinguishing between ‘the right’ and ‘the good’ to ensure that actions maximize the good. (C) Signup and view all the answers

According to Ethical Objectivism, how do moral principles apply across different cultures?

Moral principles may differ but some have universal validity, recognized or not. (B) Signup and view all the answers

In addition to direct responsibilities, how are modern businesses expected to participate in society?

Through philanthropic activities. (C) Signup and view all the answers

Flashcards

Environmental Impact

The effect of a corporation's actions on the earth's physical environment.

Teleological Ethics

Ethics that focuses on outcomes, distinguishing between 'the right' and 'the good'.