Podcast
Questions and Answers
Which principle of business ethics emphasizes the importance of agreements?
Which principle of business ethics emphasizes the importance of agreements?
- Integrity
- Commitment to agreements (correct)
- Fairness
- Accountability
What can lead to deviations from ethical business principles?
What can lead to deviations from ethical business principles?
- Considerateness
- Importance of human esteem
- Imperfect reasoning (correct)
- Commitment to agreements
Which definition describes business as a process focused on removing hindrances in trade?
Which definition describes business as a process focused on removing hindrances in trade?
- Definition by Section 2(13) of the Indian Income Tax Act
- Definition by F.C. Hooper
- Definition by Peterson and Ploughman
- Definition by James Stephenson (correct)
What is one of the principles of business ethics that fosters healthy relationships in organizations?
What is one of the principles of business ethics that fosters healthy relationships in organizations?
According to the content, what is inherently linked to the concept of business?
According to the content, what is inherently linked to the concept of business?
Which of the following is NOT listed as a principle of business ethics?
Which of the following is NOT listed as a principle of business ethics?
What is the primary focus of the path of discrimination?
What is the primary focus of the path of discrimination?
What does the term 'business' imply in an economic context?
What does the term 'business' imply in an economic context?
Which of the following is NOT one of the five types of self-control mentioned?
Which of the following is NOT one of the five types of self-control mentioned?
How does the path of mind control primarily assist individuals?
How does the path of mind control primarily assist individuals?
Which of the following best defines 'moral mazes' in the context of business ethics?
Which of the following best defines 'moral mazes' in the context of business ethics?
What role do business ethics play during times of crisis?
What role do business ethics play during times of crisis?
What is one aspect of managerial misbehavior in organizations?
What is one aspect of managerial misbehavior in organizations?
Which definition of business includes the complexity of commerce and industry as a whole?
Which definition of business includes the complexity of commerce and industry as a whole?
What is one of the key principles of business ethics?
What is one of the key principles of business ethics?
What type of organization has low ethical concerns but high economic performance concerns?
What type of organization has low ethical concerns but high economic performance concerns?
What should employees feel towards the corporate mission of their organization?
What should employees feel towards the corporate mission of their organization?
How does governance ensure alignment with an organization's values?
How does governance ensure alignment with an organization's values?
What is the primary focus of organizational ethics?
What is the primary focus of organizational ethics?
What is emphasized by the evolution of business ethics since the 1960s?
What is emphasized by the evolution of business ethics since the 1960s?
Which level is NOT a part of addressing organizational ethics?
Which level is NOT a part of addressing organizational ethics?
What is the main concern of normative ethics?
What is the main concern of normative ethics?
What is the purpose of a corporate code of ethics?
What is the purpose of a corporate code of ethics?
Which of the following best describes balanced organizations?
Which of the following best describes balanced organizations?
How does organizational design contribute to ethical corporate behavior?
How does organizational design contribute to ethical corporate behavior?
Which of the following is a characteristic of exploitative organizations?
Which of the following is a characteristic of exploitative organizations?
What is the primary role of governance in an organization?
What is the primary role of governance in an organization?
Which category of ethics focuses on the meaning of ethical terms?
Which category of ethics focuses on the meaning of ethical terms?
Which of the following describes management's responsibilities?
Which of the following describes management's responsibilities?
Which statement correctly differentiates governance from management?
Which statement correctly differentiates governance from management?
Which of the following best defines descriptive ethics?
Which of the following best defines descriptive ethics?
In governance, accountability is primarily ensured by:
In governance, accountability is primarily ensured by:
What is the primary focus of ethical relativism?
What is the primary focus of ethical relativism?
What distinguishes consequentialism from other ethical theories?
What distinguishes consequentialism from other ethical theories?
According to deontological ethics, how should ethical value be determined?
According to deontological ethics, how should ethical value be determined?
What are the core attributes emphasized by the ethics of virtue?
What are the core attributes emphasized by the ethics of virtue?
What moral dilemma is often associated with whistle-blowing?
What moral dilemma is often associated with whistle-blowing?
Why might loyalty to an organization be considered a conflict in whistle-blowing situations?
Why might loyalty to an organization be considered a conflict in whistle-blowing situations?
What obligation does a whistle-blower have when disclosing information?
What obligation does a whistle-blower have when disclosing information?
What criticism is often directed towards ethical relativism?
What criticism is often directed towards ethical relativism?
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Study Notes
Governance and Management
- Governance sets rules and regulations for an organization
- Management implements these rules and regulations
- Governance ensures the organization operates in line with its objectives and values
- Management focuses on efficient and cost-effective operation
Ethics and Business Ethics
- Ethics examines values and behaviour
- Normative ethics regulates behaviour
- Descriptive ethics considers controversial issues like abortion and animal rights
- Business ethics emphasizes honesty, integrity, commitment to agreements, and respect for people
- Unethical business practices can arise from ignorance, selfishness, and imperfect reasoning
Business Definitions
- Business is an activity involving the exchange of goods or services for mutual gain
- Key elements of business include removing hindrances in trade, transport, time, and exchange
- Business definitions by Peterson & Ploughman, James Stephenson, and F.C.Hooper highlight the concept of creating utility and facilitating economic activity
Nature of Business
- Ethical relativism: No single principle is universally applicable
- Consequentialism: Ethical actions maximize value
- Deontological ethics: Reason and motive drive ethical behavior
- Ethics of virtue: Focusing on character traits like courage and honesty for ethical choices
- Whistle-blowing: An employee disclosing illegal behavior, justified when organizational loyalty conflicts with broader ethical obligations
Ethical Corporate Behavior
- Organizational ethics focuses on the moral and rational aspects of an organization
- Corporate mission: Defines goals and ethical responsibilities
- Constituency relations: Manages responsibilities towards various groups like employees, customers, and suppliers
- Policies and Practices: Evaluates alignment between organizational practices and ethical principles
- Exploitative: Organizations with low economic and ethical concerns
- Manipulative: Organizations with high economic concerns, low ethical concerns
- Holistic: Organizations with high ethical concerns, low economic concerns
- Balanced: Organizations with high ethical and economic concerns
Corporate Code of Ethics
- Standards and beliefs established by managers, guiding employee behavior and aligning with organizational values
Paths of Ethical Development
- Path of discrimination: Identifying inner faults to transform motives and attitudes
- Path of self-control: Internal characteristics like non-injury, truthfulness, non-stealing, celibacy, and non-acceptance of gifts
- Path of mind-control: Concentration and meditation for a calm and focused mind
Business Ethics
- Ethical standards for business practices, guiding business decisions and behavior
- Key principles include fairness, integrity, commitment to agreements, and respect for people
- Particularly important during times of change and crisis
- Moral mazes of management: addressing conflicts of interest, contract misconduct, and misuse of resources
Unethical Problems in Business
- Managerial misbehavior: Illegal and unethical practices in organization management
- Moral Mazes: Addressing issues like conflicts of interest and misuse of resources
- Social Responsibility: Using business resources to address social problems
- Human Resources: Fostering positive relationships within organizations
- Business ethics governs organizational processes with ethical codes and conduct standards
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