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Question 1

what’s ethics

Answer 1

study of right and wrong behavior; whether an action is fair,right or just

Question 2

what’s the correlation of ethics in business?

Answer 2

ethical decisions are the application of moral & ethical principles to the marketplace and workplace

Question 3

can u have an immoral law?

Answer 3

yes, abortion,slavery ,segregation

Question 4

can u have morals without law?

Answer 4

yes, kicking dog example ,ppl don’t commit crimes just cuz they think it’s the right thing to do

Question 5

profit maximization

Answer 5

resources flow to more highly valued organizations - business exist to maximize profit

Question 6

rise of corporate citizenship (history of business philosophy)

Answer 6

today, investors look more at the “triple bottom line” which is the business profits,treatment of people, and treatment of the planet

-before industrial revolution ppl owned their or business, they were expected to care for their communities and environment
-there’s a disconnect between shareholders and actual business

Question 7

why is ethics important in business decisions

Answer 7

-bare minimum follow law
1. legal implications of the decision -especially rise of social media ,assume leaks ,public exposure
2. public relations impact
3.safety risks to employees and the public- environmental impact
4. financial implications

Question 8

Corporate Social Responsibility (CSR)

Answer 8

-most publically traded companies have it (apple)
-corporations should have a responsibility to society
-CSR not required by law
-Companies are judged on their social impact ,including donations to social causes,impact on the environment,etc(consumers and investors want to know)
- being socially responsible can increase profits vip publicity and goodwill (toms shoes example)

Question 9

short run profit maximization

Answer 9

a company decide to sell a defective product to increase profit

-an overemphasis can lead to poor ethical decision making

Question 10

long run profit maximization

Answer 10

when the cost of lawsuits & bad publicity is considered,

-unethical conduct will cause the business to suffer so long run is best

Question 11

moral hazard

Answer 11

look at structural incentives (gave loans to under qualified ppl,house value went down)

Question 12

moral minimum ( the relationships of law and ethics)

Answer 12

complying with the law is the minimum degree of ethics required by a business

Question 13

how do companies set consistent standards ( part of moral minimum)

Answer 13

enact ethical codes

• because which can be subjective and change overtime ,this can lead to “grey areas” which make enforcement difficult “

Question 14

ethical reasoning

Answer 14

application of morals and ethics to a given situation, can be duty based or outcome based (or apply both)

Question 15

duty based ethics

Answer 15

when making a decision, you must account for inherent rights

-religious principles
-principle of rights
-abortion example
-people have the fundamental liberties which should be respected
-when there’s conflict between individuals rights , there’s must be issues about whose rights should prevail

Question 16

outcome based ethics

Answer 16

ethical decision is the one that does the most good to the most stakeholders

“sacrifice 1 person out of 4 when stuck in desert”

Question 17

kantian ethics

Answer 17

-people aren’t a means to an end( don’t use ppl,asked a guy for money before date)
- agrees with duty based, added more
-kants ,categorical imperative: when making ethical decisions, we should consider the impact of everyone were to act in the same manner as us( gum on floor)

Question 18

utilitarianism

Answer 18

outcome based ethics
- the best course of action is the one hat promotes the greatest good for the greatest number of people
- ex: trolley problem (either 1 or 5 ppl die)

Question 19

cost benefit analysis

Answer 19

weighing the pros and cons of an action. the side with more pros should be followed

Question 20

A systemic approach - SIMAC, why was it created ?

Answer 20

to analyze ethical decisions, cant google search, made by csulb prof,created with business ethics in mind

S- Stakeholders
I-Issues
—systemic
—corporate
—individual
-Models
-Analysis
-Conclusion

Question 21

Stakeholders (SIMAC)

Answer 21

anyone or anything affected by or decision (quokkas,baby,predator,predators family)

Question 22

Issues (SIMAC

Answer 22

Issues- identify how each stakeholder are affected(u might identify additional stakeholders)
Systemic- affects groups of groups,economy,ecosystem,environment,industry
Corporate- how does it affect company OR how it affects groups of ppl, how it affect businesses (tourist business)
Individual-issues that affect one person,how each are affected (baby died either way,mom lives or dies,predator gets small or large meal)

Question 23

Model (SIMAC)

Answer 23

introduce model you want to use, analyze question,both outcome and duty based outcome

Question 24

Analysis (SIMAC)

Answer 24

apply model chosen to all issues identified

Question 25

Conclusion

Answer 25

after analysis ,draw conclusion “the most ethical decision to do in this model is _____”

Question 26

importance of ethical reasoning for companies

Answer 26

Top management must express commitment to ethical decision making through honest practices and setting realistic goals for employees

Question 27

Sarbanes- Oxley Act

Answer 27

a statute
- companies must have confidential systems in place so employees can report potential unethical behavior ,illegal behavior is reported

Question 28

what is the “triple bottom line”

Answer 28

today, investors look more at the “triple bottom line” which is the business profits,treatment of people, and treatment of the planet