BUS. ETHICS Flashcards
What are the four Ethics of Consumer Protection
- THE MARKET APPROACH
- THE CONTRACT VIEW APPROACH
- DUE-CARE APPROACH
- SOCIAL COST APPROACH
A method of determining the value of an asset based on the selling price of similar assets. It is one of three popular valuation methods, along with the cost approach and discounted cash-flow analysis
MARKET APPROACH
Another limitation is that it will be difficult to estimate the depreciation of older properties because there are many factors to take into account
COST APPROACH LIMITATION
Are an effective combination of two or more different techniques, which utilizes the positive influence of these techniques in obtaining optimal result for a specific design problem
HYBRID METHODS
It isa methodology that combines different strategies or technologies to achieve a common goal. It’s like having an all-star team where each player brings their unique skills to the game, resulting in a winning combination.
HYBRID APPROACH
A real state appraisal method that allows investors to estimate the value of property based on the income it generates.
INCOME APPROACH
A value method used to estimate the value of an investment based on its expected future cash flows .
DCF (DISCOUNTED CASH FLOW)
Approach-the view that the relationship between a business firm and its customers is essentially a contractual relationship, and the firm’s moral duties to the customer are those created by this contractual relationship.
THE CONTRACT VIEW APPROACH
Based on the assumption that in commercial transactions, the consumer and manufacturer do not meet as equals in the relationship. The manufacturer, and to a lesser degree the retailer, has greater knowledge and expertise.
DUE-CARE APPROACH
It is a socialized portion of the total costs of production, i.e., the costs which businesses shift to society in their attempts to increase their profits.
SOCIAL COST APPROACH
Republic Act No. 7394 was enacted primarily which are the ff:
1. to protect the consumers against hazards to health and safety, and against deceptive,
2. protection against unfair and unconscionable sales acts and practices.
THE CONSUMER ACT OF THE PHILIPPINES
- Is about truth, fairness, and equity in messaging and consumer experience. - Is honest, accurate, and strives for human dignity. It also considers the advertising environments that are chosen for placement, and it examines potential for data bias in analytics
ETHICAL ADVERTISING
What are the 7 Principles in Ethics
- INTEGRITY
- RESPECT
- RESPONSIBILITY
- FAIRNESS
- COMPASSION
- COURAGE
- WISDOM
Advertising standards stipulate that marketing targeted directly at or featuring children should not contain anything that is likely to result in their physical, mental or moral harm.
MARKETING TO CHILDREN
The employer has specific responsibilities that lead to an ethical workplace and support of all of their stakeholders.
THE EMPLOYMENT RELATIONSHIPS
What are the key areas for employer responsibilities?
- MORAL RESPONSIBILITIES
- LOYALTY
Employers have to protect the health of a company and make sound business decisions that will keep employees safe.
MORAL RESPONSIBILITIES
- Is an umbrella term for a set of emotions that make employees feel attached to their current employer and less likely to see greener grass elsewhere.
LOYALTY
Where employers offered the security of a job in exchange for commitment and loyalty.
LIFE-TIME EMPLOYMENT
What are the 2 Employee Responsibility?
- MUST HAVE GOOD MORAL CONDUCT
- SHOULD OFFER AN EMPLOYER THE SAME TRUST
Refers to the efforts of an organisation to develop and maintain its relationships with employees – both on a collective and individual level.
EMPLOYEE RELATIONS
It violates workers’ rights and contributes to the widening gap between the rich and poor. Many labor unions have also called for the implementation of a living wage, job security, and social protection for workers.
LABOR CONTRACTUALIZATION
The Philippines’ most important problems and the key indicators of the weaknesses of the economy.
UNEMPLYMENT AND UNDEREMPLOYMENT
Also known as “endo” or end-of-contract scheme.
It is a practice where companies hire workers on short-term contracts, which usually last for less than six months.
CONTRACTUALIZATION
Contracting is the situation where corporations hire workers on 5 to 6-month contracts to avoid paying their workers benefits
ENDO
Are organizations formed by workers to collectively bargain for better wages, working conditions, and benefits from employers. They work to ensure fair treatment, job security, and a voice in decision-making for workers.
LABOR UNIONS
FIDUCIARY
Is the action someone takes to report wrongdoing at work that affects others.
WHISTLEBLOWING
Examples of ethical behavior in the workplace
- OBEYING THE COMPANY’S RULES
- EFFECTIVE COMMUNICATION
- TAKING RESPONSIBILITY
- ACCOUNTABILITY
- PROFESSIONALISM
- TRUST
- MUTUAL RESPECT FOR YOUR COLLEGUES
What are the things Employers need to offer?
- MORAL RESPONSIBILITIES
- LOYALTY
- OPENNESS
