Ethical

Question 1

Ethics

Answer 1

Ethics is a set of principles that guide people’s behavior and judgment.

Question 2

Ethical standards

Answer 2

In the business
industry, ethical standards are created so that managers can form meaningful and just decisions
and uphold certain values attached to these decisions. However, these values can sometimes
contradict each other.

Question 3

Corporate social responsibility is a hard-edged business decision.
Not because it is a nice thing to do or because people are forcing us to do it…
but because it is good for our business.

is a successful and widely experienced international business leader.

Answer 3

Niall FitzGerald

Question 4

Ethical issue

Answer 4

-An ethical issue refers to a concern on which an individual must desiďe based on several alternatives of what is morally right or wrong.

Question 5

Civil society

Answer 5

a type of a organization founded to promote the interests of the local community

Question 6

Stakeholders

Answer 6

individuals or groups who share an interest in the overall performance of the company apart from profits from shares

Question 7

Business ethics

Answer 7

Any manager should be guided by a set of business ethics which are
moral principles and standards that guide businesspeople in their transactions.

Question 8

Perspectives on Ethics

Answer 8

1. Universalism
   - This is the principle which states
   that all people should have certain values like honesty,
   respect, and cooperation. Universalism requires every
   person to reenact these values in the same way under all
   circumstances and at all times.
2. Egoism - This is the principle which promotes the
   greatest good to oneself. It is focused on the perspective
   that people ultimately act for self-advancement, no
   matter how good their intentions are. Based on this view,
   it is permissible for a person to cooperate with others as
   long as this will serve his or her own interest.
3. Utilitarianism - This is the principle which focuses on the greatest good for the greatest
   number of people. In this perspective, the ultimate concern of
4. Relativism - This is the principle which states that ethical behavior is based on a person’s
   own and other relevant people’s opinions and viewpoints. It acknowledges that there
   are different standards for each culture. Therefore, business transactions may proceed
   differently from one culture to another.
5. Virtue ethics - This is the principle which states that morality depends on the maturity
   of a person with good moral character. Based on society’s moral standards, a moral person
   can interpret these as the application of personal virtues like faith, honesty, and others.
   Thus, what is right is based on the level of one’s moral judgment.