Lesson 1.7 – Introduction to Ethics

Question 1

Why is it difficult to define ethics universally?

Answer 1

Ethics is subjective and varies based on culture, religion, and personal values.

Question 2

What is a general way to describe ethics?

Answer 2

Ethics relates to a concern for the well-being of others and focuses on what is morally right.

Question 3

What does ethics deal with?

Answer 3

Fairness
Conciliation
Acting in good faith

Question 4

How does ethics influence personal behavior?

Answer 4

Respecting others

Acting honestly and fairly

Complying with the law (even though law is not ethics)

Avoiding malicious actions

Inspiring trust in others

Question 5

What ethical principles should be followed in business dealings?

Answer 5

Maintain objectivity and impartiality

Act prudently and diligently

Ensure confidentiality and full disclosure

Avoid and disclose conflicts of interest

Follow professional standards, company policies, and the law

Question 6

What ethical concept is the principle of fiduciary duty based on?

Answer 6

Prudence and diligence – acting in the best interest of others.

Question 7

Is following the law always the same as being ethical?

Answer 7

No, you can comply with the law but still act unethically.

Question 8

What is a simple test to determine if an action is ethical?

Answer 8

Ask yourself:

“Would I like to be treated the same way I am treating others?”

Yes → Likely ethical
No → Likely unethical