Midterm Exam - Study Cards

Question 1

Week 1: What are 5 examples of internal stakeholders?

Answer 1

1. Management
2. Employees
3. Owners
4. Customers
5. Suppliers

Question 2

Week 1: What are 5 examples of external stakeholders?

Answer 2

1. Families of Employees
2. The Environment
3. Future Generations
4. The Community

Question 3

Week 1: Explain the legal argument against managerial capitalism.

Answer 3

“In this century, however, the law has evolved to effectively constrain the pursuit of stockholder interests at the expense of other claimants on the firm” ( Freeman 264).

Question 4

Week 1: Explain a stakeholder theory of the modern corporation.

Answer 4

Each internal or external memeber of the corporation should be considered equal whilst managers configure opportunities for all.

“focusing not just on stockholder interests, but on the interests of all those who have a stake in the firm” (Week 1 Notes)

Question 5

Week 1: Explain the economic argument against managerial capitalism.

Answer 5

“Externalities, moral hazards, and monopoly power have led to more external control on managerial capitalism” (Freeman 265).

Question 6

Week 1: What is managerial capitalism?

Answer 6

“Management vigorously pursues the interests of stockholders” (Freeman 264)

Question 7

Week 2: Define Teleological.

Answer 7

“(in philosophy) involving the belief that everything has a purpose or use” (https://dictionary.cambridge.org/dictionary/english/teleological)

Question 8

Week 2: Define Telos.

Answer 8

“goal or end” (Week 2 Notes)

Question 9

Week 2: Define happiness in 3 ways according to Aristotle.

Answer 9

1. “The life of pleasure
2. The life of politics (honour)
3. The contemplative life (exercise of the mind both practically and intellectually)” (Week 2 Notes)

Question 10

Week 2: Why is the life of pleasure is not the life of happiness?

Answer 10

“If we only valued pleasure, we should be fine with having reduced mental capacities if it helps us experience more pleasure. We should also be willing to do anything at all (no matter how disgraceful) to experience more pleasure. We are not willing to do this, so clearly pleasure is not the same thing as happiness.” (Week 2 Notes)

Question 11

Week 2: Why is the life of politics is not the life of happiness?

Answer 11

“The life of politics (honour or fame) is also not our final end goal or purpose (telos), because such a life is sought because we believe it will make us happy.
No one (of sound mind) would want to be well known for some embarrassing, stupid, or morally terrible act” (Week 2 Notes)

Question 12

Week 2: Why is happiness?

Answer 12

“will be a kind of contemplative life in which we exercise our minds both practically and intellectually (3).” (Week 1 Notes)

Question 13

Week 2: Define virtues.

Answer 13

• A virtue is a trait of character that is manifested in habitual action, that is good for a person to have
• “a trait of character that is manifested in habitual action” (Week 2 Notes)

For example, we cannot call a person who is honest only when it benefits them an honest person. being honest is not habitual in their case. An honest person is someone who canmbe counted on to be honest, whenever honesty is called for.

Question 14

Week 2: Define vices.

Answer 14

“Immoral or wicked behaviour” (Oxford Languages).

Question 15

Week 2: Describe Aristotles’s “Golden Mean”.

Answer 15

The virtues are traits of character that sit on the Golden Mean. They are the means between extremes of excess and deficiency.

Question 17

Week 2: What are some examples of Virtues?

Answer 17

• Integrity
• Discernment
• Love
• Respect
• Humility
• Diligence
• Temperance
• Courage

Question 18

Week 2: Define defeasable commitments.

Answer 18

Less important commitments that can be sacrificed without remorse (e.g., professional success).

Question 19

Week 2: Define identity conferring commitments.

Answer 19

The commitments that are most central to us and determine our moral identities (e.g., true friendship).

Question 20

Week 2: Define integrity.

Answer 20

Integrity is:
* a virtue It contributes to living well (eudaimonia)
* the state of being undivided — of being coherent. What does coherence require?
* That one has principles and that there is consistency between one’s principles
* That these principles are upheld in the face of temptation (including redescription)
* That these principles are upheld for the right reasons