Module 1- The relationship between business and society Flashcards
What are the 3 main approaches to ethical thinking?
3pts
- Deontological (rule based) ethics
- Teleological or consequential theories
- Virtue ethics
- Actions are ethical if done for sake of what is good without regard for consequences of the act
- Decisions based upon duty and adherence to universal principles
- Focuses on moral obligations, duties, and rights.
What type of ethics is this?
Deontological or rule based ethics
Focuses on outcomes and whether they produce more good than harm for the greatest number of people.
What type of ethics is this?
Teleological or consequential theories
- Emphasizes an individual’s character and the development of virtues (development of good character traits)
- Assumes “good” person will act ethically
What type of ethics is this?
Virtue ethics
The Canadian business system is based on BLANK
What are 3 key features of BLANK?
4pts
- Capitalism
Key features of capitalism:
- Private ownership of the means of production
- Economic decision-making in the hands of individuals or enterprises
- Profit motive driving economic activity
Fill in the blanks:
The BLANK is a key institution in the business system. BLANK are responsible for the majority of the BLANK activity in Canada. They operate with the consent of society and their BLANK are influenced by BLANK attitudes.
- corporation, corporations, economic, actions, societal
What factors influence society’s attitudes towards business?
4pts
- The media portrayal of business
- The perception of business ethics
- The level of government regulation
- The overall performance of the economy
Which of the following is NOT one of the three main approaches to ethical thinking?
a) Deontological ethics
b) Teleological ethics
c) Situational ethics
d) Virtue ethics
c) Situational ethics
What is the primary motivator for economic activity in a capitalist system?
a) Social welfare
b) Environmental sustainability
c) Profit
d) Government regulation
c) Profit
Which of the following is a key characteristic of the Canadian business system?
a) Centralized economic planning
b) Government ownership of all major industries
c) Private ownership of the means of production
d) Equal distribution of wealth among all citizens
c) Private ownership of the means of production
What is the role of a corporation’s Board of Directors?
a) Manage day-to-day operations
b) Represent the interests of employees
c) Set strategic direction and oversee corporate performance
d) Lobby the government for favorable policies
c) Set strategic direction and oversee corporate performance
What is the term for an individual or group who has an interest or stake in a business?
a) Shareholder
b) Stakeholder
c) Investor
d) Consumer
b) Stakeholder
What are the 3 most important stakeholders in the actual operation of the corporation?
3pts
Owners, boards of directors, managers
What are two concepts that help us understand how society allows business to function as a system to provide goods and services?
2pts
Legitimacy and social licence
Business BLANK is the appropriateness of a corporation’s behaviour and its adherence to moral guidelines acceptable to society such as honesty, fairness, and justice.
integrity
