Quiz 1

Question 1

David Hume’s Is-Ought

Answer 1

What is does not imply what ought to be

Question 2

Ethics

Answer 2

The principles, norms, and standards of conduct governing an individual or group

Question 3

VUCA

Answer 3

Volatile, Uncertain, Complex, Ambiguous

Question 4

The good company

Answer 4

Good management: Links ethics to management
Good organization: Managing ethics inside the organization
Good citizenship: Going beyond organizational boundaries

These 3 are the pillars for good company, business and society is the foundation

Question 5

3 levels of analysis

Answer 5

Macro Level - Government, Geopolitical environment, Economic growth
Meso Level - Business wrongdoing, media coverage
Micro Level - Individuals behave in their own self-interest, balance between informed pursuit of wealth and cruel, malicious greed

Question 6

Two Views of human decision making

Answer 6

Rational Model
- “Homo Economicus”
- Optimal decisions
- Prevailing descriptive model in classical micro-economics and game theory
- prescriptive model in decision sciences

Bounded Rationality Model
- Goal Directed but not rational in economic sense
- Choice emerges from conscious goals and non-conscious goals
- Prevailing model in psychology, behavioral economics, management, marketing

Question 7

Adam Smith

Answer 7

Father of modern capitalism
- “Invisible hand”

Question 8

Business Ethics

Answer 8

the rules, standards, codes, or principles which provide guidelines for morally right behavior and truthfulness in specific situations

Question 9

Popular Ethical Theories

Answer 9

Agent-focused
- Personal virtue ethic
- Ethical egoism
- ethic of caring

Goal-focused
- utilitarian

Deontological
- Universal rules ethic
- Individual moral rights ethic
- Ethic of justice
- Ethic of holism

Question 10

Ethical egoism

Answer 10

Individuals should act according to their own self interest
1. Act according to your own self-interest
2. Set your own standards for judging ethical implications of your actions based on self benefit
3. Altruism is not acceptable

Question 11

Enlightened self-interest

Answer 11

Draws the egoist into relations with others who are required to assist or enable the accomplishment of the egoist’s self-interest
1. Act according to self-interest
2. Moderate self-interest with an awareness that what is in the public interest is eventually in the interest of all individuals and groups involved

Question 12

Ethic of Caring

Answer 12

Advocates that decision-makers work toward building a sense of community through care .. to find equitable solutions for reducing the harm or suffering of others
1. an action is only right if it promotes the well-being of all involved, in particular, those who are valuable in they decision circumstance
2. Treat others as you with to be treated
3. Check your gut feeling before proceeding

Question 13

Virtue Ethics

Answer 13

Aristotle
Actions are morally good when they exemplify virtuous character traits – not because they are in line with some moral rules

Aristotle’s philosophy
- a virtue is a tendency to control a certain class of feeling and to act rightly in a certain kind of situation

Question 14

Deontology

Answer 14

• comes from Greek word deon, meaning “duty”
  right vs. wrong thing to do, no matter what

Question 15

Utilitarianism

Answer 15

the greatest good for the greatest number

Question 16

Utilitarian ethics

Answer 16

focuses on the principle of utility or the distribution of benefits and harms to all stakeholders with the view to maximize benefits for “the greatest good for the greatest number”

Question 17

Effective Altruism

Answer 17

Peter Singer
uses evidence and reason to identify ways to help others

Question 18

Deontological: Kantian ethics

Answer 18

Categorical imperative is the ultimate moral standard
- everyone should live by, no matter what

The formula of Universal law
- Act only in accordance with that maxim through which you can at the same time will that it become a universal law

The formula of Humanity as End in itself
- Act so that you use humanity, as much in your own person as in the person of every other, always at the same time as end and never merely as means

Question 19

Deontological: Ethic of Justice Ethical principles

Answer 19

Distributive justice: all actions and policies have an equitable and fair distribution of benefits and burdens on those involved
Procedural Justice: ensure the establishment of all actions and policies occur within the parameters of a fair, impartial, transparent, objective process
Retributive justice: ensure a fair imposition of punishments and penalties on those who harm
Compensatory justice: ensure that those who have been harmed receive fair compensation

Question 20

Deontological: Ethic of holism

Answer 20

ecocentric worldview that accepts that all living and non-living, sentient and non-sentient beings are equally important in the ecosystem
1. Act in such a way that individual and collective well-being are nurtured through focus on harmony within oneself, peace with others, and balance with nature
2. Ensure we harvest from nature in a way such that it does not compromise future generations

Kincentricty: humans and nature are extended family
Seven generations thinking: balancing actions now to ensure we are not stealing from future generations and their capacity to live a good life
Businesses are stewards: they do not own but take care of their surroundings for themselves and future generations

Question 21

Ethic of holism: Worldviews

Answer 21

Ecocentric: all living and non-living things are equal

Biocentric: All living beings are equal and important

Anthropocentric: Humans are the most important

Egocentric: The self is most important

Question 22

Society

Answer 22

a community with broad groupings of people with common traditions, values, and history.

Question 23

Business

Answer 23

private, commercial-value oriented legal enterprises

Businesses cannot succeed in societies that fail

Question 24

Social licence

Answer 24

the privilege of operating in a society with minimal formalized restriction – legislation, regulation, or market requirements

not static

Question 25

Integrity

Answer 25

in the business environment, ethics is captured by integrity, which refers to the appropriateness of a corporation’s behavior and its adherence to moral guidelines acceptable to society such as honesty, fairness, and justice

Question 26

Economic system: Capitalism

Answer 26

an economic system that allows for private ownership to the means of production (land, labor, and capital) and assumes that economic decision-making is in the hands of individuals or enterprises

Question 27

Economic system: Free enterprise system

Answer 27

an economic system characterized by ownership of private property by individuals and enterprises, the profit motive, a competitive market system, and no government involvemenbt

Question 28

Economic system: Laissez-faire capitalism

Answer 28

An economic system operating with absolute minimum of interference by the government in the affairs of business. Government involvement is strictly limited to providing essential services like police and fire protection

French, means “allow to do”

Question 29

Economic system: Responsible enterprise system

Answer 29

An economic system operating as a free enterprise system but incorporating the element of accountability

Question 30

Ethical Decision Making

Answer 30

a conscious and rational process of choosing what is a good/bad goal or right/wrong way for achieving the desired goal in a given context or circumstance

Question 31

Personal virtue ethic

Answer 31

first considers what the character traits of a good person or citizen might be and it postulates that character is built through, desire, learning, and continuous practice, resulting in a habit

Question 32

Ethical Decision-Making Process

Answer 32

1. Recognize Moral Issue
2. Make Moral Judgements
3. Establish Moral Intent
4. Engage in Moral Behavior

Question 33

Ethical Dilemma

Answer 33

a situation or problem where a person has to make a difficult choice between two alternatives, neither of which resolves an issue or problem in an ethically acceptable fashion

• lesser of two evils
• damned if you do and damned if you dont
• between a rock and a hard place

Question 34

Moral reasoning

Answer 34

A systematic approach to thinking or reasoning through the implications of an ethical dilemma