Chapter 1 - Fundamentals of Business Ethics

Question 1

Define Moral Conduct

Answer 1

Refers to rights, wrongs, and fairness in behaviour

Question 2

Define ethics

Answer 2

The discipline that deals with moral duty and obligation

Question 3

Business ethics

Answer 3

concerned with morality and fairness in behaviour, actions, and practices that apply in a business context
- the study of practices in business and whether or not they are expectable

Question 4

Morality vs Ethical theory

Answer 4

Hunting vs Killing, is it for sustenance (necessity for living) or fois gras ( a luxurious food)

Question 5

Morality vs the Law

Answer 5

Morality = what we should do
Law= what we can do

Question 6

Problem with The rule of conscience

Answer 6

Problem: we all have different consciences

Question 7

Relativism of Belief

Answer 7

The truth or justification of moral Judgements is not absolute, but relative to the traditions, convictions, or practices of societies or cultures

Question 8

Objectivity of Belief

Answer 8

Moral judgements are generally true or false in an absolute or universal sense, and persons will either accept or reject moral positions on that basis

Question 9

Define Right, Obligation, justice, good, virtues and responsibility

Answer 9

right- entitlements that are not earned
obligations - duty to do well
justice = distribution of costs and benefits in an equitable way
good = to do good or at least no harm
virtues = art and practice of becoming a good person
responsibility =

Question 10

The problem with Egoism

Answer 10

1. Psychological egoism - help others because it indirectly or directly benefits you
2. Ethical egoism - persons ought to look out for their self-interest
3. egoistic business practices and utilitarian results

Question 11

Divine command ethics

Answer 11

• moral obligation consists on the obedience of God’s command
• provides a reason to be moral
• obligations vary

Question 12

Primary challenge of Divine Command ethics

Answer 12

• Does God command an action because it’s morally right or is it morally right because God commands it?

Question 13

Teleological = …. ethical principle

Answer 13

Utilitarianism

Question 14

Deontological= …ethical principle

Answer 14

1. Kant’s categorical imperative
2. principle of justice
3. Principle of Liberty

Question 15

Aristotelian…=ethical principle

Answer 15

virtue ethics

Question 16

Utilitarian theorist

Answer 16

1. Dave Hume (1711-1776)
2. Jeremy Benthan (1748-1832)
3. John Stewart Mill ( 1806-1873)

Question 17

3 Essential features of Utilitarianism

Answer 17

1. max. good, min. bad and evil
2. theory of good
3. commitment to the measurement and comparison good

Question 18

Act Utilitarianism

Answer 18

Would break a moral rule to maximize utility

Question 19

Rule Utilitarianism

Answer 19

Rules hold a central place and cannot be compromised

Question 20

Utilitarianism ethics

Answer 20

• ends justifies the means
• greatest good for the greatest number
• group, not individual focus
• determined by an ideal observer
• prominent in capital markets

Question 21

KEY problem in Utilitarianism

Answer 21

• oppression of Minority

Question 22

“Ethics of Duty” = …. who’s ethical principle

Answer 22

Kant

Question 23

What is the only barometer of ethics?

Answer 23

Means, motive must be pure

Question 24

Ethics of Duty… says what about dignity

Answer 24

• Dignity must be respected and encouraged

Question 25

3 Categorical imperatives

Answer 25

1. Universality - act in a way that your principles could be universal 2. Respect of persons, never treat people as a means to an end, always as an end 3. Kingdom of ends, make principles you can live under

Question 26

Key problem with Kant's principle

Answer 26

Lack of pragmatism - an approach that assesses the truth and meaning of theories or beliefs in terms of their practical application

Question 27

Rights theories of Ethics

Answer 27

Rights form the basis for obligation because they express the purpose of morality, which is securing liberties or other benefits for right holders

Question 28

Define a negative right

Answer 28

valid claim to liberty, requires that we not interfere with the obligations of other, leave them alone

Question 29

Define a positive right

Answer 29

valid claim to goods or services and positive obligation requires that we provide such goods and services

Question 30

Who came up with the entitlement theory?

Answer 30

Robert Nozick, follows the right theories

Question 31

Historical principle of the entitlement theories

Answer 31

Distributions depends on how it came about

Question 32

Current slice principles of the entitlement theory

Answer 32

who has what

Question 33

patterning of the entitlement theory

Answer 33

- moral merit, needs, marginal product, effort

Question 34

Locke's Theory of Acquisition?

Answer 34

Ownership through mixing of own's labour

Question 35

Veil of ignorance

Answer 35

nobody knows your position or genome in society

Question 36

Grey areas

Answer 36

Benefit of the doubt is given to the weaker party

Question 37

Ethics of virtue links what 2 things

Answer 37

Virtue of Character and eudemonia (happyiness and human thriving)

Question 38

Virtuous motivational structure

Answer 38

1. understand what should be done 2. be motivated to perform the required acts 3. form and act on moral ideas

Question 39

Critics of assessing Virtue

Answer 39

It can only be assessed after the matter

Question 40

Standards of actions such as: dont kill, tell the truth, dont steal, and moral character traits such as humility and integrity are examples of what?

Answer 40

Common morality

Question 41

What is the purpose of morality?

Answer 41

to preserve social order