ethics Flashcards
(53 cards)
What is ethics?
Ethics studies how we ought to live and act.
What are morals?
Morals are personal principles or standards we live to, determining what makes an action right or wrong.
What are values?
Values are things important to you in the way you live.
Where does an individual’s morality come from?
Morality comes from upbringing, culture, religion, education, etc.
How is ethics shaped or informed?
Ethics is shaped by old philosophers, social norms, and laws.
How do individuals make decisions without laws or formal rules?
Individuals rely on their internal compass, moral views, ethical framework, and values.
What did Socrates mean by ‘an unexamined life’?
An unexamined life lacks critical thinking and self-reflection, which are necessary for living meaningfully and ethically.
What is a business?
A legal organization involved in commerce, providing goods/services for profit.
What is business ethics?
Principles and standards that guide behavior in a business context.
What does different perceptions mean in a business ethics course?
Different people believe business should be conducted in various ways.
What is the separation fallacy?
The idea that business and ethics can be separated, allowing business to operate without concern for ethics.
What are the different types of business in the U.S.?
- Sole proprietorship: Private solo owned small businesses.
- General Partnership: Private owned by 2 or more.
- LLC: Private, legally complex, no personal liability.
- Corporation: Public, owned by shareholders.
What is ROE?
Return of ethics; ethical behavior and practices can yield positive returns and benefits.
How can a company create ROE?
By building trust and reputation among stakeholders and showing concern for them.
What is a Code of Conduct?
A formal document with fundamental values and standards shaping employees, managers, and stakeholders.
How doed Wells Fargo case relate to ethics and ROE? Why did employees act this way
Employees acted unethically to meet incentives, damaging company reputation and showing consequences of ethical/unethical actions.
What is Ethisphere?
An organization that promotes business ethics and sustainability
Rewards businesses for acting ethically, can build reputation, trust and customer loyalty
What does ‘business is interconnected’ mean?
Businesses are linked through dependencies and relationships, sharing suppliers, employees, customers, and markets.
What is systems thinking? How does it apply to business
An approach to problem-solving that views complex interconnected systems as a whole.
How can systems thinking help decision-making?
It helps recognize how singular elements within a system interact and influence each other.
Give an example of systems thinking.
Complaints about dining hall food at UNH can reveal issues like low-grade suppliers and late deliveries.
What is capitalism?
An economic system where private individuals or organizations produce and sell goods and services.
Describe the evolution of capitalism.
- Industrialization: Wealth creation for families and communities.
- Managerial capitalism: Focus on long-term growth and stakeholder benefit.
- Shareholder value: Emphasis on efficiency and short-term goals.
- Stakeholder value: Focus on sustainability and social responsibility.
What is a free market?
A system with little to no government intervention, operating freely.
