Ethics

Question 1

What are core questions in business ethics?

Answer 1

1. Why should we do the right thing, generally?
2. Why is doing the right thing important specifically in the workplace?
3. Can businesses be both profitable and ethical?
4. Should managers focus only on the bottom line, or do they have obligations to other stakeholders?
5. Do global business organizations have obligations to protect human rights wherever they operate?
6. Is the idea of ‘business ethics’ an oxymoron?
7. Do business leaders make ethical choices?

Question 2

What is the comparison between Costco and Walmart’s Sam’s Club?

Answer 2

This comparison challenges the idea that businesses cannot be profitable and ethical.

Walmart’s Sam’s Club focuses on low prices through low wages and offshoring, leading to high employee turnover and dissatisfaction. Costco offers low prices with decent wages, resulting in lower turnover and higher customer satisfaction.

Question 3

What is ethics?

Answer 3

Ethics is the system of rules that governs the ordering of values.

Question 4

What is an ethical issue?

Answer 4

An ethical issue is a situation, problem, or opportunity where an individual must choose among several actions that need to be evaluated as morally right or wrong.

Question 5

What guides an ethical decision?

Answer 5

An ethical decision is guided by the underlying values of the individual and is acceptable to others based on adherence to accepted moral standards.

Question 6

What is self-perception and bias in ethicality?

Answer 6

Many believe they are good decision makers, ethical, and unbiased, but most have unconscious biases that favor themselves.

Question 7

What are examples of unconscious biases in managers?

Answer 7

1. Hiring people who are like them.
2. Believing they are immune to conflict of interest.
3. Taking more credit than they deserve.
4. Blaming others when they deserve some blame.

Question 8

What ethical questions arise from the scenario about Ashley, a new teacher?

Answer 8

The scenario raises ethical questions about privacy, acceptable behavior outside of work, and employment decisions.

Question 9

What are the two forms of cognition in ethical decision making?

Answer 9

1. System 1: Reflexive, fast, prone to biases.
2. System 2: Higher order conscious reasoning, slow, less biased.

Question 10

What characterizes System 1 thinking?

Answer 10

System 1 is reflexive, automatic, based on patterns, and prone to oversimplification. It is often used in ethical decision-making.

Question 11

What characterizes System 2 thinking?

Answer 11

System 2 involves complex, rules-based analysis and is less likely to be used than System 1, but it is less biased.

Question 12

How do System 1 and System 2 apply to ethical decision making?

Answer 12

While System 2 seems better for decision making, System 1 is faster and connected to behavior. We often use System 1 for ethical decisions.