Ethics Chap 1 Flashcards
(21 cards)
What did Plato state about good people and law?
Good people do not need law to tell them to act justly, while bad people will find a way around the laws.
What are the negative effects of the profit motive in business?
- Promotes rivalry among competitors
- Focuses solely on making money
- Turns businessmen into questioning individuals
- Promotes self-interest over common good
What are the positive aspects of the profit motive?
- Motivates meaningful actions
- Promotes ingenuity and cleverness
- Increases productivity
- Generates potential capital
What are the requirements for a good moral judgment?
- Must be logical
- Based on facts and solid evidence
- Based on sound and defensible moral principle
What are the characteristics of a good moral standard?
- Looks at issues seriously
- Grounded on good moral judgment
- Objective
- Violating it brings guilt, shame, and remorse
What ethical considerations are associated with profit motive business?
- Earning profit is valid
- Excessive profits are wrong
- Profit is not the sole purpose of business
What are the 7 Principles of Business Ethics?
- Accountability
- Care and Respect
- Honesty
- Healthy Competition
- Loyalty and Respect Commitment
- Information
- Respect for Rule of Law
Define moral responsibility.
Accountability for actions and their consequences, where a person could be punished or rewarded.
What are some reasons people go into business?
- To earn a living
- For personal satisfaction
- To serve society
- To make a profit
True or False: Legal actions are always moral.
False
What does business ethics encompass?
- Rules and principles
- Voluntary nature
- Avoids cheating and frauds
- Requires education and training
- Dynamic concept
- Focuses on social welfare
Who defined business ethics as the study of situations where issues of right and wrong are addressed?
Andrew Crane
What is the essence of studying business ethics?
To provide managers with a framework for resolving moral issues and problems in business activities.
What is the origin of the term ‘ethics’?
Derived from the Greek word ‘ethikos’, meaning ‘arising from habit’ or character.
What is the importance of business ethics?
- Provides a common understanding of good and bad in human conduct
- Governs human behavior and guides moral decisions
What principles should businesses stand by?
- Offer quality goods/services at sensible prices
- Avoid adulteration and misleading advertisements
- Allocate fair wages and provide good working conditions
What are the myths about business ethics?
- Businessmen are not immoral
- Business is productive
- Misconceptions affect moral judgment and decision making
Why is business subjected to moral rules?
Because it is an integral part of human society.
What does the study of business ethics enhance for managers?
Human and interpersonal skills for effective management.
How does ethics relate to business?
Ethics prevents chaos in business by discovering unwritten laws governing human conduct.
