Semester Final Review - Gipes

Question 1

Ethics

Answer 1

Basic principles that govern one’s behavior

Question 2

Business Ethics

Answer 2

Basic principles that govern a business’s actions

Question 3

4 pillars of Social Responsibility
- Identify
- Explain

Answer 3

1. Economic: Business is responsible for making money, Contributing to the national and local economies
2. Legal: Business is responsible for operating within the confines of federal, state, and local laws
3. Ethical: Business is responsible for conducting itself with integrity, and respecting the rights of others. playing fair
4. Philanthropic responsibility—A business is responsible for contributing to society in an altruistic (charitable) way.

Question 4

Consequences of unethical behavior

Answer 4

-Negative public image
- Decreased customer loyalty
- Exposure to lawsuits
- Potential jail time

Question 5

Why businesses behave unethically

Answer 5

• The action is not illegal
• The action is acceptable within the industry
• The action is acceptable in a foreign culture
• The action benefits the company
• The action is committed by unethical employees

Question 6

Difficulty of understanding ethics

Answer 6

• People within an organization may have different personal ethics
• ## Many people may not know how to behave ethically in the first place

Question 7

Ethics vs Law
- Differences
- Consequences
- How they relate

Answer 7

Actions can be:
- Legal but not ethical
- Ethical but not legal
- Legal and ethical

Ethics are often unwritten rules
Laws must be published
Consequences may be different

Question 8

How leadership, confidence,
altruism, fairness, &
persistence relates to ethics

Question 9

Ethical Dilemmas

Answer 9

Issues that require you to decide right from wrong
- have potential to cause harm
- can happen anywhere