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BCOR 2302 QUIZ 3 Latest 2023 Graded A
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BCOR 2302 QUIZ 3 Latest 2023 Graded A What is the institutionalization of business ethics? Explicitly articulating moral standards and embedding them- via specific programs, structures, and institutions- in the culture of organizations, industries, and economies How does this process help to expl...

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  • January 25, 2023
  • 22
  • 2022/2023
  • Exam (elaborations)
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  • structures
  • and institutio
  • bcor 2302 quiz 3 latest 2023 graded a
  • what is the institutionalization of business ethics explicitly articulating moral standards and embedding them via specific programs

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BCOR 2302 QUIZ 3 Latest 2023 Graded A
What is the institutionalization of business ethics?

Explicitly articulating moral standards and embedding them- via specific programs, structures,

and institutions- in the culture of organizations, industries, and economies

How does this process help to explain why you are taking this class?

Help to explain how company's implement their ethical decision making

What is the difference between implicit and explicit ethics in the workplace?

implicit: assumed underlying things, to become implicit the company needs to be explicitly to

say and do moral standards



Explicit:

-education

-employee training

-employee dos and don'ts

-mission statement

What are the three different kinds of standards that can be instilled through the

institutionalization of business ethics?

1. Vales of the company

2. Norms

3. Artifacts

,Values on the company

Statement or assumed in the company

norms

normative ethics, rules on how we function

Artifacts

Written down rules on how businesses will operate ethically

Typically, when a company is doing something that many members of the public regard as

irresponsible or unethical, society offers the business a 'carrot' and a 'stick.' What do these two

items represent in the business world?

Carrot: reward good societal things

-BCOr or non gmo ingredience will lead to public support

Stick: if the company does not self regulate, we can motivate with legislation

What are the two primary failures to which public policy is a response?

1. Failure to institutional business ethics

2. market failure

What is a market failure?

a situation in which a market left on its own fails to allocate resources efficiently to create social

benefit

Identify five different kinds of market failure, with examples of each from corporate life.

, 1. Monopoly

2. Monopsony

3. Overproduction of negative

4. externalities

5. externalities

6. underproduction of public goods

7. lack of transparency

monopsony

opposite of monopoly, only have one consumer

Be able to explain the motives driving the calls for regulating Facebook. What is unusual about

Mark Zuckerberg's response to these calls?

He asks for legislation because he needs to know what he can and cannot do



wants government to draw a line

If Adam Smith’s ideal marketplace is represented by an invisible hand, which coordinates

market participants to achieve social well-being without that aim being the conscious intention of

the participants, what kind of hand best represents public policy? Explain.

public policy can be thought of as the iron fist and says no to business behavior. sets rules and

consequences

iron fist

represents the government and the legislation

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