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BMAL-590 BUSINESS ETHNICS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS
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BMAL-590 BUSINESS ETHNICS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS The difference between an ordinary decision and an ethical one: accepted rules or standard practices are not clearly applicable, and the decision maker must weigh values and diverging perspectives in a situation which is...

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  • October 7, 2024
  • 52
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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BMAL-590 BUSINESS ETHNICS EXAM QUESTIONS

AND ANSWERS WITH COMPLETE SOLUTIONS
The difference between an ordinary decision and an ethical one:


accepted rules or standard practices are not clearly applicable, and the decision maker must weigh

values and diverging perspectives in a situation which is not quite the same as any he or she has faced

previously.



Values and judgments play a critical role in the making of ethical decisions, as does recognizing how

different groups may be impacted by a decision.


Business ethics


comprises principles and standards that guide behavior in the world of business.



Investors, employees, customers, interest groups, the legal system, and the community often determine

whether a specific action is right or wrong -- ethical or unethical.



Some special aspects must be considered when applying ethics to business: Businesses must earn a

profit to survive. Businesses must balance their desires for profits against the needs and desires of

society, and maintaining this balance often requires compromises or tradeoffs.


Reports of unethical activities:


accounting fraud, insider trading, falsifying documents, deceptive advertising, defective products,

bribery, abusive behavior, harassment, and employee theft regularly appear in the media

,Many examples of unethical activities go unreported and/or undetected. But many do come to light,

with devastating implications for the individuals involved, and potentially impacting many other innocent

individuals.



Organizations that develop a culture where ethical considerations are part of every decision are more

likely to make a positive impact on society, and less likely to be embroiled in scandals.


Reasons for Studying Business Ethics:


1. an individual's personal values and morality are only one factor in the ethical decision-making process



2. being a good person and having sound personal ethics may not be sufficient to handle the ethical

issues that arise in a business organization



3. business strategy decisions involve complex and detailed discussions, and a high level of personal

moral development may not prevent an individual from violating the law in an organizational context



4. the values people learn from family, religion, and school may not provide specific guidelines for

complex business decisions.



Studying ethics helps business people begin to identify ethical issues, recognize the approaches available

to resolve them, learn about the ethical decision-making process and ways to promote ethical behavior,

and begin to understand how to cope with conflicts between personal, organizational, and societal

values.

,Historic Tensions of business ethics:


With the development of big businesses, large mining operations, and expansive agricultural firms, along

with the "Industrial Revolution," society struggled to determine the appropriate role of these large

organizations. Unions developed to ensure workers' interests and well-being were considered, and the

idea of a living wage that was sufficient for education, recreation, health, and retirement began to take

hold.



Industrialization also led to concerns about pollution and the environment



Consumer protection became increasingly important, with legislation in many countries that sought to

safeguard consumers from potentially dangerous products.



The sense that corporations could become too large, and have too much power over consumers,

workers, and governments led to the enactment of anti-trust legislation that split up some large firms,

and prevented others from becoming too powerful.


social responsibility


the duty of a business to contribute to the well-being of a community



an organization's obligation to maximize its positive impact on stakeholders and to minimize its negative

impact.


Milton Friedman


He was a famous American economist. He strongly promoted the idea of free trade and condemned

government regulation and socialism.

, argued persuasively that the business of business was business, and that the primary role of a business

was to maximize profits within the rules dictated by governments and society.



He and others argued that companies should make charitable contributions and engage in social issues

only if these actions also contributed to the companies' reputation, ability to recruit qualified

employees, or other factors that ultimately contributed to profits and shareholder value.



In society, he argued, there are other entities such as governments and non-profit organizations that

bear the primary social responsibilities of society, and are best equipped to deal with social issues.


Utilitarian approach


ethical philosophy that advocates a decision that provides the most good or the least harm



Hence a community might decide to build a road that will improve the flow of traffic for many citizens,

even if that means that some individuals may be forced to sell their land, homes, or farms to allow for

the road.



Similarly, a company should develop an employee benefits package that serves the interests of most

employees, although some employees would prefer a slightly different package.


Moral Rights approach


guided by respect for the fundamental rights of human beings



suggests that every human being has some fundamental rights that must always be protected, and that

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