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...
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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