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BUS 404 Exam #1- Questions with Answers
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BUS 404 Exam #1- Questions with Answers
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BUS 404 Exam #1- Questions withAnswers
Ethics - -study of what is is right or good for human beings
-Business Ethics - -study of ethics in a business context/setting
-Seeing-Knowing-Doing Model - -decision maker should SEE the ethical
issue; KNOW what to do by choosing best option; DO the chosen option by
implementing strategies
-ethical fundamentalism/absolutism - -individuals look to a central authority
or set of rules to guide them in ethical decision making
-Ethical Relativism - -actions must be judged by what individuals
subjectively feel is right or wrong for themselves
-Situational Ethics - -one must judge a person's actions by first putting
oneself in the actor's situation
-Utilarianism - -doctrine that assesses good and evil in terms of the
consequences of the actions
-Act Utilitarianism - -assesses each separate act according to whether it
maximizes pleasure over pain
-Rule Utilitarianism - -rules must be followed even if less pleasure derived
-cost-benefit analysis - -quantifies in monetary terms the benefits and costs
of alternatives (indirect and direct costs)
-Deontology - -holds that certain underlying principles are right/wrong
regardless of pleasure and pain calculations (fixes utiliarianims downfalls)
-Immanuel Kant
-cateogorical imperative - -For an action to be moral: 1)must be universal
law applied consistently 2)respect autonomy and rationality of all human
beings and not treat them as expedient
-Social Egalitarians - -believe that society should provide all its members
with equal amounts of goods and services regardless of their relative
contributions
, -Distributive Justice - -perceived fairness of the amount and allocation of
rewards among individuals and can't determine social classes (race, income,
etc.) in advance
-stressed equality of oppurtunities
-John Rawls
-Liberterians - -stress market outcomes as basis for distributing society
rewards
-Intuitionism - -a rational person possesses inherent power to assess the
correctness of actions
-Good person philosophy - -holds that individuals seek out and emulate
good role models
-Television Test
-Cultural Relativism(socially acceptable then good)
-Stages of Moral Development - --preconventional(pleasure and reward)
-conventional(conform to expectations)
-postconventional(accept and conform and understand WHY)
-Lawrence Kohlberg
-Regulation of Business - -governmental regulation has been necessary
because all the conditions for perfect competition have not been satisfied
and free competition cannot by itself achieve other societal objectives
-Corporate Governance - --Sarbones-Oxley Act: increase governance on
publicly held corporations
-Dodd-Frank Wall Street Act: improving transparency in the financial system
-Arguments against Corporation Social Responsibility - --Profitability(made
for profits, not other activites so sole purpose differs)
-Accountability(too much influence and can supersede actual government)
-Unfairness(unfair to employees when funds disbursed to other
organizations)
-Expertise(may not possess talent for managing social activities)
-Arguments for Corporation Social Responsibility - --Social
Contract(stakeholder model)
-Less Gov. Regulation(the more responsiblity governments act, the less gov
regulate them!)
-Long-run profits(can gain consumer trust)
-Stakeholder Model - --Suppliers
-Managers
-Customers
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