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BMAL-590 Week 2 Business Ethics/The Importance of Business Ethics Section 1 fully solved
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BMAL-590 Week 2 Business Ethics/TheImportance of Business Ethics Section 1
Business ethics: - correct answer ✔✔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.
Reasons for Studying Business Ethics
Studying business ethics is valuable for several reasons: - correct answer ✔✔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.
anti-trust legislation: - correct answer ✔✔The sense that corporations could become too large, and have
too much power over consumers, workers, and governments led to this "term" that split up some large
firms, and prevented others from becoming too powerful.
Next Page
social responsibility: - correct answer ✔✔an organization's obligation to maximize its positive impact on
stakeholders and to minimize its negative impact.
Economist Milton Friedman - correct answer ✔✔business is business, goal is to maximize profit within
the rules dictated by government and society, should only make charitable contributions etc if it benefits
the company
Utilitarian approach: - correct answer ✔✔do what is best for the greatest number of people
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