Business ethics

Define whistleblowing
Employee informing authorities of wrongdoing by employer
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What does Friedman argue is the purpose of business?
Making money
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What does Maxwell argue is the purpose of business?
"There is no such thing as business ethics"
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Define corporate social responsibility (CSR)
A business' duty to community/society/etc
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How can consumer impact businesses?
Can choose to stop patronising unethical businesses
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Give an advantage of a business behaving ethically.
Higher revenues due to consumer support, better motivation/recruitment, brand awareness, new sources of income (ethical investors)
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Give a disadvantage of a business behaving ethically
Higher costs (e.g from ethical sourcing, training), danger of false expectations (e.g that business is ethical
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Briefly explain the Ford Pinto case.
Car rushed to sale - fault made it blow up, kill passengers. Ford decided it'd be cheaper to pay out for each death rather than fix fault.
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How can the Anglo-American Mining Company be considered an ethical company?
Moved mines away from residents, planted endangered reed beds in local community
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What are stakeholders?
Any individual with a stake in success/failure of company
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What is stakeholder theory?
Interests of all stakeholders should be considered in any decisions made
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What did Adam Smith say about the relationship between employers and employees?
Mutually beneficial; former should treat latter with respect
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What is Adam Smith's invisible hand theory?
Marketplace = self-regulating. Businesses can't control (LEGALLY). E.g shortages --> rising prices
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What did Karl Marx say about the relationship between employers and employees?
Employees need to follow employers' terms, or not work
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How would Kant respond to business ethics?
Duty > profit (shopkeeper), shouldn't treat workers as means to end. Kingdom of ends - consider all stakeholders. Against espionage - couldn't e universalised
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Evaluate the Kantian response to business ethics.
Impractical, duties clash (e.g profit/employee welfare), can be manipulated, no conseq.
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How would utilitarianism respond to business ethics?
Principle of utility - majority considered - not enough to just please shareholders.
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Evaluate the utilitarian response to business ethics.
Could justify bad things (e.g slavery, espionage). Protection for majority, not minority (employee),
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How would natural law respond to business ethics?
Businesses need to be regulated to keep order; against child labour (stops from reaching potential), wouldn't support businesses selling things "against God" e.g ****, gambling
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Evaluate the natural law response to business ethics.
Cultural relativism challenges precepts, not helpful in specific situations, purpose of business = bettering society.
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How would virtue ethics respond to issues involving business?
Our well-being dep. on wellbeing of polis (comm.). Virtuous role models.
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What were the two types of business that Aristotle described?
Oikonomikos/household trading - trading items, helps society function, not everyone has everything. Chrematiske - trading for profit, not exch. money for something useful.
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Evaluate the virtue ethics response to business ethics.
Business society, values flourish at expense of competition,
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How would religious ethics respond to business?
Protestant - wealth should be gained to support family. Catholic - common goo.
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How would situation ethics respond to business?
Agape only rule - rejection of other absolutes. Treating stakeholders fairly.
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Evaluate the religious ethics response to business ethics.
Is religion relevant? Christian ethics divided over keeping or distributing wealth. What if someone works contrary to God's will?
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Briefly explain the Primark child labour case study.
Primark exposed for using chid ld labour - stopped ordering from these companies, putting workers in financial danger. Ethical policy changed 2 years later
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Other cards in this set

Card 2

Front

Making money

Back

What does Friedman argue is the purpose of business?

Card 3

Front

"There is no such thing as business ethics"

Back

Preview of the back of card 3

Card 4

Front

A business' duty to community/society/etc

Back

Preview of the back of card 4

Card 5

Front

Can choose to stop patronising unethical businesses

Back

Preview of the back of card 5
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