business ethics Final Study guide

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melvin Anshen suggests that there is a relationship between business and society which he termed as

"Social Contract"

what is the importance of the 1916 case of Macpherson V. Buick Motor Car

Recognized the Scope of the Retail Industry Allowed consumers to sue manufacutres, not just those that they had a direct relationship with.

Milton Friedmans argues that

a business's only social responalibity that goes beyond serving the interests of their stockholders

which of the following is a drawback to regulatory approach

a regulation can take away an industry's incentive to do more than the minimum

the statement that best defines rights is

a right is an entitlement to act or to have others act in a certain way

rule utilitarians

believe that the optimal moral code would consist of only one rule,namely,always, act so as to maximize happiness

the only accurate statement about consequentialism is

consequentialism says that the moral rightness of an action is determined soley by its results

a practical basis for discussing moral issues involves taking account of

effects, ideals, and obligations or responsibilties

what is ethnocentricity

excessive focus on ones own group from a superiorty standpoint

people generally speak of two kinds of warranties. What are these two kinds of warranties

express and implied

According to Kant

good will is the only thing that is good in itself

to properly protect consumers

if a product poses a potential, serious threat a company may need to take extradorianary measures to ensure continued safe use of it

for those who are trying to make moral decisions

in a moral discussion, clarifying the facts and spelling out the principles to which people are appealing can help us to reach a solution

according to john rawls

liberty is of little or not importance compared to eqauality

legal paternalism is the doctrine the the law

may justifiably restrict the freedom if the individual for his or her own good

which statement is true concerning moral principles and self interests

morality serves to restrain our purely self-interested desires so that we can all live together

Some argue for the narrow view of corporate social responsiblity on the ground that managers have a promissory obligation to maximizethe profits of their shareholders. As discussed in ch. 5, one problem with this argument is that

promises to try to make the stockholders money don't override all our other obligations

The "rules of the game" for corporate work are intended to

promote open and free competition

eminent domain is the ancient right of government to take what from an indivual

property

According to Locke,

property is a moral right

which of the following represents a utilitarian belief

rightness is determined by what will bring about the most good

Explain a cost-benefit analysis, and how it is relevant to enivormental issues

the cost-benefit analysis for environmental issues is relevant because the cost is low for us to keep the eniroment clean which benefits us by having cleaner air, parks, and streets etc. Which allows us to have a cleaner community

according to libertanism, liberty is the prime value, and justice consists in permitting each live as he or she pleases, free from the interferance of others

the doctrine of caveat emptor means that the law may be justifiably used to restrict the freedom of individuals for their own good.

Kenneth Arrow discussed two important situations in which profit maximization can be socially inefficent. One of these occurs when costs are not paid for, as in pollution, the other is when

there is an imbalance of knowledge between buyer and seller

what is meant by "diffusion of responsibility"

when everyone is responsible, nobody is

according to the legal doctrine of strict product liability

a manufacturer need not be negligent to be held liable for a defective product

the authors shaw and barry use the murder of kitty genovese to illustrate

bystander apathy

which of the following is true of a regulatory approach to enviromental problems

it requires the EPA or other body to determine the most effective, feasible

according to libertarianism

it would be unjust to coerce people to give food or money to the starving

talk justice and injustice appeals to the related notions of

fairness, equality, desert

An error of procedure which wrongly associates something which preceded an event as its cause is known as the past clock fallacy

false

advocates of "naturalistic ethic" believe that penguins are important only because people like them

false

if your conduct is legal, it will also be moral

false

nonconsequentalist theories of ethics never consider the consequences of an action or rule when making a moral judgement

false

the doctrine of Caveat emptor means that the law may be justifiably used to restrict the freedom of indivuduals for their own good

false

truth is created, not discovered

false

a decade after wolves reintroduced to yellowstone park their presence was discovered to

have changed the behavior of elk

which of the following is true regarding immanuel Kant's beliefs

he believed that reason by itself can reveal the basic principles

to the libertarians, their concept of liberty includes and stems from commitment to

private property

According to divine command theory, if something is wrong, then the only reason it is wrong is that God commands us not to do it

true

Immanuel Kant believed that prostitution was immoral beacuse, by selling their sexual services, prostitutes allow themselves to be treated as only a means to an end.

true

business ethics is the study of what constitutes right and wrong, or good and bad, human conduct in a business context

true

unreconginizied assumptions impede our ability to obtain knowledge

true

externalities are

unintended side effects

as a critical thinker, how should you treat your initial reaction to any person, issue or situation

you initial reaction should be to first process the other sides opinion of the situation and filter an answer and not just blurt anything out.

what do economists mean by "the declining marginal utility of money" and how does Brandt use the concept to argue for greater economic equality

For each marginal increase of money, the marginal increase of Happiness is less. Market Basket Example

supererogatory actions are

actions that it would be good to do but immoral not to do

this is not one of the errors of perspective cited by ruggiero

bias of money

"pollution permits" are an example of which of the following methods of acheiving our enviromental goals?

pricing mechanisms

Aristoles formal principle of justice states

similar cases must be treated alike except where there is some relevant differnece

Those with a broader view concerning business obligations believe that with power comes

social responsibility

consequentalism

states that sometimes the consequences of our actions can be morally relevant

due care is

the idea that consumers and sellers do not meet as equals and that consumers interests

Which of the following contributed to more relaxed incorporation procedures of modern times?

the idea that incorporation is a by- product of the people's right to associate, not a gift from the state

the "tragedy of the common" is

the individual pursuit of self-interest can sometimes make everyone worse off

Ruggiero identifies several potential sources of error in our opinions. This was not one of them:

the news media

the case of the "death-bed promise" shows that

utilitarianism may lead to conclusions that conflict with commonsense morality

when ethical relativism is put into practice, it implies that

we cannot say that slavery is wrong if the society in question beleives it is right

According to W.D. Ross's theory

we have various moral duties that can't be reduced to a single, overarching onligations

a key idea of immauel ant's ethical theory is that

we should treat people as ends in themselves, never merely as means

when evaluating two opposing arguments, ruggiero suggests we look for a

when evaluating two arguments you have to see both sides from each parties prespective then as an outsider evaluate. a third alternative


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