LSTD: Chapter 5 Interactive HW

With ethical questions in business, you can weigh different factors and consider:

How the decision might affect our stakeholders and profitability; ...

Where do we start

Let's start by looking at the service contracts and make sure we're not in breach.

Where does our bottom line fit in?

Making an ethical decision doesn't mean that you forget all about profitability...

Economist say that businesses should solely focus on maximizing profits because:

The "invisible hand" of the market will produce the most benefits for society as a whole.

Is breaching the contract the only thing we have to worry about?

We have to comply with all legal obligations and our ethical responsibilities.

Are we covered

We met our legal obligations.

As long as we didn't break the law, we need to protect our business.

in favor of "maximizing profits" approach to business ethics.

Considering the consequences is one way to test if a decision is ethical.

it is called the "television test" or the "broadcast news test"

What did you mean by stakeholder?

All the people affected by our decision...

Ralph is in favor of:

Benevolence and following the "Golden Rule."