Business Chapter 1

The philosophy of utilitarianism is used to explain why restaurants, theaters, and hotels should make themselves handicapped accessible.

False

Another factor influencing business ethics is _____, or what is fair according to prevailing standards of society.

Justice

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

Standard of living

_____ is a philosophy that focuses on the consequences of an action to determine whether it is right or wrong. This philosophy holds that an action that affects the majority adversely is morally wrong.

Utilitarianism

utilitarianism is

Utilitarianism holds that an action that affects the majority adversely is morally wrong

Which of the following statements about utilitarianism is true?

Utilitarianism holds that an action that affects the majority adversely is morally wrong.

Which of the following statements about utilitarianism is true?

Utilitarianism is designed to create both winners and losers.

In the 21st century, we define justice as

an equitable distribution of the burdens and rewards that society has to offer

As a factor of production, capital includes money.

false

Ethical decision making begins in the marketing department.

false

Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior.

false

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

false

Not-for-profit organizations have the same goals as for-profit organizations.

false

Some global corporations are large enough to create major changes in the external environment.

false

The major difference between a good and a service is how the producer uses the factors of production to create each.

false

A business is an organization that strives for a profit by providing goods and services desired by its customers.

true

As a factor of production, capital includes money.

true

Factors of production are common to all productive activities, regardless of the economic system.

true

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included

true

Not-for-profit organizations have the same goals as for-profit organizations.

true

People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs. Group of answer choices

true