Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
CHAPTER 3
Business Ethics, Social Forces, and the Law
| Question | Answer |
|---|---|
| What is business ethics, and how does it differ from personal ethics? | Business ethics are principles guiding company and employee behavior in business situations, considering impacts on customers, employees, society, and the law. Personal ethics are an individual’s own moral beliefs |
| How do moral standards influence business decision making? | Moral standards shape how managers evaluate right and wrong, influencing choices about honesty, fairness, transparency, and responsibility. Ethical standards help prevent harmful or illegal behavior. |
| What role do social forces play in shaping ethical expectations? | Social forces—such as public opinion, cultural norms, media, and community values—pressure businesses to act responsibly. These forces often push companies to adopt higher ethical standards than the law requires. |
| Why is ethical behavior important for long term business success? | Ethical behavior builds trust, strengthens reputation, reduces legal risk, and supports long term profitability. Unethical behavior can lead to lawsuits, fines, and loss of customers |
| How can unethical behavior damage a company? | It can harm public trust, reduce sales, attract regulatory penalties, and damage employee morale. Scandals often lead to long term financial losses. |
| What is the relationship between ethics and public trust? | When businesses act ethically, the public is more willing to support them. Trust increases loyalty and reduces the need for heavy regulation. |
| What are common characteristics of an ethical dilemma? | Ethical dilemmas involve situations where: • Two or more values conflict • The right choice isn’t immediately clear • A decision may benefit one group while harming another |
| How can you identify when a business decision has ethical implications? | Ask whether the decision affects stakeholders, involves honesty or fairness, or could cause harm. If the outcome impacts people beyond the company, it likely has ethical implications. |
| What steps are recommended for resolving ethical dilemmas? | The textbook recommends structured approaches such as: • Identifying the problem • Considering stakeholders • Evaluating alternatives • Applying ethical tests (like the Blanchard & Peale test) • Choosing the most ethical option |
| What is the Blanchard & Peale three part test? | It asks: 1. Is it legal? 2. Is it balanced? 3. How does it make me feel? If a decision fails any part, it’s likely unethical. |
| How does the “front page of the newspaper” test help? | It asks whether you’d be comfortable seeing your decision reported publicly. If not, the decision is probably unethical. |
| Why is transparency important in ethical decision making? | Transparency builds trust, reduces suspicion, and helps ensure decisions can withstand public scrutiny. |
Created by:
xanny
Popular Business sets