LAW & ETHICS IN THE BUSINESS ENVIRONMENT 6e Test Bank Revisions for the 7th edition by Eric D. Yordy‚ The W. A. Franke College of Business at Northern Arizona University CHAPTER 1 Law‚ Ethics‚ Business: An Introduction Questions 1. Select the best definition of ethics: a. a fairly clear cut set of guides for decision making. b. a set of relatively unclear principles regarding what we must do. c. a set of relatively unclear principles regarding what we should do. d. religious views
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Jamie M. Boatwright Business Ethics January 18‚ 2011 Should Aaron Feuerstein rebuild in Malden and pay his employees in the meantime? What do you think of Feuerstein’s decision? What would you have done had you been in his position? I believe that Aaron Feuerstein should proceed with his plans to rebuild in Malden as well as continue to pay his employees some type of severance pay. Although the company faced tough economic hardships that were not at the fault of the employees‚ it should not
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Ethics in Action 2.1 Satyam fraud – responsibility issues in India Improvement of corporate social responsibility and ethics Based on the analysis of the ethical strengths and weaknesses of Satyam‚ we have identified several aspects to improve the corporate social responsibility and ethics of the company. As described in the case‚ Satyam has a very narrow definition of Corporate Social Responsibility (CSR) that only focuses on charity. Thus‚ they exclude key issues such as transparency
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Capitalism: An Economic and political system in which business is run by private sector to gain profit. Business is run according to the consumer demand. What customer want ‚ business produce that. As the production of new product and service will increase the living standard of economy. For examples: If you buy lumber‚ cut it into pieces‚ turn them on your lathe‚ makes joints and build them into a piece of furniture‚ finish it‚ polish it‚ and sell it for a profit‚ that is capitalism. You have
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ETHICS AND BUSINESS Prepared by: Diosen Cortes Rose Ann Isidro Glenda Macasieb Marlon Romero Jerome Duque Soriano Instructor ETHICS AND BUSINESS “There are two educations. One should teach us how to make a living and the other how to live”.-John T. Adams Introduction Business is part of human society and as old as human civilization. It is part of the complex web of interaction among institutions and people; its activities must be viewed and
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Business ethics is a very broad term and widely used throughout the world. The term “business ethics” first started to be used in the United States in the early 1970’s as businesses were growing bigger and more powerful. Business ethics are guidelines or behaviors that businesses and individuals use daily to deal with the world‚ and even smaller situations they might find themselves in. Race‚ gender‚ age and religion all play a role in a person’s ethics. The most important factor in a person’s
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Business Ethics Week 1 Introduction to the Module INTRODUCTION THOUGHTS TO PONDER: • ‘A business that makes nothing but money is a poor kind of business’ (Henry Ford‚ US industrialist 1863-1947) • ‘The one and only social responsibility of business is to make profits’ (the economics guru Milton Friedman) The subject of ethics forms a central element in managerial responses to social forces. In many situations‚ an individual must reach a personal decision in regard to
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In chapter 1.2 of “Taking Sides” by Kurt Finsterbusch‚ is about a social problem we are facing as society nowadays‚ and there are two articles from different authors that debate this topic. Professor Gary Gutting‚ states that even when capitalism have boosted the economy and it is important the production to supply the essentials material needs to consumers. On the other hand‚ Gutting (2013)‚ argues that consumerism that well being and good life do not depend on the accumulation of materials‚ commerce
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Ethics and Education: OVERVIEW: The study of ethics is essential for a good education for various reasons. In this essay‚ I will discuss those reasons in detail and provide examples. For one‚ it teaches students to become better individuals by teaching them to abide by society’s rules and regulations. It also teaches students to lead by example and be better leaders. Most important of all‚ it also helps students deal with conflicts in the present and future. Before I start to tell you what the
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this essay would discuss on whether ethics is required or optional on business. On this essay it will analyse four ethics theory‚ namely Milton Friedman‚ R. Edward Freeman‚ Albert Carr and Carroll. Milton Friedman and Albert Carr illustrate that ethics is required whereas Edward Freeman and Carroll state ethics is optional. After analysing these theories‚ it is difficult to find out that whether ethics is optional or required. However choosing on whether ethics is optional or required would depend
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