Write appox. 20 sentences for each question:
Business ethics is concerned with identifying and understanding the ethical issues that arise in business, along with the development of knowledge and skills needed by a practicing manager to address these issues and to make sound business decisions. Ethical issues are an inevitable element of business decision making, and they are deeply intertwined with managerial practice and economic activity in general. The success of individual managers, business organizations, and the whole economic system depend upon sound ethical decision making. Although economics and law are important guides for business decision making, they are not entirely sufficient. Organizational research conducted by psychologists and sociologists further show that the treatment of business ethics from a purely philosophical perspective is likewise an insufficient approach. Organizational misconduct is often the result of flaws in individual and organizational decision making that can be corrected only by changing the overall decision making process. Practicing managers can promote an ethical organizational culture by actively discouraging misconduct and rewarding ethical decision making and conduct.
In approx. 20 sentences, how would you respond to someone who says that a retail business for example—should always do whatever is in its economic interests?
Ethical decision making in business is often difficult and complex. Some situations are easily handled because what one ought to do or what is right and wrong are evident. Those situations that give us pause or produce moral anguish require careful thought and ultimately an ability to engage in ethical reasoning. This chapter contributes to an understanding of ethical decision making by offering a division of business ethics into two parts: an ethics of the market and an ethics of roles and relationships, including firms. In business, we deal with some parties purely as market actors who are on the other side of a market transaction or exchange. For such market activity, certain moral rules or standards apply. These relationships are governed by professional ethics, a prime example being the legal profession. In addition to the law, an attorney must follow professional codes of ethics established by the state bar and/or professional association he or she belongs to. These codes can impose a greater obligation to act in the best interests of the client. For example, the attorney client relationship imposes on the attorney a duty to avoid conflicts of interests, to protect client property, and to closely guard confidential information. Other professional relationships involving business dealings can also take the form of an agency. These relationships are built on trust and confidence so the principals interests must be protected. The agent owes the principal a duty of loyalty to act in the principals best interest in all business dealings involving the agency. When we attempt to think through the ethical issues that arise in business, we are engaging in ethical reasoning, which may be conducted on different levels. Ethical theories, which are presented in the next chapter, can guide ethical reasoning on the highest level by providing the most comprehensive and fundamental grounds for our moral beliefs and judgments. Fortunately, substantial moral arguments that do not require an understanding of these theories can be constructed. Most of our everyday ethical reasoning employs familiar ethical concepts and principles that can be readily understood and applied. Accordingly, this chapter provides a framework of seven basic ethical principles that are sufficient for most business decision making. For those who seek more, though, the next chapter provides a survey of the main philosophical theories of ethics.
In approx. 20 sentences, what you perceive as one problem created by imperfect market conditions. **
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