Flashcards
Business Ethics
Cards in this deck (38)
- 1The DECA Methods stands for* Describe - the problem
* Evaluate
* Consult
* Act - 2Explain 'Describe' as part of the DECA MethodD-Describe- describe the problem (What is
the problem? Whose interests are at stake? What are the possible solutions?) - 3Explain 'Evaluate' as part of the DECA MethodE-EvaluateEvaluate the ethical problem (and the proposed solutions) by using these three criteria:
1. Deontology- Is it legal? Right moral norms and values
2. Teleology-Would your actions lead to a good goal and a beneficial result for as many people as possible?
3. Virtue Ethics-Is this how a good person of moral character would act? - 4Explain 'Consult' as part of the DECA MethodC- Consult- This step is important because no one person has all the answers.
Here community wisdom can be used - 5Explain 'Act' as part of the DECA MethodAct-Moral evaluation and
decision making must be followed up by concrete action - 6Explain Ethical BehaviourIt is when one does not only consider what is Good for one-SELF, but also consider what is good for OTHERS.
- 7Name the (3) Levels of Business* Macro-Level - Trade between countries
* Meso-Level
* Micro-Level - 8Define Ethics aka Morality 'used interchangeably in this course'It is about what is good or right in human interaction.
It revolves around three central concepts:
* self
* good
* other - 9Provide the difference between Ethics & MoralityEthics refer to rules provided by an external source, e.g., codes of conduct in workplaces or principles in religions.
Morals refer to an individual’s own principles regarding right and wrong - 10What does the Tripple Bottom line refer to* Economic Bottom Line
* Social Bottom Line
* Environmental Botton Line - 11Explain the Economic Bottom LineIt focuses on economic sustainability and prosperity, such as
* Economic Capital - (Assets - Liabilities)
* Profits & accountability to shareholders
* Proper accounting and auditing procedure
* Increasing one's market share by improving on products
* Services or marketing initiatives - 12Explain Social Bottom LineIt focuses is on social justice.
* What social consequences do economic policy and business processes have?
* Does business activities lead to social distrust and social disparities & conflict?
* How do business activities impact the lives of people.
Need to focus on Social Capital, that is, the skills, education, opportunities and public health of ordinary people. - 13Explain the Environmental Bottom LineIt is concerned with environmental sustainability.
* Refert to as the natural capital or wealth of a specific nation in terms of both renewable and non-renewalbel resources.
* it is reflected in the environemntal impact assessments which seek to determine the environmental effect of business activities. - 14Values vs VirtuesA value in the business sense usually refers to a culturally or organisationally accepted (or promoted) norm. Values are often espoused as the ‘moral compass’ for an organisation – the widely accepted ways of behaving that link to, or drive, business output or conduct. Workplace values help to define the boundaries, or rules, for people’s behaviour. As such, organisational values become part of the goals of the organisation.
If values are the goal, virtues are the way to get there. A virtue is a characteristic of a person which supports individual moral excellence and collective well being. Such characteristics are valued as a principle and recognised as a good way to be. Virtues are innate good qualities or morals within people. In this way, they are characteristics of people but they do not define organisational or collective culture. In other words, values reflect what is acceptable in terms of culture, but virtues reflect individual human characteristics - 15Explain Business EthicsIt is about identifying and implementing standards of conduct in and for business that will ensure that the interests of its stakeholders are respected.
Business ethics is about what is good (values and standards) that guide the business (self) in its interaction with others (stakeholders) - 16Dispell the myth 'Dog eat dog'The myth: It states that the business environment is hostile and lonely. You either trample others or get trampled on. To consider the interest of others will leave you vulnerable and open to attack from others. Thus, being ethical in business is to the detriment of your own interests.
Dispelling the Myth: Business is social in nature and is build upon the relationships with customers, suppliers, and other stakeholders. Thus, one cannot disrespect the interest of others for the sake of self-interest alone and think you can build a sustainable business.
Use the 3 elements of ethics to explain. - 17Dispell the myth 'Survival of the fittest'The Myth: Business is essentially a competitive struggle in which only the toughest will survive. The competitive nature indicates that you cannot be bothered with the interests of your competitors, as it will jeopardise your own chances of survival. Thus, you would do whatever it takes to beat your rivals.
Dispelling the Myth: The problem with the myth is that it uses competition as a license to justify anything (even unethical behaviour) to win.
Three flaws of the myth:
* Competition does not exclude ethics
* Ethics is a precondition for ongoing competition.
* Co-operation is as important as competition.
Ethics is a prerequisite for both maintaining a competitive environment and for engaging in cooperative relationships with rivals. - 18Dispell the myth 'Nice guys/girls come second'The myth: It is impossible to be both ethical and successful in business. Ethics and business are seen as opposites. Either one is unethical and successful, or ethical and unsuccessful. In short, ethics is detrimental to success in business.
Dispelling the myth: Ethics comes at a price because it might demand you to refuse an opportunity that conducts business unethically. Ethics is a prerequisite for sustained success, and more so for excellence in business. - 19Dispell the myth 'Unethical Conduct is not Serious'The myth: It states that though unethical conduct is wrong, it is not harmful to society. It might cause a bit of discomfort to a few people, but will not harm society at large. Money lost through fraud or bribery, will find its way back into the economy again, either through consumer spending or through investment.
Dispelling the myth: Unethical conduct in business is profoundly serious matter, and can lead to financial shrinkage and ruin, devastate a country's economy & put lives at risk. - 20Dispell the myth 'When in Rome, do as the Romans do'The Myth: It justifies unethical behaviour by arguing that it does not help to go against the tide of unethical behaviour. If the unethical behaviour in business is the norm in a specific context or country, it simply has to be accepted as the way that business is being done. Anyway, what ethical difference can one person's ethical efforts make in a predominantly unethical environment? So, if you can't beat them, join them.
Dispelling the myth: It might initially appear to have a sense of legitimacy because it appeals both to our duty to respect cultural diversity and to our duty to respect the will of the majority. Individuals are prone to group pressure. The fact that group pressure is psyc - 21Dispell the myth 'All that matters is the bottom line'The Myth: It maintains that business is about one thing only and that is profit. Anything that impatcts postievely on the bottom line should be pursued and anything that distracts from it should be dicarded. As ethics is not primarliy concerend with the bottom line, business should not bother with ethics.
- 22Example of a Moral NormDo not steal.
Thus, an action that is wrong in iteself. - 23Example of ValuesHonesty and Integrety
- 24Explain ValuesValues are those conscious or unconscious beliefs and convictions which individual people use to decide how they will live their lives.
- 25Name the potential sources of values* Parents and family
* Culture
* Religious faith or spirituality
* Peers
* Education
* Media - 26Explain Ethical RelativistsThey believe that there are no universal norms or values which constitute right or wrong and that all ethical statements are relative to time and place.
Thus, what you consider to be right may not be what I consider to be right. - 27Explain AltruismIs when you are more concerned about other people
- 28Explain AutonomyA person that can govern him/her self and is their own decision makers.
They are capable of critical reflection on their own actions and act independently of authority. - 29Define EmotivismIt is a decision made purely on the basis of personal preference rather than relying on, for example, reason or moral duty.
This person simply says, "I wish it, want it, or approve of it" - 30Explain Deontological Ethics "What is right?"A deontologist emphasises the norms of right and wrong, which are to be adhered to irrespective of the situation.
Do not steal. Do not Kill.
It focuses thus on moral duty, obligation and what can be considered to be a right action.
It is also called a principled or value-based ethics, because it focuses on morally right and obligatory actions. Deontologists consider moral duties as universally binding on all people, and they argue that moral duties take priority over other duties, such as legal obligations. - 31Explain Teleological Ethics "What is good?"It is concerned with the goals and consequences of actions.
A teleological approach to moral decision making asks whether the goals and consequences of certain actions are good or bad.
Following this line of thinking means that an action that results in more good than bad is regarded as a good action. - 32Explain UtilitarianismIt is concerned with whatever brings about the most good to the most people. Unlike Deontology, It does not look upon norms and values to guide it, but only what would bring the best outcome for the specific circumstance.
To determine what the best outcome will be, one has to take into account the effect of the proposed action on all those who will enjoy or suffer the consequences. No action or state of affairs is right or wrong in itself. - 33Explain Virtue Ethics "Who is a good person?"This is about your personal character.
Good conduct is a result of good character.
Virtues are more than personality traits. They are linked to one's character (e.g. being honest rather than deceitful) - 34Explain Moral FormationIt occurs when moral norms and values become internalised and form part of a person's character and conduct.
Moral character is reflected in the tendency to act, fee, and think in certain definable ways. A person with moral character is someone who displays qualities and actions that are worthy to emulate, someone who embodies values and virtues that can be regarded as normative(deriving from a standard or norm). A moral person is someone "who is considered to possess sound judgment to know what is right and has the courage to act on it.
One is not born with virtues, but they are acquired through education and practice
From a religious perspective, moral formation cannot be separated from spirituality, integrity of life and God's grace. This means that virtues need to be nurtured; moral education and formation are essential to the construction of moral character.
Moral formation is the result of both external - 35Name the four types of Ethical Reasoning* Descriptive Ethics
* Meta-ethics
* Normative Ethics
* Applied Ethics - 36Explain Value-Based Approachit teaches individuals within organisations the moral decision-making skills they need to apply values to the moral dilemmas that they may have to deal with in their working environment.
Corporations, however, still need to enforce these values by supporint compliance mechanisms, as well as other forms of organisaitonal support for ethics, such as helplnes, ethics offies, and ethics training. - 37Explain the term 'Whistle-Blowing'It refers to disclosing unlawful or immoral practices to authorities inside and/or outside the organisation.
It should not be seen as being disloyal to one's employer - rather a genuine whistle-blowing can, in fact, help an organisation to improve.
In order to be a whistle-blower, one needs to be an employee or former employee, it is done with a public interest in mind, a whistle -blower reports a nontrivial matter of moral consequence. - 38Explain the term 'Insider Trading'It is a white-collar crime which is committed by a person who has specific information about the financial affairs of a company. That person then uses the information improperly to make a profit for themselves or those they provide the information to.
Information
- Description
- Flashcards on Business Ethics, created by Marinda Steenkamp on 02/06/2018.
- Created by
- Marinda Steenkamp
- Views
- 0
- Rating