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13 Cards in this Set

  • Front
  • Back

Ethics

The study of how people ought to act.

True or False:


Ethical behavior always pays off.

False. Ethical behavior does not necessarily equate to financial success, and unethical behavior does not bar you from wealth.

True or False:


Society as a whole benefits from ethical behavior

True. A society as a whole cannot be efficient if there is a lack of trust, if everyone has to watch their backs, and if the government has to keep pushing out regulations to keep businesses from selfish, unethical behaviors.

Does someone making more money mean they're happier?

No. Purchasing material things and having material wealth will give people a temporary high, from which they return to a baseline level, causing them to constantly buy more things or seek more wealth to keep them satisfied.




Good relationships, satisfying work, ties to the community are what makes people happy in the long run.

True or False:


People tend to feel guilty when they behave ethically

False. Behaving ethically, even when you have every right to behave unethically, gives people a sense of pride and is more likely to lead to a win-win situation in the long run.

Can unethical behavior end up being very costly?

Yes. When a business acts unethically, the customers might hear about it and decide to leave. In other cases, employees who hear about the unethical behavior tends to exhibit reduced productivity, and trust for the company.

True or False:


Ethical behavior always pays off

False.




However, although there is no guarantee ethical behavior always pays off, it is more likely to pay off, behaving ethically, than behaving unethically.

What are some values considered to be universal?

Compassion, Courage, Fairness, Integrity, Responsibility, and Self-control

Ethics is always about choosing between what's right and what's wrong

False. Most of the time, making an ethical decision means deciding between two rights and choosing the one that is less wrong. For example, someone who decides to lay off employees so the company will remain profitable.

Why bother with Ethics?

1. Society as a whole benefits from ethical behavior


2. People feel better when they behave ethically


3. Unethical behavior can be very costly


4. Ethical behavior is more likely to pay off

The Ethics Checklist

- What are the facts?




- What are the critical issues?




- Who are the stakeholders?




- What are the alternatives?




- What are the ethical implications of each alternative?


--- Is it legal?


--- How would it look in the light of day?


--- What are the consequences?


--- Does it violate important values?


--- What kind of world would this be if everyone behaved this way?




- Is more than one alternative right?


--- Which values are in conflict?


--- Which of these values are most important?


--- Can you find an alternative that is consistent with your values?

Which Nobel Laureate in economics famously remarked that "The one and only social responsibility of business is to increase its profits."?

Milton Friedman

True or false:


Countries that welcomed sweatshops expanded faster economically.

True.