Ethical objectives are targets based on a moral code for the business, for example ‘doing the right thing’. The growing acceptance of corporate social responsibility has led to businesses adopting an ‘ethical code’ to influence the way in which decisions are taken. Adopting and keeping to a strict ethical code in decision-making can be expensive in the short term. Discuss the possible substantial benefits of acting ethically in the long term.
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- How do the terms business ethics and social responsibility differ from each other? Multiple Choice Business ethics concerns the impact of the entire business's activities on society, whereas social responsibility relates to an individual's decisions that society evaluates as right or wrong. Business ethics is a broader concept, whereas social responsibility is a narrower concept. Business ethics and social responsibility can be used interchangeably because they mean the same thing Business ethics relates to an individual's or a work group's decisions that society evaluates as right or wrong, whereas social responsibility concerns the impact of the entire business's activities on society.Ethical codes serve as the moral compass guiding individuals and organizations in navigating the complexities of ethical decision-making. These codes are rooted in fundamental principles such as integrity, honesty, fairness, and respect for others. They provide a framework for behavior and decision-making, ensuring that actions align with ethical values and principles. In professional settings, ethical codes outline the responsibilities and obligations of individuals towards clients. colleagues, employers, and society at large. For example, in healthcare, etifical codes dictate the duty of healthcare professionals to prioritize patient well-being, maintain confidentiality, and uphold the highest standards of care. Similarly, in business, ethical codes emphasize integrity in dealings with clients, suppliers, and competitors, as well as social responsibility and environmental sustainability. Ethical codes are not merely abstract guidelines; they are practical tools that help individuals…Using the definition in course readings define Ethics, Business Ethics and Corporate Social Responsibility. The course text identifies the following approaches to ethical principles for individuals and businesses; Utilitarianism, Universalism, a Rights Approach, Justice, Virtue, Common Good and Ethical Relativism. Identify your approach of choice and explain why you prefer it.
- Decribe perspective on an ethical decision as it pertains to the conduct of individuals, firms, nonprofit organizations, and government entities, including why and how you either made or supported/opposed that decision.What are the most important ethical considerations that managers must take into account when making business decisions, and how can they balance competing priorities and obligations to ensure that their actions align with their values?Discuss what it means to practice good business ethics, and highlight the forces that can influence ethical decision-making.
- Why should a short-term or long-term consequence make a difference in resolving an ethical dilemma?Most of the ethical prescriptions of normative moral philosophy tend to fall into one of the following three categories: deontology, consequentialism, and virtue ethics. These categories in turn put an emphasis on different normative standards for judging what constitutes right and wrong actions. Moral psychologists and behavioral economists such as Jonathan Haidt and Dan Ariely take a different approach: focusing not on some normative ethical framework for moral judgment, but rather on the psychological foundations of moral intuition and on the limitations that our human frailty places on real-world honesty, decency, and ethical commitments. In this context, write on what you see as the most important differences between the traditional normative philosophical approaches and the more recent empirical approach of moral psychology when it comes to ethics. As part of your answer also make sure that you discuss the implications of these differences.Explain the role of viability when making ethical decisions.
- Choose a minimum of three key topics and describe why they should be viewed as important ethical considerations for business culture. https://www.youtube.com/watch?v=wzicXbnmllcDescribe the three criteria for making ethical decisions and explain how these criteria differ.2. Various ethical decision-making models have been developed to assist in sound ethical decision making. Ethical decision making involves consideration of the three aspects of moral theory namely fundamental principles and rules or rights and duties; means, methods and the role of the agent; and ends or consequences. Required:Discuss two (2) of the three aspects of moral theory identified.