UA MGT 341 - Exam 1 Study Guide (4 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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Pages:
4
Type:
Study Guide
School:
University of Alabama
Course:
Mgt 341 - Business Ethics
Business Ethics Documents

Unformatted text preview:

MKT341 1st Edition Exam 1 Study Guide Need to know if this class will teach you to behave ethical Relativism Justify why you break the law rule Absolutism Right and wrong follow the rules Ethical practice is good for long term success The most ethical business people will always be the most successful Does the good guy always win If you always behave ethical will nothing bad happen Definition of ethics A personal choice and form of decision making It is a system for making the right decisions Definition of globalization Connection of economic and social systems so that goods services intellectual capital and financial capital move more freely and rapidly towards nations Definition of justice and social Darwinism and efficiency Justice just behavior or treatment Social Darwinism economic competition produces progress but only the strongest companies and individuals survive Efficiency the state of quality of being efficient achieving maximum productivity with minimum wasted effort or expense Can government actions can impact savings demand unemployment employment Is the internet is a good source for sound moral reasoning Facts are not all accurate Where do you get moral virtue according to Aristotle Moral virtue is an acquired distribution that we must work on our entire life and is distributive in life Who is John Maner Keens and Adam Smith Keens Government has to be involved and play a role in demand and savings Smith Father of modern economics o Free markets and utility o Invisible Hand o Government interference in the market is bad John Hicks Prices and wages aren t always determined by market wages Wages and stuff are not independent union determines supply in todays economy not everything is determined by competitive forces Why you are bourgeois wealthy rich or proletarian working class poor Difference between descriptive ethics Descriptive what it is Normative what it should be Differences between countries on moral values and virtures Retributive justice



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