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GSU BUSA 2106 - Ethics and Business Decision Making
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BUSA 2106 1st EditionLecture 2Outline of Last Lecture I. Introduction to the course Objectives II. Solve Exercise 1III. Discussion of SyllabusIV. Desire2Learn(D2L)V. Clickers RequirementsVI. To do list Outline of Current Lecture I. Introduction to Business Ethics II. Ethics Theory and Decision Making III. Exercise 2Current Lecture Questions… • What are ethics? Where do ethical values come from? • What is the relationship between law and ethics? • Can law prevent unethical business behavior? If not, what can? Key terms- Ethics:moral principles and values applied to social behavior; also can be defined as the study of what constitutes right or wrong behavior.- Business Ethics:a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting. “Ethics is the difference between knowing what you have a right to do and what is the right thing to do.” U.S. Supreme Court Justice Potter Stewart  How to tackle an ethical problem 1.Identify the ethical issue 2.Know all the facts 3.Identify any applicable laws, rules, and codes of conduct 4.Figure out who is affected 5.Think creatively about alternatives 6.Reason through the alternatives to choose the most ethical outcome These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best Used as a supplement to your own notes, not as a substitute.ETHICAL REASONING:A reasoning process in which an individuallinks his or her moral convictions or ethicalstandards to the particular situation at hand. Some approaches to ethical reasoning: (Key terms)•Religious ethical standards •Kantian ethics •The principle of rights •Utilitarianism  Religious ethical standards: Fundamental rules for moral action- Example: Thou shalt not kill (from 10 commandments)- Problems with usingthe religious ethical standards are, Forone not everyone believes in the same God. And secondly not everyone views on what’s right or wrong are not always the same even if they share the same faith.  Kantian ethics:A concept developed by the philosopherImmanuel Kant (1724-1804) as an ethical guideline forbehavior. In deciding whether an action isright or wrong, or desirable or undesirable, aperson should evaluate the action in termsof what would happen if everybody else inthe same situation, or category, acted thesame way. (categorical Imperative) - Example: Suppose that you are deciding whether to cheat on an exam if you haveadopted Kant’s categorical imperative, you will decide not to cheat because if everyone cheated, on the exam (the entire education system)would be meaningless.- Problems: Some people actually do cheat on their exams; so does that make it right because everyone is already doing it? The Principle of Rights: The principle that human beings have certain fundamental rights. Those who adhere to this “rights theory” believe that a key factor in determining whether a business decision is ethical is how that decision affects the rights of various groups. These groups include the firm’s owners, its employees, the consumers of its products or services, its suppliers, the community in which it does business, and society as a whole.- Example: The right to vote, Marry (heterosexual) and have children, and the right to privacy.- Problems: A conflict of interest may arise due to the interest of the deciding party. The verdict may not be fair. Utilitarianism: It focuses on the consequences of an action, not on the nature of the action itself or on any set of pre-established moral values or religious beliefs. Applyingthe utilitarian theory thus requires (1) a determination of which individuals will be affected by the action in question; (2) a cost-benefit analysis, which involves an assessment of the negative and positive effects of alternative actions on these individuals; and (3) a choice among alternative actions that will produce maximum societal utility (the greatest positive net benefits for the greatest number of individuals).- Example: Wal-mart wanting to build a store on a Indian reservation(secret gound): They would have to consider the effects of them building a store - Problem: The problem is the same as ethical decision principle of rights; The decision might be one sided.  Exercise on desire2Learn: • Purchasing agent ethical issue• Work through the 6


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GSU BUSA 2106 - Ethics and Business Decision Making

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