Exam 1 Study Guide

Topics: Economics, Externality, Capitalism Pages: 20 (3841 words) Published: February 21, 2012

BCOR 3010
Course Outlines

Name: ___________________________

Part One: Values
I: Some Initial Thoughts on Business Behavior
Values – desirable principles/qualities
Ethics – beliefs about what is right or wrong, good or bad in actions that affect others Business ethics – need for compliance, aware of contributions it can make, consequences inside and out of company * Aware of what you are doing, its consequences/ and complications. * Take into account, and willingness to be responsible for them. Ethical Dilemmas – concerning right or wrong in which values are in conflict. EX individuality vs. community, justices vs. mercy, truth vs. loyalty

II. The Relevance of Values
The new rigor practice decision making where the “right” answer is not derived from a spreadsheet. Summon courage and master the tactics for giving voice to your values. – Judith Samuelson “The New Rigor”

III. What are Our Values? An Exercise
Global survey
* Honesty
* Respect
* Fairness
* Responsibility
* Compassion
Undergraduate survey
* Honesty
* Respect
* Fairness
* Equality
* Responsibility
IV. Why Do We Need to Know Our Values? The Process of Ethical Decision Making

1. Know your own values
2. Be guided by your values
3. Spot the red flags
4. Decide what is right
5. Take action to do
V. A Glimpse Into Ethical Decision Making

A. Consequentialist Theories: Utilitarianism
* Ideas
* focus on consequences – ends
* maximum benefit to society
* the greatest good for the greatest number – an ethical math problem * net balance of good vs. bad
* Negatives
* Difficult to gauge net effects
* Rights of minorities/y sacrificed
* Immoral actions to produce good

B. Nonconsequentialist or Deontological Theories
* Ideas
* Focus on principles over consequences
* Moral principles are binding regardless/no matter what the consequences are * How to determine which principles take precedence
* Negatives
* May result in unacceptable/horrific outcomes or conflict with consequentialist reasoning C. Virtue Ethics: The role of character.
* Ideas
* Focus is on WHY
* Motivations and intentions are important
* Integrity and character
* Good habits – virtues
VI. Why Theories Aren’t the Final Word (DesJardins)
* They are ambiguous
* All different and backed up
* Limited
VII. The Relativist Trap
Right/wrong depends on the situation
TRAP = no absolute answer to what’s right/wrong
VIII. Do the Right Thing
* What values are in conflict?
* Who will be affected by my decision and how?
* To whom do I owe any obligations?
* What does my character and integrity tell me to do?
* Think CREATIVELY about potential actions!
* Defining Moments – BADAROCCO
* Defines us in a deeper way by asking us to choose between two or more ideals in which we deeply believe * Form character in
* Taken cumulatively over many years, they form the basis of an individual’s character. * Reaching a decision
* Influenced by our values, and the role of business in society * Exs from readings
* Individual Steve Lewis, asked to go to client meeting due to skin color – eventually said yes as long as he could participate in decisions and project * Manager Peter Adario
* Moral myopia
* CEO Edward Sakiz, “Abortion Pill/Morning After Pill” XI. Make it Real! A Case to Show Us How We Think about Things: Merck and River Blindness Merck could develop medicine to cure/prevent River Blindness. Incredibly expensive, but benefits immense

Stake/shareholder vs. those who could benefit
End up doing it, and get healthcare/transportation of medication systems in very rural areas. Virtue Ethics : Aristotle’s Four Basic Virtues
Self Discipline (not pursuing a good...
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