CSU BUS 220 exam 1 Becker, Bus 220 Midterm Study Guide

Ethics

the systematic reflection on values and norms - their content and change, meaning, justification, and determination

Empirical ethics

analysis of existing norms and values

What values and norms exist in (different groups of) a society? Where do they come from (sources)? How did they change over time?

Normative ethics

systematic reflection on the determination and justification of norms and values How ought one to live and act? How can one decide what action is ethically right? How can one justify actions? What is a good life?

analytical ethics

systematic reasoning about the meaning of evaluative and normative concepts and statements

Not one right answer, but some answers can be better supported than others

is ethics subjective or objective?

ETHICAL RELATIVISM

the denial of any possibility to approach and solve ethical issues by reason in an objective way:

consequences by action

principle (motive)

character/human excellence

relationship

types of ethical argumentations

1. Refers to the consequences of actions 2. Considers all persons (beings) affected by an action 3. Considers consequences in terms of resulting happiness

(pain and pleasure)

4. Evaluates the overall sum of pain and pleasure that results from an action

Characteristics of utilitarianism

critiques of utilitarianism

Who do we need to consider for calculating overall happiness? - Difficulties with predicting consequences - Difficulties with measuring, comparing, and summing up happiness - Ignores other aspects of action: Intentions, intrinsic motivation,

relations

- Difficult to support general ethical standards and rules (particularly act-utilitarianism)

Which of the following is NOT a characteristic of Utilitarianism?

A. Consequences of actions are crucial for ethical decisions

B. Overall happiness matters for ethical decisions

C. Refers to pain and pleasure

D. Considers everyone affected by an action

E. Refers to good will

E. Refers to good will

Principle

Fundamental general rule of action

Deontology

An ethical theory that focuses on rules and

principles as binding ethical obligations to act in a certain way

Meta-principles

formal principles with no concrete content

Golden Rule

Treat others in such way as you want to be treated by them

mission statement

Organizational principle example

Constitution

societal principle example

Human rights

Global principle example

Aspects of Kant's Ethics

Consequences and inclinations are irrelevant for ethical action

What matters is the right motivation: the good will - that is, the will guided by reason

Reason is the only source of ethical insight and motivation Ethics is not about happiness, but about doing the right thing Ethical rules (laws) originate in reasonable beings who, at the

same time, recognize that they have to obey to them

CI method B

Which decision/action respects the dignity of all persons (as reasonable beings) involved / affected?

virtue ethics

is a normative ethical theory about the definition and realization of virtues and human excellence

virtue

an excellent, durable character trait that a person develops over time by (inter)action, reflection and experience, and that enables a person to act and get along with other people in an exemplary way

are you born with virtues or are they developed?

Developed

Which decision/action is consistent with who someone is and wants to be?

Virtue Method A

Which decision/action supports best the potential of (personal or professional) flourishing of all affected?

Virtue Method B

ethics of care

ex. sinking boat

Focuses on specific ethical aspects of concrete relationships and relational roles

care method

Is the decision/action taking place within a specific relational context?

If so, what decision/ action is in line with the moral specifics of the relationship(s) involved?

Rawlsian Method

Fairness-To which decision/action would rational persons agree, if they would not know who of the actors they will be later on?

Discourse method

Which decision would 'win' by the best rational argument in an ideal, deliberate discourse?

Adam Smith

who believes: economy as a system of natural freedom

Which of the following is NOT a characteristic of Adam Smith's concept of the economy?

A. Economic actions are driven by self-interest

B. Economic actions are coordinated by an invisible hand toward overall societal welfare

C. Individuals unintentionally promote the public good by following their own interests

D. Economic actions are primarily driven by benevolence

E. The economic market is a sphere of natural freedom

invisible hand concept

: The individuals act in their own self-interest and by this automatically serve the public interest without even intending it. The market coordinates individual

self-interests that way (ideally).

MARKET FAILURES

situations that show some (or all) aspects of economic interactions (of a market) but do not produce the results of perfect markets (are not Pareto-efficient).

Identify the argument that is not used as support for the capitalist free market economy:

A. It results in equal distribution of wealth

B. It promotes individual freedom and opportunities

C. It is efficient

D. It stimulates competition, innovation, and economic growth

E. None of the above

A. It results in equal distribution of wealth

Friedman

There is one and only one social responsibility of business - to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.

Examples of market failures

monopolies, public goods, external effects

Freeman

The basic idea is that businesses, and the executives who manage them, actually do and should create value for customers, suppliers, employees, communities, and financiers (or shareholders). And, that we need to pay careful attention to how these relationships are managed and how value gets created for these stakeholders

Ethics can properly be defined as:

A. Ethics is the systematic reflection on values and norms

B. Ethics is the same as following culturally accepted norms

C. Ethics is the same as following one's personal values and preferences

D. Ethics is the same as following laws and rules

E. Ethics is the systematic analysis of facts

A. Ethics is the systemic reflection on values and norms

Utilitarianism

is an ethical theory that evaluates actions by consequences and considers the action that maximizes overall happiness as the ethically best action

Which of the following is NOT a characteristic of Utilitarianism?

A. Consequences of actions are crucial for ethical decisions

B. Overall happiness matters for ethical decisions

C. Refers to pain and pleasure

D. Considers everyone affected by an action

E. Refers to good will

E. Refers to good will

The most accurate description of Kant's Categorical Imperative is to:

A. Treat others in such a way as you want to be treated by them

B. Act only in such a way that your conduct maximizes your happiness

C. Act according to your personal feelings

D. Pursue only those actions by which you personally benefit most

E. Act only according to principles that you reasonably would want everyone to adopt and follow

E. Act only according to principles that you reasonably would want everyone to adopt and follow

Which of the following is NOT an accurate characteristic of virtues?A. Virtues are excellent character traits

B. Virtues are developed over time through experience

C. Virtues exist at birth

D. Virtues involve practical wisdom and societal feedback

E. Virtues are developed by the interplay of emotional and rational elements

C. Virtues exist at birth

Which of the following is an example of Aristotle's theory that a virtue is in between two vices (deficiency and excess)?

A. Courage is in between rashness and cowardliness

B. Courage is the same as rashness

C. Courage is in between toughness and rashness

D. Courage is the contradiction of cowardliness

E. All of the above

A. Courage is in between rashness and cowardliness

Which of the following is NOT a characteristic of Adam Smith's concept of the economy?

A. Economic actions are driven by self-interest

B. Economic actions are coordinated by an invisible hand toward overall societal wellbeing

C. Individuals unintentionally promote the public good by following their own interests

D. Economic actions are primarily driven by benevolence

E. The economic market is a sphere of natural freedom

D. Economic actions are primarily driven by benevolence

Which of the following is NOT a typical situation that causes market failures?

A. Monopolies

B. Public goods

C. External effects

D. Competition

E. All of the above

D. Competition

Identify the argument that is NOT used as support for the capitalist free market economy:

A. It results in equal distribution of wealth

B. It promotes individual freedom and opportunities

C. It is efficient

D. It stimulates competition, innovation, and economic growth

E. None of the above

A. It results in equal distribution of wealth

Which of the following is an accurate definition of new criticism of capitalism?

A. New criticism questions whether the existing capitalist market economy is able to meet the new challenges of the 21st century

B. New criticism is based on Communism

C. New criticism is against any type of market economy

D. New criticism focuses exclusively on inequality in wealth and income distribution

E. New criticism is based on fundamental criticism of the democratic system

A. New criticism questions whether the existing capitalist market economy is able to meet the new challenges of the 21st century

Which of the following is NOT a relevant condition for constituting responsibility?

A. Causality

B. Knowledge

C. Free will

D. Gender

E. Ability and power

What does 'sourcing' mean in an ethical life cycle assessment?

A. Production processes related to the product

B. Extraction and gathering of raw materials necessary to produce the product

C. Outsourcing of the production processes

D. Acquisition of financial means

E. Recycling processes

B. Extraction and gathering of raw materials necessary to produce the product

How many of the largest 250 global companies issue CR reports?A) More than 90%

B) About 75%

C) About 50%

D) About 25%

E) Less than 25%

A) More than 90%