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Relevant areas of business law applicable to human recourse management involve (4):
- ANSWERS-1. Agency law
2. Contracts
3. Employment and labor laws
4. Employment discrimination
Business Ethics include (but are not limited to) (3): P,C, SR - ANSWERS-1. Decisions in
choosing a method of *production.*
2. Decisions regarding how to *compete* with competing firms.
3. *Social responsibilities* of the firm
Decisions in choosing a method of production (example: bribes): - ANSWERS-1.
Dealing with bribes
2. Some companies only work on bribes in order to supply it.
3. Siemens AG is now forced to restructure itself to do business ethically and legally.
WPH Framework for Business Ethics (3): - ANSWERS-1.* Who* the decision impacts
(stakeholders)
2. *Purpose* of the decisions
3. *How* to make the decisions (i.e. guidelines)
,Stakeholders of a firm are the many groups of people affected by the firm's decisions,
including but not limited to (6): MECCOF - ANSWERS-FACE-COM
1. *M*anagement
2. *E*mployees
3. *C*ustomers
4. *C*ommunity where the firm operates
5. *O*wners/shareholders
6. *F*uture generations
How should we think about the *future generation* stakeholders? - ANSWERS-Think
more broadly about additional stakeholders who may be affected just as much in the
long run. Then we will be less likely to make decisions that have unintended negative
ethical impacts.
The basic unit of business ethics is ____________. - ANSWERS-values
Positive notions that capture our sense of what is good or desirable. - ANSWERS-
values
We derive our ethics from the interplay of ____________. - ANSWERS-values
Values represent our understanding of the purpose we will fulfill by making particular
___________. - ANSWERS-decisions.
Examples of the *PURPOSE* we fulfill through particular decisions (4): JEFS -
ANSWERS-1. Freedom
2. Security
3. Justice
4. Efficiency
, Tests to decide *HOW* do we make Ethical Business Decisions (3)? PUG - ANSWERS-
1. Golden Rule
2. Public Disclosure
3. Universalization Test
Do unto others as you would have them do unto you. - ANSWERS-Golden Rule
The ethical guidelines that urge us to consider how others would view our actions when
making a decision. - ANSWERS-Public Disclosure Test
This Public Disclosure test imagines that our actions are being broadcast nationally. -
ANSWERS-Television Test
This test is how the community perceives us: - ANSWERS-self-concept
This test encompasses the ethical guidelines that urge us to consider, before we act,
what the world would be like if everyone acted in that way. - ANSWERS-
Universalization Test
Theories of Business Ethics (6): CU-PAVE - ANSWERS-1. Consequentialism
2. Utilitarianism
3. Principle of rights
4. Absolutism
5. Virtue Ethics
6. Ethical Relativism
The ethical theory that denies the existence of an ultimate ethical system, holding
instead that a decision must be determined as ethical on the basis of its own context.
Individuals *must evaluate actions based what they feel is best for themselves.* -
ANSWERS-Ethical Relativism