Morals & Ethics
What are morals typically defined as?
A person's beliefs or principles about right and wrong.
What is capitalism?
An economic system characterized by private ownership, market activity, and the goal of earning profit.
Which economic system emphasizes private ownership and profit-seeking?
Capitalism
What does CSR stand for?
Corporate Social Responsibility.
What are the three ethical frameworks?
What are ethics?
Standards or principles that guide conduct and decisions about right and wrong
What characteristic of capitalism allows individuals and businesses to own property and resources?
Private ownership.
Which economic system emphasizes social or public ownership or control of important resources and social welfare?
Who are stakeholders?
People or groups that affect or are affected by a business's decisions and activities.
Which ethical framework focuses on duties, rules, and obligations?
Deontology.
Name two factors that can shape a person's morals.
Family, culture, religion, beliefs, personal experiences, upbringing.
Two pizza places lower their prices and improve their service to attract customers.
Which characteristic of capitalism does this illustrate?
Competition.
What is one key idea associated with socialism?
Emphasizing collective needs, social welfare, and reducing economic inequality.
Name three groups that could be stakeholders in a business.
Employees, customers, owners, suppliers, government, and surrounding community.
Which ethical framework evaluates actions by their consequences and aims for the greatest overall good?
Utilitarianism.
A person believes that telling the truth is important, even when lying would be easier. What does this belief reflect?
Their morals.
A company offers employees bonuses for meeting sales goals.
Which characteristic of capitalism does this illustrate?
What economic system is associated with the ideal of a classless society in which productive resources are held in common?
Communism
A factory reduces waste and improves worker safety. (addresses environment & employee well-being)
Which ethical framework asks what an honest, fair, and courageous person would do?
Virtue Ethics
True or False: Morals and ethics are related concepts, but they always mean exactly the same thing.
False
Name two potential downsides of capitalism.
Economic inequality, unequal opportunities, and businesses that prioritize profit above all else.
Socialism places a greater emphasis on social or public ownership; while capitalism emphasizes private ownership
How can consumers analyze a company's corporate social responsibility initiatives to determine whether they reflect a genuine commitment to social responsibility or are simply marketing ploys?
Look for measurable results, publicly available reports, and consistency between what they are claiming and their actions,
Are they saying they're committed to sustainability and then using environmentally harmful practices?
A manager adheres to a rule against lying, even when doing so could increase short-term profits. Which ethical framework does this illustrate?
Deontology, because the manager prioritizes a duty or rule.