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Given the proper incentives -- the ability to profit from hard work and risk taking -- people will strive to do well.
Give two or three examples of business competition in which everybody wins. What are the defining characteristics of such games (if any)? Could all (or business activities consist of such games?
There are situations where one firm lowers its prices, competitors are likely to follow and everyone will see less profits. or, a competitor might hold its price to gain market share. They all stand to gain only by setting prices where everyone earns profits and has a stable market share.
These firms face a prisoner's dilemma where acting in one's self-interest does not serve one's self-interest. Another example of the prisoner's dilemma exists in the fishing industry, where the rate of catches has increased faster than the ability of the fish to reproduce. The result is a depletion of supply. The optimal strategy for each fisher is to cooperate with each other by restraining the volume of their catches. All business activities do not consist of such games because of lack of prior experience with the competitor that makes it difficult to play the game and situations where competitors do not behave rationally. and, of course, there are...
Define rationality and place it within a framework of business ethics.
Rationality means an action is based on sound reasoning. With an agent-based approach to integrating ethics in business, moral behavior is not limited to adherence to a rule or guideline, but also involves the individual rationally pursuing moral excellence as a goal in and of itself
Focus Questions for Chapter 8:
1. What is the key question of responsibility?
The key question of responsibility is, "Did the person behave ethically?"
2. In the final analysis, where does responsibility always rest? Explain.
The responsibility should always rest with the individual. Even though there is not universal set of ethics that employees can be expected to adopt, there is a general principle of integrity the individual can and should be judged by.
3. In which ways are responsibility usually misunderstood?
As people delegate responsibility to others, they depend on them to act on their behalf and in their interest. Yet, each individual has their own definition of ethical and moral behavior.
On the other hand, applicable laws do have authority and under the concept of moral relativism, it may be justified that any duly passed law be complied with (Svensson & Wood, 2008). One lesson from this case might be that laws between entities in different sovereign nations can be much harder to enforce than laws between entities within the same nation. In the future, Pakistan and other nations might want
Business Ethics "the High Cost of High-Tech Foods case" The cost of high-tech food continues to arouse debates over the ethical, moral, and practical impacts the foods have on the people, market, and economy. However, it is evident that the proponents and opponents of the motion do not seem to come to agreement as each holds their view right. The situation worsens due to the application of emotions in addressing the matter
CSR programs, according to Berenbeim (2009) must be integrated with the company's business ethics, and that companies must have their own "corporate ethics brand." This call for a corporate ethics brand stemmed from the fact that while CSR programs are developed to benefit and improve the business's community, it is also primarily a program geared to invest in "public capital" to "enhance the value" of businesses with respect to
Business Ethics: Corporate Social Responsibility and the Triple Bottom Line Picture two companies, Company A and Company B. Company A manufactures chemical products and has been on the receiving end of criticism and public outcry for the air and water pollution caused by its chemical manufacturing plant. Due to increased pressure, Company A devises a strategy to start a project that will enable all farmers in the neighboring areas to get
The less direct the impact, the more likely the stakeholder is to use consequentialist considerations to just the actions of managers. For example, government did not react to the need for improved governance and pass Sarbanes-Oxley until after multiple scandals had occurred. Millions of Americans lost money and faith in the financial system was eroded, threatening further harm. If the scandals had not resulted in outcomes so severe, it
Business and Ethics The business ethics checklist Organizational Decisions-Making on Substandard Products Unaccountable products from companies or manufacturers are often regarded dangerous, unsafe and substandard, both by the target consumers and government. Unfortunately, toy products stand among the most affected group of items within the field of production. Sub-standard products are those that do not meet the legal and safety standards and/or qualities set by the pertinent authorities. Such products may result due