What is the esteem or high repute that individuals or organizations gain when they behave ethically?
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Unit 4 ethical dilemma The quandary (situation) people find themselves in when they have to decide if they should act in a way that might help another person or group even though doing so might go against their own self-interest. ethics The inner guiding moral principles, values, and beliefs that people use to analyse or interpret a situation and then decide what is the right or appropriate way to behave. values Permanent and deeply held underlying beliefs and attitudes. Determine a person’s behaviour stakeholders The people and groups that supply a company with its productive resources and so have a claim on and a stake in the company. utilitarian rule An ethical decision is a decision that produces the greatest good for the greatest number of people. moral rights rule An ethical decision is one that best maintains and protects the fundamental or inalienable rights and privileges of the people affected by it. justice rule An ethical decision distributes benefits and harms among people and groups in a fair, equitable, or impartial way. practical rule An ethical decision is one that a manager has no reluctance about communicating to people outside the company because the typical person in a society would think it is acceptable. Trust is the willingness person or group to have faith or confidence in the goodwill of another person, even though this puts them at risk. reputation The esteem or high repute that individuals or organizations gain when they behave ethically. societal ethics Standards that govern how members of a society should deal with one another in matters involving issues such as fairness, justice, poverty, and the rights of the individual. occupational ethics Standards that govern how members of a profession, trade, or craft should conduct themselves when performing work-related activities individual ethics Personal standards and values that determine how people view their responsibilities to others and how they should act in situations when their own self- interests are at stake. organizational ethics The guiding practices and beliefs through which a particular company and its managers view their responsibility toward their stakeholders social responsibility The way a company’s managers and employees view their duty or obligation to make decisions that protect, enhance, and promote the welfare and well- being of stakeholders and society as a whole obstructionist approach Companies and their managers choose not to behave in a socially responsible way and instead behave unethically and illegally. (least SR) Chapter 04 - Ethics and Social Responsibility Chapter 04 Ethics and Social Responsibility True / False Questions 1. Moral principles, values, or beliefs about what is "right" or "wrong" are known as ethics. True False 2. Steve has noticed that there has been an error in his weekly pay stub and the company has unknowingly paid him too much. Steve's pondering about whether to report this issue is an ethical dilemma. True False 3. Though laws often change, ethical principles remain constant and do not change over time. True False 4. Ethics and "the law" are the same thing. True False 5. Ethical beliefs lead to the development of laws and regulations. True False 6. Laws and regulations lead to the development of ethical beliefs. True False 7. Stakeholders have a claim on a company because when they buy its stock or shares they become its owners. True False 4-1 What is the esteem or high repute that individuals or Organisations gain when they behave ethically?Trust refers to the esteem or high repute that people or organizations gain when they behave ethically.
What is the role of the individual and the role of the organization in ethical decision making How can business promote an ethical climate?How can business promote an ethical climate? The individual role comes with making decisions that will affect you, your family your religion. The organization role affects people who work for the organization and ultimately the people who make the decisions reputation.
What is it called when a person has faith in the goodwill of another person even if this puts them at risk?reputation. What is it called when a person has faith in the goodwill of another person, even if this puts them at risk? Trust. Organizations and stakeholders tend to cooperate and share information more freely, thus making it easier to price goods and services correctly, when they respect and ______ one another. trust.
Which of the following should be the first consideration when facing ethical dilemma?Identify the Conflicting Responsibilities
The first step in resolving an ethical dilemma is to identify the conflicting values and responsibilities.
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