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Business Ethics Learning Objectives

1. Relate the market system to the need for ethics in business and distinguish it from the law and concepts of virtue and morality.

2. Explore ethics in the context of relativism, psychological egoism, utilitarianism, deontology, and virtue ethics.

3. Examine the ideas of character ethic, female ethic, human rights, and ethical action.

4. Explain the factors influencing employee issues including the right to work, employment at will, due process and employee participation, health and safety standards, family responsibilities, the right to privacy, and substance abuse testing.

5. Examine the professional ethics and responsibilities of intermediaries, managerial responsibility and loyalty, and employee responsibilities to the community.

6. Explain how the traits of ethical leaders and the influence of the group affect moral responsibility.

Solution Preview

1. The market system relates to the need for ethics in business, due to the fact that the individuals that are pricing and selling goods to individuals that are negotiating with them for the purchase of those goods or services, should ensure that the exchange between these individuals is fair and just. This is distinguished from the law due to the fact that the law makes it mandatory that sellers and buyers conduct business within established legal parameters based around justice and equity. Ethics in business is distinguished from virtue and morality due to the fact that there are different perspectives on what is considered virtuous or moral when ethics can be more universally defined in respect to justice and fairness.

2. Ethics relates to relativism due to the fact that what may be deemed ethical is subjective to that individual's perspective, which may not be universal in nature. Ethics relates to psychological egoism due to the fact that individuals may have a vested interest in acting ethically due to the ...