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Business Ethics in Society

1. How does the society benefit from an economy built on free trade where both the labor and the buyer only seek personal gain?

2. Why is considering the law not enough for managers to make a decision? What other factors need to be considered? Give an example of a decision that would incorporate all of these factors.

3. Utilitarian morality places no value on observing rules. What does this mean? Give an example how utilitarian morality may be used in the business world of today.

4. Interpret the implications of universalizability for moral reasoning. Give an example of universalizability in an occupation that you have worked.

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1. How does the society benefit from an economy built on free trade where both the labor and the buyer only seek personal gain?

Free trade is trade arrangements where tariffs or other barriers to the free flow of goods and services are eliminated (3) www.web.net/rain/glossary.htm. It is a term based on a theory in economics, but in reality the practice is something quite different. The theory of free trade contends that everyone in the world will be better off if each nation eliminates tariffs and other barriers to the flow of products across borders. The practice of "free trade" departs from theory by including the export of money either for investment purposes or speculation. With firms able to move both money and products around the world, the benefits of lower prices and higher wages have not been enjoyed by most people. In addition, under recent "free trade" agreements, the concept of barriers to trade has been expanded to include domestic regulations, public health and human rights measures, and environmental protection laws, which inhibit business activity. (4) In other words, free trade benefits the society economically even though labor and the buyer only seek personal gain, mainly because it is still putting more money back into the economy. However, honesty is imperative in this case, as Enron is a prime example where the personal gains motive hurt both the economy and the shareholders. Both ethical and legal factors are important to business decisions.

2. Why is considering the law not enough for managers to make a decision? What other factors need to be considered? Give an example of a decision that would incorporate all of these factors.

Managers need to consider both the ethical and legal implications of decision making, as well as financial factors. ...

Solution Summary

The solutions answers the business ethics questions in some detail.

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