8 April 2014Ethics: Study Guide 1ClassChapter 1 Definition of ethics and moral standards (5 Questions)1. Ethics: A 2. Moral Standards: E 3. Ethics: Aethics describes a generally accepted set of moral principles morals describes the goodness or badness or right or wrong of actions values describes individual or personal standards of what is valuable or important. In business ethics, what are the three basic types of issues4. Business Ethics 3 Types of Issues: B Ethical Relativism5. Ethical Relativism: A Stages of moral development6. Kholbergs Stages of moral development: B Criteria of moral reasoning7. Moral Reasoning: d (look for to evaluate logical, incomplete and consistent) Societys needs versus wants8. Normative Judgment: F Advancing the employees self interests9. Loyal Agent: T Prisoners Dilemma10. Prisoners Dilemma: F Enrons Fall (Page 53-55)11. Enron: T 12. Enron Stock: F

Chapter 2 Utilitarianism13. Utilitarianism: T (characterize) 14. Utilitarianism: F (few men lost) 16. Utilitarianism Attractive: T What is the moral thing to do. (3 Things)15. Considerations: all of them or all of the above Cost Benefit Analysis17. Cost benefit analysis: T (factory economic costs) Intensive Goods9. Intrinsic Goods: things that are desirable independent of any other benefits they may produce. Rule Utilitarianism20. Rule Utilitarianism: T --------Duties others have not to interfere with you ---------Kants categorical imperative 22. Categorical Imperative: Immanuel Kant (not sure T) The philosophical concept of a categorical imperative is central to the moral philosophy of Immanuel Kant.. In his philosophy, it denotes an absolute, unconditional requirement that allows no exceptions, and is both required and justified as an end in itself, not as a means to some other end; the opposite of a hypothetical imperative. Most famously, he holds that all categorical imperatives can be derived from a single one, which is known as "the" Categorical Imperative; it is upon this Imperative that the article will focus. Unocal Case (Page 119-122)23. Unocal forced Labor: T 24. Unocal Pipeline Citizens: F Chapter 3 John Loche Power of government, labor25. John Locke: C 26. John Locke influence on U.S.: T Adam Smith Free Markets27. Adam Smith: T 28. Adam Smith invisible Hand: T Smith People free to seek their own interests29. Adam Smith Utilitarian Argument: D Social Darwinists Survival of the fittest30. Darwin competition: F 31. Darwin survival of the fittest: Charles Darwins term for the process of natural selection. Karl Marx and his theory32. Marx Extremes of inequality: or (look for connected to extreme of inequality Define mixed economy (4 Examples)33. Mixed Economy: C (answer is Mixed Economy) Aids in Africa (Pages 158-161)34. Drug Cocktails HIV: T 35. Zimbabwe rate of HIV infection: T or 34% 36. Zimbabwe rank of HIV: F or (ratio 1:4) Chapter 4 Buyer and Seller in a free market37. Free Competitive Market: T Characteristics of a perfectly free economy38. Characteristics of perfectly Competitive Free Economy: The following seven features characterize perfectly competitive free markets: 1. There are numerous buyers and sellers, none of whom has a substantial share of the market. 2. All buyers and sellers can freely and immediately enter or leave the market. 3. Every buyer and seller has full and perfect knowledge of what every other buyer and seller is doing, including knowledge of the prices, quantities, and quality of goods being bought or sold. 4. The goods being sold in the market are so similar to each other that no one cares from whom each buys or sells. 5. The cost and benefit of producing or using the goods being exchanged are borne entirely by those buying or selling the goods and not by any other external parties. 6. All buyers and sellers are utility maximizers: tries to get as much as possible for as little as possible. 7. No external parties (such as the government) regulate the price, quantity or quality of any goods being bought and sold in the market.

Utility maximize39. Utility Maximizer: T ------Diminishing marginal utility40. Diminishing Marginal Utility: Each additional item a person consumes is less satisfying than each of the earlier items the person consumed. (I think the answer is C ) Efficiency in a free market41. Efficiency: 1. Firms are motivated to invest resources in industries with a high consumer demand and move away from industries where demand is low. 2. Firms are encouraged firms to minimize the resources they consume to produce a commodity and to use the most efficient technologies. 3. Commodities are distributed among buyers such that buyers receive the most satisfying commodities they can purchase, given what is available to them and the amount they have to spend. (I think the answer is D) Monopoly42. Monopoly: F 43. Monopoly- Unjust: (I think the answer is A) Price fixing44. Price- Fixing: When companies agree to set prices artificially high. (I think the answer is A) Tying arrangement45. Tying Arrangement: When a company sells a buyer certain goods only on condition that the buyer also purchases other goods from the firm. Anti-trust view46. Antitrust- Break up large Corporations: T Microsoft (Pages 194-199)47. Microsoft-Monopoly: F 48. Microsoft- Stock: T Chapter 5 Pollution49. Environmental Damage: population growth, rising temperature, falling water tables, shrinking cropland per person, collapsing fisheries, shirking forests, and the loss of plant and animal species. 50. Pollution: T

Resource depletion51. Resource Depletion: The consumption of finite or scarce resources CFC in the atmosphere52. Ozone Depletion: The gradual breakdown of ozone gas in the stratosphere above us caused by the release of chlorofluorocarbons (CFCs) into the air. Acid rain53. Acid Rain and Fossil Fuels: Occurs when sulfur oxides and nitrogen oxides are combined with water vapor in clouds to from nitric acid and sulfuric acid. These acids are then carried down in rainfall. Deep ecology54. Ecological Ethics or Deep Ecology: The view that nonhuman parts of the environment deserve to be preserved for their own sake, regardless of whether this benefits human beings. 55. Views of Deep Ecology: T Conservation56. Conservation: The Saving or rationing of natural resources for late uses (I think the answer is D) -----Needs of future generations/prices -----Ok Tedi Copper Mine (Pages 250-254) ------Gas or Grouse (Pages 254-257)Chapter 6 Consumers place high value on safety Seven characteristics of a perfectly free economy Rational Utility Maximizer People, statistics & probability Business force main moral duties Due Care Theory Criterion of Advertising Manipulation in advertising Physical and psychological privacy Ford and Firestone (Page 296-299)Chapter 7 Elements of documentation in hiring Discrimination Intentional and institutionalized Indications of discrimination Comparison to provide evidence of discrimination Arguments against discrimination Utilitarians argument for discrimination Kant and discrimination Rawlo and discrimination Discriminating practices Affirmative Action Comparable worth Kroger/Misiolek (Page 341-343) Chapter 8 Rational model of the business organization Organizational chart Law of agency Conflict of interest Firms main moral duties to employees Employees and Risks Employees rights to privacy Whistle blowing Made in America Labels Chinese workers1