MGT 341 Test 1
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MGT 341 Test 1
MGT 341 Test
Notecards for MGT 341 Test 1
Is Ethichal Practices good for long term business success?
Sometimes the good guy loses.
The discipline that examines one's moral standards or the moral standards of a society
Connection of economic and social systems so that goods, services, intellectual capital, and money move freely and rapidly through nations
term used to denote the existence of info on an electronic network of linked computer systems
being able to accomplish the job with a minimum expenditure of time or cost
Governments can have impact on savings rates, etc.
the moral principles for determining just conduct
Economic competition produces progress, but only the strong survive
John Manyard Keyne
Government can have a positive impact on things
price and wages are not always determined by market portions
Are students bourgeoisie or proliteraism?
St. Thomas Aquinas
virtues are habits that enable a person to live reasonably in this world and be united with God in the next
Moral values and moral virtues differ across cultures
requires fairness when blaming or punishing persons for doing wrong
reasons for acting
duties other have to not interfere in certain activiities of the person who holds the right
an entitlement that derives from a legal system that enpowers a person to act a certain way
What's best for the most people but not really the best answer
the persons reason for acting must be reasons that everyone could act on at least in principle
Women care more and have more feelings
Justice is the most important ethics.
Charateristics of Moral Standards
Serious benefit or injury
Not established by law
Value preferred to self-interest
Special emotions or vocabulary attached to them
4 Basic Moral Standards
2. Rights of individual
Business Ethical Issues
Systimic, Corporate, Individuals
Problems with Utiliarianism
Values can't be measured
Fails with rights and justice
3 types of Justice
based on needs, best in small groups
No one should own their own property
by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
Puritan Work Ethic
religious obligation to work hard everyday
Aristotle and Aquinas Moral Virtues
virtues are habits that enable a person to live according to reason
4 Cardinal virtues
Which diamonds are sold to end a conflict?
Which justice system is closely related to tort system?
Shared beliefs of a society
father of modern economics
the market will work itself out..Government does not need to interfere with the market
Ricardo absoulute advantage and comparative advantage
Comparative Advantage- opportunity cost of making a good are lower for one country than the other
Absoulute Advantage- production cost of making a good are lower for one country than the other
behavior consistent with your spouses values
Rawls veil of ignorance
the requirement that persons in the original position must now know particulars about themselves which might bias their choices such as their sex, race, religion, income, social status, etc.
personal freedom and rights not to be interfere with