Test Bank for Ethics and the Conduct of Business, 8th Edition

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1Chapter 1Ethics in the World of BusinessChapter SummaryBusiness ethics is concerned with identifying and understanding the ethical issues that arise inbusiness, along with the development of knowledge and skills needed by a practicing manager toaddress these issues and to make sound business decisions. Ethical issues are an inevitableelement of business decision making, and they are deeply intertwined with managerial practiceand economic activity in general. The success of individual managers, business organizations,and the whole economic system depend upon sound ethical decision making. Althougheconomics and law are important guides for business decision making, they are not entirelysufficient. Organizational research conducted by psychologists and sociologists further show thatthe treatment of business ethics from a purely philosophical perspective is likewise aninsufficient approach. Organizational misconduct is often the result of flaws in individual andorganizational decision making that can be corrected only by changing the overall decisionmaking process. Practicing managers can promote an ethical organizational culture by activelydiscouraging misconduct and rewarding ethical decision making and conduct.CHAPTER OBJECTIVES1.1: Identify ethical issues created by diverse business situations and relationships and thelevel of decision making required to address them1.2: Recognize the role of ethics in the conduct of business, with respect to economicprinciples and the law1.3: Distinguish between ethical management and the management of ethics, and each of thethree main roles of a manager1.4: Analyze how ethical business conduct is challenged by decision making on individualand organizational levelsSUGGESTED DISCUSSION PROMPTS1.What types of ethical concerns do decision-makers at the management level need totake into account?2.What types of ethical concerns do decision-makers at lower organizational levelsneed to take into account?3.How would you respond to someone who says that a business should always dowhatever is in its economic interests?4.What is wrong with the thought that abiding by the law is all the ethics that abusinessperson needs to worry about?5.How does specialized knowledge come into play in the management of ethics?

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Business Law

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Ethics And The Conduct Of Business ...

Test Bank for Ethics and the Conduct of Business, 8th Edition

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