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This document contains discussion questions about business ethics from a chapter in a textbook. It defines business ethics as studying right and wrong conduct in business and putting a conscience into profit-making. It discusses how ethics provides a distinction between morality and legality and is important in business as a social activity that should conform to societal norms. While profit-making is not inherently bad, a business' sole responsibility is not just to maximize profits but also provide quality products/services and pay taxes. The Catholic Church does not oppose profit-making but emphasizes respecting laws, rights of others, and acting with faith and reason.
This document contains discussion questions about business ethics from a chapter in a textbook. It defines business ethics as studying right and wrong conduct in business and putting a conscience into profit-making. It discusses how ethics provides a distinction between morality and legality and is important in business as a social activity that should conform to societal norms. While profit-making is not inherently bad, a business' sole responsibility is not just to maximize profits but also provide quality products/services and pay taxes. The Catholic Church does not oppose profit-making but emphasizes respecting laws, rights of others, and acting with faith and reason.
This document contains discussion questions about business ethics from a chapter in a textbook. It defines business ethics as studying right and wrong conduct in business and putting a conscience into profit-making. It discusses how ethics provides a distinction between morality and legality and is important in business as a social activity that should conform to societal norms. While profit-making is not inherently bad, a business' sole responsibility is not just to maximize profits but also provide quality products/services and pay taxes. The Catholic Church does not oppose profit-making but emphasizes respecting laws, rights of others, and acting with faith and reason.
1. Discuss why ethics is important in business. Business Ethics paves the way for a common understanding of the fundamental idea of what is good and what is bad in our human conduct. Without ethics, people will set their own moral standards which would result into a kind of subjective morality. 2. Refute the businessmans myth that ethics has no place at all in business. Business is a social activity thus, being a social activity it should conform to the norms, rules and principles of this society. These standards are embedded in ethics. 3. Explain the phrase: Not all that is legal is moral, but what is moral is worth legalizing. An action may be legal but not necessarily moral. Ethics provides a clear distinction between morality and legality. Consider abortion- in some countries abortion is legal but in the Christian faith abortion is an immoral act. 4. Define Business Ethics. What is your own personal definition of Business Ethics? Business Ethics is the study of what is the right and wrong human behavior and conduct in business. For me, business ethics is putting a conscience in the science of profit making. 5. Explain the phrase: Ethics is the unwritten law written in the hearts of men. I interpret that as ethics has been a tried and tested guide of men in ages that have been handed down from one generation to another. These are actions that society consider as the proper action given a particular circumstance. 6. What is your personal view on profit-motive? Personally, profit making is not bad. I go by the tenet of giving Caesar what is due Caesar and God what is due God. In profit making it means giving the business person his due profit but also giving his customers their due in terms of quality of products and services and it should be commensurate to the product or service. 7. Do you agree with Milton Friedman that the only responsibility of business is to maximize profits? Why or why not? Discuss your answer. No, this is really a very simplistic view. I believe that a business entity has other responsibilities such as paying the correct taxes, giving quality products and services to its clients and sharing its fruits through CSR. 8. What is the Catholic Churchs stand on profit-motive? The church is not against profit -making. Pope Pius XI just reminds that one should respect the laws of God, not prejudice the rights of others, and works according to faith and right reason. (QA #136) 9. What is your concept of reasonable profit?
This a hard question to answer. For me, it is about justice. If your
profits take away food from anothers table then it is excessive.
Case 1: Ethics vs. Profit
Questions: 1. What are the ethical problems mentioned in this particular case and what are the probable causes of these problems? Providing unsafe products/ questionable products in lieu of savings to increase profits Questionable business practices such as bribery to obtain more sales to increase income 2. Is it all right to do something illegal or unethical to maintain the companys image and profitability? No, because one cannot keep a secret for long. The unethical or illegal practices will haunt the company and will cause more problems in the future. Also, there is the ethical consideration of doing what is right and true in ones dealings. 3. If you are the CEO of the company, what would you do and why? I will not condone those behaviors. I will institute rules on the contrary as well as provide a culture program to ensure that people working in my company are guided in the values of my company. Case 2: Friendship in Business Questions: 1. Was the action of Mr. Dy to cancel the contract legally correct and morally justified? In my opinion, it is not justified. He delivered a substandard product and this is the reason why Mr Gutierrez returned the materials. 2. Is it appropriate to extend friendship in business transactions? Why or why not? Discuss your answer. For me, extending friendship in business transactions can be very tricky although it is not totally wrong. Friendship is a social activity and cannot be totally neglected even in business transactions. It can be part of interpersonal relationships which is important in business dealings.