BUL 4421- FAU Gendler Exam with 100% Correct Verified Answers
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Course
BUL 4421
Institution
BUL 4421
An economic school of jurisprudence in which all costs and benefits of a law are given
monetary values. Those laws with the highest ratios of benefits to costs are then preferable to
those with lower ratios.
(Ex: (i) Polluted land is an economic loss, as it cannot be used for farming or recreati...
BUL 4421- FAU Gendler Exam with 100%
Correct Verified Answers
An economic school of jurisprudence in which all costs and benefits of a law are given
monetary values. Those laws with the highest ratios of benefits to costs are then preferable to
those with lower ratios.
(Ex: (i) Polluted land is an economic loss, as it cannot be used for farming or recreation.
Polluted water can be toxic for fish and cannot be used for drinking (ii) the price of
environmental cleanup and lost productivity in the economy as a whole may be even greater. -
ANSWER Cost Benefit Analysis
Chapter 2: Business Ethics - ANSWER Chapter 2: Business Ethics
The use of ethics and ethical principles to solve business dilemmas. - ANSWER Business Ethics
Example of bad Business Ethics: - ANSWER Ex: Accutane
- Is a company doing the right thing when it attempts to reduce the costs of advertising by
not listing all possible complications of the medicine for the consumer?
Business Ethics include (but are not limited to) (3): P,C, SR - ANSWER 1. Decisions in choosing a
method of *production.*
2. Decisions regarding how to *compete* with competing firms.
3. *Social responsibilities* of the firm
Decisions in choosing a method of production (example: bribes): - ANSWER 1. Dealing with
bribes
2. Some companies only work on bribes in order to supply it.
3. Siemens AG is now forced to restructure itself to do business ethically and legally.
,WPH Framework for Business Ethics (3): - ANSWER 1.* Who* the decision impacts
(stakeholders)
2. *Purpose* of the decisions
3. *How* to make the decisions (i.e. guidelines)
Stakeholders of a firm are the many groups of people affected by the firm's decisions,
including but not limited to (6): MECCOF - ANSWER FACE-COM
1. *M*anagement
2. *E*mployees
3. *C*ustomers
4. *C*ommunity where the firm operates
5. *O*wners/shareholders
6. *F*uture generations
How should we think about the *future generation* stakeholders? - ANSWER Think more
broadly about additional stakeholders who may be affected just as much in the long run. Then
we will be less likely to make decisions that have unintended negative ethical impacts.
The basic unit of business ethics is ____________. - ANSWER values
Positive notions that capture our sense of what is good or desirable. - ANSWER values
We derive our ethics from the interplay of ____________. - ANSWER values
Values represent our understanding of the purpose we will fulfill by making particular
___________. - ANSWER decisions.
,Examples of the *PURPOSE* we fulfill through particular decisions (4): JEFS - ANSWER
1. Freedom
2. Security
3. Justice
4. Efficiency
Tests to decide *HOW* do we make Ethical Business Decisions (3)? PUG - ANSWER 1. Golden
Rule
2. Public Disclosure
3. Universalization Test
Do unto others as you would have them do unto you. - ANSWER Golden Rule
, The ethical guidelines that urge us to consider how others would view our actions when
making a decision. - ANSWER Public Disclosure Test
This Public Disclosure test imagines that our actions are being broadcast nationally. - ANSWER
Television Test
This test is how the community perceives us: - ANSWER self-concept
This test encompasses the ethical guidelines that urge us to consider, before we act, what the
world would be like if everyone acted in that way. - ANSWER Universalization Test
Theories of Business Ethics (6): CU-PAVE - ANSWER 1. Consequentialism
2. Utilitarianism
3. Principle of rights
4. Absolutism
5. Virtue Ethics
6. Ethical Relativism
The ethical theory that denies the existence of an ultimate ethical system, holding instead that
a decision must be determined as ethical on the basis of its own context. Individuals *must
evaluate actions based what they feel is best for themselves.* - ANSWER Ethical Relativism
A theory of ethics:
a. Whether an action is moral depends on whether the action conforms to the given set
of ethical rules.
b. Overly *inflexible* when applied to different situations.
c. "Thou shalt no kill," but it's okay in self-defense. - ANSWER Absolutism
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