Part I
– Ethics and business
1. Ethics: the moral principles that determine right and wrong
Ethical: Choosing right over wrong.
Unethical: Intentionally acting badly.
2. 5 factors of the value system are Religion, culture, education, race, and experience.
3. The value system is a set of personal beliefs about right and wrong.
4. An ethical dilemma involves making a choice where there is more than one answer.
5. A social responsibility is to act in a manner that is best for the society and best for the company.
6. Stakeholders watch to see how businesses are upholding their social responsibility. An example is selling products that do not harm people or the environment.
Part II
– Legal vs. Ethical
1. Law is a body of rules recognized by a country, state, province, municipality or community and Legal is actions or behaviors that are carried out according to law.
2. The sprit of the law means to act according to the real meaning or intent of the law and the letter of the law mean to act according to the exact wordings or actual terms of the law.
Activity
1. 5 things I was raised to believe was wrong are lying, stealing drinking, fighting and guns.
2. The authority figures in my life reinforce the beliefs by not doing anything on the list of things I’m not supposed to do.
3. The people in my life that helped me determine my value system are my parents and my brothers.
4. A Situation where I was asked to do something legal but unethical was when someone told me ring the bell at my school.
5. An action that many people believe is ethical but illegal is gambling
6. A situation where someone may think that although their activity may be illegal their individual value system may deem it ethical is gambling. BY: Dante Gordon