ESSENTIALS OF BUSINESS LAW 8TH EDITION LIUZZO PDF

The development of technology has introduced a burgeoning array of ethical questions. True False 2. Technological developments have created new ethical problems. True False 3. Ethics takes a more philosophical approach in determining what is good or bad.

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The first chapter also briefly discussed the importance of moral and legal obligations. In Chapter 2, Ethics and the Law, we will examine the role of ethics in greater detail, define the terms ethics, morals, and values, and discuss the relationship law shares with ethics.

We will also understand the responsibility and responses of businesses, governments, and other organizations to upholding ethics and moral practices in the society. Finally, we emphasize the role of whistleblowers in society as well as the importance of integrating ethics into the corporate world. Responses of Business Firms pp.

Responses of Educational Institutions p. Responses of Governments p. Responses of Trade and Professional Associations p. Whistleblowing p. Integration of Ethics into Business and Government p. Matching Key Terms pp. Discussion Questions p. Thinking Critically About the Law pp. Case Questions pp. Case Analysis pp.

Legal Research p. They are listed here for your quick reference. Each Learning Outcome will be covered separately in the Instructor Notes, but they are shown here in total as an overview of the sections being presented in Chapter 2. The corresponding text page numbers and PPT slides are listed next to each outcome. These slides should be used to reinforce the main points of the lecture.

After completing this chapter, the students will be able to: 1. Cite some examples of how unethical behavior in our world has negatively affected business practices.

Distinguish among ethics, morals, and values. Cite several influences on group and individual values. Discuss the relationship between law and ethics. Provide examples of responses to ethical issues by business firms, educational institutions, governments, and trade and professional associations.

Discuss some ways businesses can ensure ethical practices. The law also established a board to oversee accounting practices in the United States.

This board reports to the Securities and Exchange Commission, a federal agency. The development of technology, Internet and computer technology, and the expansion of global markets have introduced a burgeoning array of ethical questions. Ethics takes a more philosophical approach, examining what is good or bad. Morals are concerned with behavior as judged by society. Ethical theories and moral standards are derived from values—that is, the beliefs or standards considered worthwhile.

There are other influences on the development of individual and group values. Of utmost importance are the values held by a culture—those of a nation or an ethnic group. On the other hand, the values held by a subculture may differ from those of the larger culture. Ethical considerations, on the other hand, generally spring from within individuals or organizations. A distinction between law and ethics is that legal mandates are usually more precise.

The law requires individuals and organizations to behave in specified ways, requiring or prohibiting certain acts. Ethical issues may be multifaceted. Responses of Business Firms There is increasing concern about ethics in the business world. Some of this concern is undoubtedly the result of enlightened self-interest, as when corporate executives say that ethical practices are simply good business practices. Corporate actions reflect a moral and ethical concern with social problems and a sincere effort to improve society.

Critics of corporate social action, however, question whether it is appropriate to commit corporate resources to socially desirable goals. A general list of topics covered in codes typically includes the following: i. Fundamental honesty and adherence to the law ii. Product safety and quality iii. Health and safety in the workplace iv. Possible conflicts of interest v. Employment practices vi. Fairness in selling and marketing practices vii.

Financial reporting viii. Supplier relationships ix. Pricing, billing, and contracting x. Trading in securities and using insider information xi. Payments to obtain business 2. Responses of Educational Institutions Educational institutions have responded to the increased need to examine ethics by adding courses, workshops, and programs, and have expanded the study of ethics in existing courses.

Typically, topics include the following: i. Fairness in hiring, employment, and promotions ii. Ethical issues in multinational business iii. Ethical issues arising from technology iv. Economic justice v. Environmental ethics vi. Ecology 3. The Federal Sentencing Guidelines also provide an incentive for corporations to act more ethically. Under this mandate, when an employee violates a law in the course of his or her employment, a firm can reduce its possible liability if it can show that it took action to develop moral guidelines for its employees.

Even the operation of government itself is monitored and regulated. On an international level, federal and state governments require that U. In addition, diplomatic activities aim to protect American firms from corrupt practices in other countries. Responses of Trade and Professional Associations Trade associations develop guidelines for ethical business practices for their diverse memberships.

For example, the Direct Marketing Association DMA provides self-regulatory standards of conduct for activities such as telephone marketing, sweepstakes, fund-raising, marketing to children, and the collection and use of marketing data. Such behavior frequently results in unfavorable public relations, loss of consumer goodwill, and poor employee morale. The threat of legal prosecution and penalties does not eliminate all unethical practices. Sometimes the driving force for reform may be the individual whistleblower.

The information may have come to him or her in the course of employment or in other ways. Often the choice is between revealing information, resulting in adverse effects on the firm that may cause many coworkers to lose their jobs, and remaining silent. It is not surprising that retaliation is frequently the result of speaking out.

The whistleblower is often regarded as an outcast to the organization or to peers. The federal government and many states have statutes that protect whistleblowers from retaliation. Integration of Ethics into Business and Government In the abstract, there is agreement that business should be conducted in ways that will not harm the consumer or the environment.

The corporation may indeed adhere to the highest ethical practices, but a new chief executive officer CEO or board of directors may discontinue those practices if they reduce profits or otherwise adversely affect the firm. Further government regulation could ensure compliance with ethical standards, but such an arrangement might require a costly and oppressive bureaucracy.

The ideal is for responsible individuals, industry organizations, and watchdog groups to encourage corporations and governments to reach mutually agreed ethical practices. Every outcome is also mapped to corresponding text page numbers, PPT slides, and relevant chapter assessment exercises and activities for ease of reference and use. Examples of how unethical behavior in our world has negatively affected business practices include investors acting on insider information, businesspersons polluting our natural habitat, and individuals acting unethically in the development of medical and electronic technology.

The expansion of global markets also raises some ethical predicaments for business professionals. Ethics is a philosophical approach, examining theories of what is good or bad.

Values are beliefs or standards considered worthwhile. Individual and group values are influenced by religion, tradition, and customs.

Legal mandates are imposed on individuals or groups by authorities or governments. In contrast, ethical considerations generally spring from within individuals or organizations.

However, ethical beliefs are the foundation of many of our laws. Business firms respond to ethical concerns by acts of corporate responsibility and the formulation of codes of ethics, or credos. Educational institutions offer courses and workshops, and expand their existing programs. Governments endeavor to protect consumers and the environment and to ensure ethical behavior of business firms, and the government itself.

Trade and professional associations develop guidelines for business and professional members. Some ways business can ensure ethical practices include integrating corporate codes of ethics and relying on whistleblowers.

Corporate codes of ethics vary from one firm or industry to another. Whistleblowing is the exposing of an unethical situation to an authority or the media.

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