BUS 223 Lecture 4: BUS223 Test 1

• School: Ryerson University
• Department: Business
• Course: BUS 223
• Professor: Garrett Mac Sweeney

Document Summary

Sustainability- ethically responsible business decision making must move consider the impact on all stakeholders. A failure to consider= detrimental impact on stakeholders. Unethical behaviour creates legal risk and financial and marketing risks. Thus: (cid:373)a(cid:374)agers a(cid:374)d e(cid:454)e(cid:272)uti(cid:448)es (cid:374)eed to (cid:271)e (cid:448)igila(cid:374)t a(cid:271)out their (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s ethi(cid:272)s. How we should live as a business within a community. Business and personal values (cid:862)ne(cid:448)er lie(cid:863)- context dependant. Business does not occur within a vacuum, it occurs within a social setting (cid:862)too (cid:271)ig to fail(cid:863)- domino effect. Clea(cid:374)er goes through (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s gar(cid:271)age to fi(cid:374)d i(cid:374)fo. Unfair competition unethical decisions result in bad reputation. Descriptive ethics: as practiced by many social scientists, provides a descriptive and empirical account of those standards that actually guide behavior, as opposed to those standards that should guide behavior. Ethical values: those properties of life that contribute to human well-being and a life well lived. Ex: ethical values would include such things as happiness, respect, dignity, integrity, freedom companionship, health.