BSB111 Business Law & Ethics Exam Revision Week 1.doc

3 Pages
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Department
Management and Human Resources
Course Code
BSB111
Professor
Ms Jenny Georgiades

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BSB111 Business Law & Ethics Week 1 Lecture - Ethics Business Decisions Internal forces: types of business structure ethics, CSR, corporate governance. External (Structural) Forces: legal system, dispute resolution, regulation. Ethics •Area of philosophy concerned with standards of right conduct and moral evaluation •Normative ethical theories give an account of right action and try to give some idea of what makes that action right •Descriptive ethics gives an account of how people do in fact acT used by sociologists, anthropologists and psychologists • •An ethical theory can provide guidance as to what is the correct action to take, can also provide criteria for evaluating an action so that the action can be justified •Ethical dilemma: a problem that arises when a reason to act in a certain way is offset by a reason to not act that way - the answer is not clear Law can be limited because: •It is simply not possible to predict and therefore outlaw all situations that give rise to bad conduct. •Law usually lags behind social trends because the law-making process is slow and reactive. •The law itself is sometimes viewed as deficient and for this reason should not be treated or seen as some sort of ethical or moral high ground (‘bad’ law). Ethical Egoism: •Is a theory that justifies action in terms of the agent’s self interest •The normative view that holds that all action ought to be motivated by self interest •Consequentialist theory because the action is evaluated relative to the consequences generated relative to the agent Utilitarianism: •Consequentialist theory because it holds that we ought to do what has the best consequence • The scope of relevant consequences is broader – utilitarian counts the well- being of all persons • Jeremy Bentham was the first philosopher to systematically develop the theory - the morally right action was the action which produced the greatest amount of pleasure or happiness overall (i.e the best balance of happiness over unhap
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