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MGMT 1040
William(bill) Woof

Chapter 1 [Individual determinants of Moral Standards] 1. Personal Goals: our expectations of outcomes. Including material possessions, lifestyle preferences, personal goods and social aims. 2. Personal Norms: expectations of behavior. The way we expect to act and the ways in which we expect others to act in given situations. It is different from moral standards wince it doesn’t associate with “right” or “wrong.” 3. Personal beliefs: the ways we expect to think, and the ways in which we expect others to think, about given situations. It supports our norms, and norms usually lead to our goals. Ex) you believe smoking will cause cancer. 4. Personal Values: the ways we judge the relative importance of what we want to have. Priorities among goals, norms, and beliefs. - 4 determinants will be affected from cultural and religious tradition as well as the economic and social situation of the person. [Recognize the Moral Impacts] 1. Benefits: whose well-being will be substantially improved by the present or proposed action. Focus on material or financial or personal benefits to identifiable groups of people. 2. Harms: whose well-being will be substantially harmed by the present or proposed action. 3. Rights: whose right will be exercised and made more certain by the present or proposed action. 4. Wrongs: whose rights will be denied and made less certain by the present or proposed action. Make certain that there is a clear right or claim of someone to do something important that is being denied, not just a general desire to do something beneficial. [Determine the Economic Outcomes] - It is the net balance of benefits over costs for the full society, given that the values of those benefits and costs are determined by all of the people within that full society, acting through open and free markets (Pareto Optimality). - 3 easy dictums for economic outcomes: 1. More is better than less 2. Specifically, more is better than less when that “more”consists of what ppl really want 3. And even more specifically, that more of what ppl really want is better than less when that “more” is produced as efficiently as possible by using as little as possible for what ppl least want. [Pareto Optimality] - The greatest possible economic benefits at least possible economic costs.
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