BCOR 2302 QUIZ 3 Latest 2023 Graded A

Document Content and Description Below

BCOR 2302 QUIZ 3 Latest 2023 Graded A What is the institutionalization of business ethics? Explicitly articulating moral standards and embedding them- via specific programs, structures, and institu... tions- in the culture of organizations, industries, and economies How does this process help to explain why you are taking this class? Help to explain how company's implement their ethical decision making What is the difference between implicit and explicit ethics in the workplace? implicit: assumed underlying things, to become implicit the company needs to be explicitly to say and do moral standards Explicit: -education -employee training -employee dos and don'ts -mission statement What are the three different kinds of standards that can be instilled through the institutionalization of business ethics? 1. Vales of the company 2. Norms 3. Artifacts Values on the company Statement or assumed in the company norms normative ethics, rules on how we function Artifacts Written down rules on how businesses will operate ethically Typically, when a company is doing something that many members of the public regard as irresponsible or unethical, society offers the business a 'carrot' and a 'stick.' What do these two items represent in the business world? Carrot: reward good societal things -BCOr or non gmo ingredience will lead to public support Stick: if the company does not self regulate, we can motivate with legislation What are the two primary failures to which public policy is a response? 1. Failure to institutional business ethics 2. market failure What is a market failure? a situation in which a market left on its own fails to allocate resources efficiently to create social benefit Identify five different kinds of market failure, with examples of each from corporate life. 1. Monopoly 2. Monopsony 3. Overproduction of negativ [Show More]

Last updated: 1 year ago

Preview 1 out of 22 pages