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ethics study guide


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THIS WAS THE FINAL LAST YEAR …SOME DUDE TOLD US THE QUESTIONS AND WE ANSWERED THEM..BUT I STILL SOMEHOW GOT B ON FINAL LOL What is your stance of businesses role in society, Why? What’s your stance’s views on layoffs in the company. - Long-term wealth model o Ways in which profits should be generated, and once generated, put to use o Profits generated not to be made at the expense of society or the environment and that they be productively reinvested for the benefit of the corporations stakeholders - Corporations obligations to society 1. Do not externalize costs onto society -Address and minimize the public costs they incur before they declare private profits 2. Do not deplete natural resources irretrievably -Preserve and renew resources so that they remain available for future generations - Why long term wealth model? Having demonstrated their worth in the marketplace, corporations’ technology and managerial innovations can transcend the life of the company to become part of society’s wealth-generating capabilities * strategies to downsizing Organizational redesign - repositioning employees, rearranging of job positions and responsibilities -If management allows, employees can offer creative alternatives to cut costs and increase productivity by this design. With different stakeholder groups, If you were running a company. A)give two options for each group B)Tell me which option you would choose and why. (1. Consumers and product safety: list two things and explain, 2. employees and discrimination I. Consumer and Product safety: 1. The Social Costs/Strict Liability - Manufacturer should pay cost of injuries due to defects in products, foreseen or unforeseen and despite exercise of due care - Matter of public policy - Injuries are externality that should be internalized Choose this one: Why? Because this view gives manufacturers incentive to work to prevent future accidents, most effective allocation of social costs associated with use of product. - Key Question: Did harm or injury result from a
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defect of the product? 2. The contract view - - Firm offers a product with certain characteristics and consumer agrees to pay a certain price for the product with those characteristics - Both parties understand agreement and neither has been deceived or unduly influenced - Manufacturers duties - Comply with term of contract - Avoid misrepresentation -
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