MBA 5300 || A+ Guaranteed Solutions

Explain the difference between law and ethics correct answers Laws: A system of principles and rules of human conduct. In a business setting, law represents the "rules of the game," the framework for business operations and decision making. Legal compliance is risk management. Ethics: Externally imposed guidelines for behavior that is considered right or wrong. This includes an individual's, an organization's, or a profession's (e.g., attorneys, physicians, accountants) code of ethics. Morals: Broad guides to action that allow people to live cooperatively in groups. The basis for how an individual or a society judges what is right or wrong. Morals historically have been closely connected to the world's religious and philosophical traditions, but moral behavior is also important in the secular world. Your morality emerges from your values. Explain the difference among these positions: moral absolutism, moral pluralism, and moral relativism correct answers Moral Absolutism: Belief in absolute standards of right and wrong behavior, regardless of context—universal principles by which all peoples may be judged. For example, variations on the "Golden Rule" are found in nearly all of the world's major religions. But in reality, moral principles vary greatly among cultures, religions, and nations. Moral Pluralism: Belief in tolerance of others' moral principles, but without concluding that all views are equally valid—competing values may not provide a definitive answer about what is right. (This is different from taking an amoral perspective or being indifferent to questions of right or wrong. This is also different from condoning immoral or "evil" acts.) Moral Relativism: Belief that there are no absolute moral values, and, therefore, we must accept each other's differing values. But many philosophers disagree that we cannot condemn practices like bribery, even if they may be culturally accepted in one society. Define what we mean by a norm correct answers Norms: Shared standards of behavior for individuals, groups, or an organization Define what we mean by values correct answers Values: Broad guides to action based on deeply held convictions about good and bad. Values stem from our beliefs. For example, if you believe in the American Dream, you may value wealth. Define what we mean by beliefs correct answers Beliefs: Ideas about the world that we believe to be true (these may be empirically and non-empirically verifiable). For example, you may believe that hard work is rewarded (the American Dream). Explain how culture becomes institutionalized in society or an organization correct answers Social relations and culture become "institutionalized". Social "institutions" are non-instinctive (i.e., they are created by humans), normative (patterns of behavior that are shared), and are implemented through a system of rewards/punishments.