COMM 216 QUESTIONS AND ANSWERS
Economic system ? - Answers - arrangement of land, labour, and capital to produce,
distribute, and exchange goods and services to meet the needs and wants of people in
society
Three dominant approaches to normative theories of ethics? - Answers - Deontological
(rule-based) ethics
▪ Teleological or consequential theories ▪ Virtue ethics
Deontological Ethics - Answers - An approach to ethics that determines goodness or
rightness from examining the acts rather than from the consequences of the acts.
Individuals have a duty to do the right thing even if the consequences of another action
is preferred.
▪ "Veil of ignorance"
Teleological Ethics - Answers - ▪ Focuses on outcomes / results of actions
An approach to ethics that focuses on outcomes or results of actions.
also known as utilitarianism
Utilitarianism/consequential ? - Answers - individuals make decisions based on
consequences of an action
Virtue Ethics - Answers - Emphasizes individual's character or identity
▪ Focus on being instead of doing
▪ Morality based on development of good character traits (virtues) ▪ Assumes "good"
person will act ethically, but may lack insight into particular action ▪ Absolute rules
unlikely to apply in all situations
Legitimacy? - Answers - - belief that an institution deserves to do what it does, e.g.,
appropriateness of our (economic) business system to supply the goods and services
wanted by Canadian society
How can a business me legitimate? - Answers - must respond to the changing values
and expectations
Social licence? - Answers - allowed to operate with minimal privilege of operating in
society with minimal restrictions
- This must be earned and maintained and it is not permanent.
What are the factors influencing attitudes toward business? - Answers - - Standard of
living
▪ Decentralized decision making
▪ Allocation of resources
,▪ Self-interest
▪ Business cycle
▪ Business wrongdoing
▪ Globalization
▪ Unemployment
▪ Technological innovation
▪ Media coverage
▪ Government
How do business and society need each other? - Answers - - Must be shared values
where both business and society benefit
How does legitimacy and license help business and society? - Answers - reduces
friction and increases benefits for both
Social Contract? - Answers - set of two-way understandings that characterizes the
relationship between two major institutions
- Describes the relationship between business and society
What do schools want to integrate for business students? - Answers - Increased
demand to prepare graduates to identify and address ethical implications in business
- help them develop a moral compass and sensitivity to integrity issues
become aware of and address moral dilemmas both from a staff and student
perspective
Theory of capitalism examines what eight elements? - Answers - ▪ Right of private
property
▪ Equality of opportunity
▪ Competition
▪ Individualism and economic freedom
▪ Profits
▪ Work ethic
▪ Consumer sovereignty
▪ Role of governmen
Capitalism? - Answers - economic system allowing for private ownership of the means
of production (land, labour, and capital)
What does capitalism assume? - Answers - Assumes economic decision-making is in
hands of individuals / enterprises making decisions expecting to earn a profit
(different forms of of exist in the world)
Consumer capitalism? - Answers - Limited government involvement, open borders (+/-),
profit mentality
(Canada, Britain)
, Producer capitalism? - Answers - emphasizes production, employment and statist
policies
(France, Japan)
Social market economy? - Answers - regulated capitalist market with generous social
welfare
(Germany)
Family capitalism? - Answers - extended clans dominate business activities and control
capital flows
(Thailand, Indonesia)
Frontier capitalism? - Answers - fundamentals of business being introduced; capitalism
in beginning stages; weaker consistent rule of law
(Russia, China)
State capitalism? - Answers - economic system in which governments manipulate
market outcomes for political and social purposes
(USSR, China before 1970's)
5 pros of capitalism? - Answers - ▪ Produces wealth, promotes prosperity, ▪ Provides
greater human well-being than other economic systems
▪ Allows creative and productive forces to operate
▪ Cooperation is encouraged within the competitive market
▪ Respects freedoms (+/-), including right for individuals to pursue happiness
5 cons for capitalism? - Answers - ▪ Greed
▪ Income & wealth inequality
▪ Stagnant incomes vs. increasing CEO salaries
▪ Corporate crime and wrongdoing
▪ Environmental pollution, Climate change
▪ Market system seldom works perfectly
▪ Economic downturns
▪ Business failures
What are businesses considering to help their relationship to society? - Answers - -
Meeting humanity's needs without harming future generations
- Progressive and innovative responses to social, ethical, and environment
responsibilities constitute a valuable intangible asset.
- Executives must have skills and competencies to manage these additional
responsibilities successfully.
Integrity? - Answers - The appropriateness of a corporation's behaviour and its
adherence to moral guidelines acceptable to society such as honesty, fairness, and
justice.
- Similar to acting ethically
Economic system ? - Answers - arrangement of land, labour, and capital to produce,
distribute, and exchange goods and services to meet the needs and wants of people in
society
Three dominant approaches to normative theories of ethics? - Answers - Deontological
(rule-based) ethics
▪ Teleological or consequential theories ▪ Virtue ethics
Deontological Ethics - Answers - An approach to ethics that determines goodness or
rightness from examining the acts rather than from the consequences of the acts.
Individuals have a duty to do the right thing even if the consequences of another action
is preferred.
▪ "Veil of ignorance"
Teleological Ethics - Answers - ▪ Focuses on outcomes / results of actions
An approach to ethics that focuses on outcomes or results of actions.
also known as utilitarianism
Utilitarianism/consequential ? - Answers - individuals make decisions based on
consequences of an action
Virtue Ethics - Answers - Emphasizes individual's character or identity
▪ Focus on being instead of doing
▪ Morality based on development of good character traits (virtues) ▪ Assumes "good"
person will act ethically, but may lack insight into particular action ▪ Absolute rules
unlikely to apply in all situations
Legitimacy? - Answers - - belief that an institution deserves to do what it does, e.g.,
appropriateness of our (economic) business system to supply the goods and services
wanted by Canadian society
How can a business me legitimate? - Answers - must respond to the changing values
and expectations
Social licence? - Answers - allowed to operate with minimal privilege of operating in
society with minimal restrictions
- This must be earned and maintained and it is not permanent.
What are the factors influencing attitudes toward business? - Answers - - Standard of
living
▪ Decentralized decision making
▪ Allocation of resources
,▪ Self-interest
▪ Business cycle
▪ Business wrongdoing
▪ Globalization
▪ Unemployment
▪ Technological innovation
▪ Media coverage
▪ Government
How do business and society need each other? - Answers - - Must be shared values
where both business and society benefit
How does legitimacy and license help business and society? - Answers - reduces
friction and increases benefits for both
Social Contract? - Answers - set of two-way understandings that characterizes the
relationship between two major institutions
- Describes the relationship between business and society
What do schools want to integrate for business students? - Answers - Increased
demand to prepare graduates to identify and address ethical implications in business
- help them develop a moral compass and sensitivity to integrity issues
become aware of and address moral dilemmas both from a staff and student
perspective
Theory of capitalism examines what eight elements? - Answers - ▪ Right of private
property
▪ Equality of opportunity
▪ Competition
▪ Individualism and economic freedom
▪ Profits
▪ Work ethic
▪ Consumer sovereignty
▪ Role of governmen
Capitalism? - Answers - economic system allowing for private ownership of the means
of production (land, labour, and capital)
What does capitalism assume? - Answers - Assumes economic decision-making is in
hands of individuals / enterprises making decisions expecting to earn a profit
(different forms of of exist in the world)
Consumer capitalism? - Answers - Limited government involvement, open borders (+/-),
profit mentality
(Canada, Britain)
, Producer capitalism? - Answers - emphasizes production, employment and statist
policies
(France, Japan)
Social market economy? - Answers - regulated capitalist market with generous social
welfare
(Germany)
Family capitalism? - Answers - extended clans dominate business activities and control
capital flows
(Thailand, Indonesia)
Frontier capitalism? - Answers - fundamentals of business being introduced; capitalism
in beginning stages; weaker consistent rule of law
(Russia, China)
State capitalism? - Answers - economic system in which governments manipulate
market outcomes for political and social purposes
(USSR, China before 1970's)
5 pros of capitalism? - Answers - ▪ Produces wealth, promotes prosperity, ▪ Provides
greater human well-being than other economic systems
▪ Allows creative and productive forces to operate
▪ Cooperation is encouraged within the competitive market
▪ Respects freedoms (+/-), including right for individuals to pursue happiness
5 cons for capitalism? - Answers - ▪ Greed
▪ Income & wealth inequality
▪ Stagnant incomes vs. increasing CEO salaries
▪ Corporate crime and wrongdoing
▪ Environmental pollution, Climate change
▪ Market system seldom works perfectly
▪ Economic downturns
▪ Business failures
What are businesses considering to help their relationship to society? - Answers - -
Meeting humanity's needs without harming future generations
- Progressive and innovative responses to social, ethical, and environment
responsibilities constitute a valuable intangible asset.
- Executives must have skills and competencies to manage these additional
responsibilities successfully.
Integrity? - Answers - The appropriateness of a corporation's behaviour and its
adherence to moral guidelines acceptable to society such as honesty, fairness, and
justice.
- Similar to acting ethically
