Read the summary and the most important questions on BSNS111

• 7 week 8 - Ethics and Management

• 7.1.1 15

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• 1. The three models of ethical management (immoral, moral, and amoral) provide only one "good" example--that of moral management. However, the Mind-tap readings imply that immoral and amoral management are prevalent in our society, while moral management is practiced less. Explain and justify what you believe is the bigger problem in our society, immoral or amoral management?

  • Hint: Consider when the legal factors come into play (which it might be argued are designed to capture deliberately unethical acts.

• 2. Discuss the relevance of one's motivations to his or her ethical actions.

  Hint: Consider whether your ethics are motivated by consequence, intention or virtue

• 8 Study

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• What is the Stake Holder Model?

  A model that states the activities of businesses affects "Stakeholders" around them. It is split into Primary Stakeholders and Secondary Stakeholders

• What is a Primary Stakeholder?

  This consists of communities, governments, customers and employees. People who are first hand effected by a business.

• What is a Secondary Stakeholder?

  Secondary Stakeholders are the future generations, political parties, trade associations, suppliers/competitors. People who are not immediately affected by the business but they are still affected in the long run.

• What are key features and assumptions made about Capitalism?

  It allows creation of companies or business organisations that exist separately from the people associated with them, assumes that human beings are economic creatures who are motivated by their own monetary interests.

• What are the Seven Pillars of Capitalism?

  The seven are Competition, Invisible Hand, Utility, Agency Theory, Pricing, Shareholder Value, Limited Liability.

• What is Agency Theory?

  Assumes that shareholders and managers goals are misaligned and need to be aligned with the correct goals.

• What is Ethnocentrism Fallacy?

  It is the study of other cultures in the study of their mistakes.

• What is Relativist Fallacy?

  It is beliefs or behaviours are wrong.