Ethical Decision-Making in Business

The video discusses business ethics and social responsibility, focusing on how individuals and companies make ethical decisions. It covers ethical dilemmas, where choices between equally ethical options must be made, and ethical decisions, which involve choosing between right and wrong. The video also explores how companies can foster an ethical culture and balance the interests of various stakeholders.

What are business ethics primarily concerned with?

• Maximizing profits at any cost

• Applying moral principles to business practices

• Following legal regulations strictly

• Avoiding competition in the market

In an ethical dilemma, what is a key characteristic of the choices available?

• There is only one correct choice

• All choices are ethically appropriate

• All choices are financially beneficial

• All choices are illegal

What might create an ethical dilemma for a company with declining sales?

• Increasing employee salaries

• Laying off employees with severance pay

• Expanding into new markets

• Hiring more staff

What is a common challenge in making ethical decisions?

• Clear guidelines from management

• Strong incentives to make the wrong choice

• No perceived consequences

• Lack of available options

What is an 'ethical lapse'?

• A situation where no ethical choice is available

• A failure to make the right ethical choice

• A decision that benefits everyone involved

• A choice that is both ethical and profitable

How can companies encourage ethical behavior among employees?

• By ignoring unethical behavior

• By establishing a culture that values ethics

• By rewarding only financial success

• By focusing solely on profit

What is a key responsibility of an ethical company?

• Maximizing shareholder profits

• Focusing only on customer satisfaction

• Balancing the interests of all stakeholders

• Avoiding any form of competition

What does it mean for a company to act as a good corporate citizen?

• Avoiding any form of social responsibility

• Focusing solely on legal compliance

• Considering responsibilities to all stakeholders

• Prioritizing profits over all else

What should companies do to maintain ethical behavior?

• Balance conflicting concerns

• Avoid transparency in decision-making

• Ignore stakeholder concerns

• Focus only on short-term gains

What is the purpose of reflecting on personal views of ethics in business?

• To justify unethical behavior

• To understand how to manipulate others

• To align personal values with ethical business practices

• To avoid making any decisions