Business Finance Homework Help

Discussion

Using the definition in course readings define Ethics, Business Ethics and Corporate Social Responsibility. The course text identifies the following approaches to ethical principles for individuals and businesses; Utilitarianism, Universalism, a Rights Approach, Justice, Virtue, Common Good and Ethical Relativism.  Identify your approach of choice and explain why you prefer it.

Links to Reading Material Below.

https://cnx.org/contents/w6yyq31c@8.80:JaKv7fV9@5/…

https://cnx.org/contents/w6yyq31c@8.80:vneCJigG/5-…

Read and respectfully reply to your classmates’ posts to create dialogue and further learning.

First Peer Below

Ethics is how we live our lives and treat others as well as how we use our own personal morals and values to make decisions. It is what guides us to right and wrong. Business ethics is how we apply ethics into making real world and business decisions. Corporate social responsibility refers to practices and policies undertaken by corporations that are intended to have a positive influence on the world while also maintaining profits.

I chose Common Good. Common Good takes the effects of decisions and actions into consideration not only for themselves but also for the common good of many individuals. I chose this approach because it seems extremely relevant in today’s world and something many people overlook when making choices. One example I will use is here in Michigan the mask mandate has been lifted as of yesterday. Businesses were faced with a decision of continuing these mandates in their business or not keeping a mandate in place. One aspect that could have been taken into consideration for this choice is the common good. While completely dropping the mask mandate could lead to a certain group of customers being happy to come in mask free, keeping the mask mandates protects the business’s employees and customers from the spread of coronavirus which would be more beneficial for the common good.

Second peer below

Ethics – is how we act, live, lead our lives, and treat others

Business Ethics – The area of applied ethics that focuses on real-world situations and the context and environment in which transactions occur.

Corporate Social Responsibility (CSR) – a belief that corporations have a social responsibility beyond pure profit involves firms taking action to help people and the environment.

My approach of choice and preference is the Justice principle and Common Good approach. I like to be fair to everyone and try to make the best decisions that will help and be beneficial to everyone in the short and long run. For example, when an organization makes changes, employees are affected and may do some harm if it is not implemented correctly. Making it fair for employees to address needs, obligations, and encouraging them to take responsibility would be important to prevent any work environment disasters. Working through a common goal can be beneficial to a workplace to achieve the highest potential and act more ethically.