Reference no: EM133048432

1) Give a proper definition for the terms below:

a) Ethics

b) Business Ethics

2) Several factors influence one's ethical values. Where do ethical values come from?

3) Ethics is a system of principles that helps us tell rightfrom wrong, good from bad. Why ethics important in life.

4) There are several ethicaldilemmas faced by business people.State THREE (3) an example of an ethical dilemma currently faced by businesses?

5) Normative ethicsis 'a set of principles that guides or regulate human conduct'. Briefly explain about teleological theories.

6) In philosophies of virtue ethics, rather than an emphasis on following rules, the emphasis is on developing oneself as a good person. Describe what people should do in order to achieve a rewarding life.

SECTION B - STRUCTURE QUESTIONS.

Answer ALL questions.

Figure 1: Universally Accepted Moral Values

1) Figure 1 shows us about universally accepted moral values. A moral value is a universally accepted principle that governs the day to day living of life.

a) Give THREE (3) examples of bad values.

b) Moral Values are the worthy principles that one follows to distinguish the right from the wrong. How do moral values help us in business? Discuss it.

c) Ethics and morals relate to "right" and "wrong" conduct. Compare the differences between ethics and morality.

Figure 2: Economic Systems Spectrum

2) Figure 2 shows us about the economic systemsspectrum. There are there typesof economic system namely centrally planned economy, free market economy and mixed economy.

a) What are THREE (3) benefits of the free market?

b) A centrally planned economy seeks to control what is produced and how resources are distributed and used. Why a centrally plannedeconomy is bad for consumers?

c) Businesses face ethical issues and decisions almost every day. Discuss the challenges of ethical practices in free market system.