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Comment on the following statement: "If a business is making money and paying the stockholders, it doesn't really matter if its practices are ethical as long as they do not violate any laws."

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Kristelle Balando
Kristelle BalandoLv10
29 Sep 2019

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Related questions

After you have read the article the "Top Ten Principles" from below, identify any five business ethics principles that you feel are the most important and why? How do these principles relate to either your either internship, place of employment, or at your College - please provide examples?

1. Business Ethics are built on Personal Ethics. There is no real separation between doing what is right in business, and playing fair, telling the truth and being ethical in your personal life.

2. Business Ethics are based on Fairness. Would a dis-interested observer agree that both sides are being treated fairly? Are both sides negotiating in good faith? Does each transaction take place on a "level playing field"? If so, the basic principles of ethics are being met.

3. Business Ethics require Integrity. Integrity refers to whole-ness, reliability and consistency. Ethical businesses treat people with respect, honesty and integrity. They back up their promises, and they keep their commitments.

4. Business Ethics require Truth-telling. The days when a business could sell a defective product and hide behind the "buyer beware" defense are long gone. You can sell products or services that have limitations, defects or are out-dated, but not as first-class, new merchandise. Truth in advertising is not only the law, business ethics require it.

5. Business Ethics require Dependability. If your company is new, unstable, about to be sold, or going out of business, ethics requires that you let clients and customers know this. Ethical businesses can be relied upon to be available to solve problems, answer questions and provide support.

6. Business Ethics require a Business Plan. A company's ethics are built on its image of itself and its vision of the future and its role in the community. Business ethics do not happen in a vacuum. The clearer the company's plan for growth, stability, profits and service, the stronger its commitment to ethical business practices.

7. Business Ethics apply Internally and Externally. Ethical businesses treat both customers and employees with respect and fairness. Ethics is about respect in the conference room, negotiating in good faith, keeping promises and meeting obligations to staff, employers, vendors and customers. The scope is universal.

8. Business Ethics require a Profit. Ethical businesses are well-run, well-managed, have effective internal controls, and clear expectations of growth. Ethics is about how we live in the present to prepare for the future, and a business without profits (or a plan to create them) is not meeting its ethical obligations to prepare for the future well-being of the company, its employees and customers.

9. Business Ethics are values-based. The law, and professional organizations, must produce written standards that are inflexible and universal. While they may talk about "ethics", these documents are usually prescriptive and refer to minimal standards. Ethics are about values, ideals and aspirations. Ethical businesses may not always live up to their ideals, but they are clear about their intent.

10. Business Ethics come from the Boss. Leadership sets the tone, in every area of a business. Ethics are either central to the way a company functions, or they are not. The executives and managers either lead the way, or they communicate that cutting corners, deception and dis-respect are acceptable. Line staff will always rise, or sink, to the level of performance they see modeled above them. Business ethics starts at the top.

Ethics is about the quality of our lives, the quality of our service, and ultimately, about the bottom line. An unhappy customer complains to an average of 16 people. Treating employees, customers, vendors and the public in an ethical, fair and open way is not only the right thing, in the long run, it's the only way to stay in business.

Does Grade Inflation Really Matter?

Consider the following article on Grade Inflation.

Article source: http://www.slate.com/articles/life/do_the_math/2002/10/dont_worry_about_grade_inflation.html

The author argues that, in fact, it is not a big deal - and that the general public has made much ado about nothing over the issue.

Your task is to address this issue: Is it a big deal or not? When doing so, please address the following questions:

1. What statistical concept is the author referring to when he makes the argument that grade inflation is no big deal?

2. What is the meaning and purpose of a grading system?

3. Why doesn't our university use a +/- system like - almost - everyone else? (but focus solely on this issue as previous semesters have).

4. What type of grading system would you prefer?

(Please help with whatever you can. I don't really understand these concepts and they are not in my book)

Question 1

During a crisis such as Hurricane Katrina, governments often make it illegal to raise the price of emergency items like flashlights and bottled water. In practice, this means that these items get sold on a first-come, first-served basis. If a person has a flashlight that she values at $5, but its price on the black market is $40, what gains from trade are lost if the government shuts down the black market?

$30

$35

$40

Indeterminant with the given information.

2 points

Question 2

Which of the following is an example of a price floor?

A sale price with a limit on the quantity you can purchase.

Rent-controlled apartments

Predatory pricing designed to put a competitor out of business.

The minimum wage

2 points

Question 3

Airline regulation of the 1970s produced a similar result to which of the following government interventions?

The Affordable Care Act

Minimum wage laws

Rent control laws

Communism

2 points

Question 4

Which of the following is a possible effect of a price ceiling?

A surplus of the good.

Increases in product quality.

Increased gains from trade.

People will waste time in lines waiting to purchase the good.

2 points

Question 5

What is a price ceiling?

A minimum price consumers are willing to pay.

A minimum price allowed by law.

A maximum price allowed by law.

A maximum price consumers are willing to pay.

2 points

Question 6

Why are the long lines generated by a shortage worse than paying a higher price in money?

It is not better or worse. Paying in time and paying in money are essentially the same in a market economy.

Paying with time reduces the value of money, and prevents valuable trades from occurring.

Waiting in line is a waste of a valuable resource: time. Paying a price in money transfers the value of resources from one person to another, and maximizes the value of resources.

Paying with time gives those who do not work an advantage over those who do.

2 points

Question 7

Which of the following is a possible effect of a price floor?

The quantity supplied exceeds the quantity demanded.

Increased gains from trade.

Decreases in product quality.

A shortage of the good.

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