BUS 100 Chapter Notes - Chapter 3: Deepwater Horizon Oil Spill, Corporate Social Responsibility, Business Ethics

• School: UFV
• Department: Business Administration
• Course: BUS 100
• Professor: Kim Milnes

Document Summary

Ethics in the workplace: ethics are beliefs about what is right and wrong/good or bad (aka values and morals, business ethics refers to ethical or unethical behaviours by a manager or employee of a business. Individual ethics begin to form as a child, and standards affected by goal (i. e. money, family: managerial ethics = standards of behaviour that guides managers in work, behaviour towards employees. Hiring, firing, wages, working conditions, privacy, respect. Conflict of interest is activity that benefits the employee at expense of employer. Controlled by restrictions on accepting gifts, designers selling company secrets, etc. Other issues: stealing supplies, padding expenses account: behaviour towards other economic agents. Managers must be ethical with advertising, financial disclosure, ordering/purchasing Pharmaceutical companies criticized for high 16154, claim cost needed for r&d (1) some say solution is to find balance btwn price gouging and reasonable prices. Business 100 (1) utility norm says managers benefit from padding expenses, but does not respect rights of others.