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Chapter 1. An Introduction to the Fundamentals of Dynamic Business Law and Business Ethics. Business Law. Definition: Enforceable rules of conduct that govern commercial relationships. Functional Areas of Business Affected By Business Law. Corporate Management Production and Transportation

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Chapter 1

Chapter 1

An Introduction to the Fundamentals of Dynamic Business Law and Business Ethics


Business law

Business Law

Definition: Enforceable rules of conduct that govern commercial relationships


Functional areas of business affected by business law

Functional Areas of Business Affected By Business Law

Corporate Management

Production and Transportation

Marketing

Research and Development

Accounting and Finance

Human Resource Management


Purposes of the law

Purposes of the Law

Providing order

Serving as an alternative to altercation

Facilitating a sense that change is possible

Encouraging social justice

Guaranteeing personal freedoms

Serving as a moral guide


Classification of law

Classification of Law

  • Private Law: Involves disputes between private individuals or groups

  • Public Law: Involves disputes between private individuals or groups and their government


Classification of law1

Classification of Law

  • Civil Law: Involves the rights and responsibilities involved in relationships between persons and between persons and their government

  • Criminal Law: Involves incidents in which someone commits an act against the public as a whole


Sources of business law

Sources of Business Law

Constitutions

Statutes

Cases

Administrative Law

Treaties

Executive Orders


Major federal administrative agencies independent

Major Federal Administrative Agencies (Independent)

Commodity Futures Trading Commission

Consumer Product Safety Commission

Equal Employment Opportunity Commission

Federal Trade Commission

Federal Communications Commission

Interstate Commerce Commission

National Labor Relations Board

National Transportation Safety Board

Nuclear Regulatory Commission

Securities and Exchange Commission


Major federal administrative agencies executive

Major Federal Administrative Agencies (Executive)

Federal Deposit Insurance Corporation

Occupational Safety and Health Administration

General Services Administration

National Aeronautics and Space Administration

Small Business Administration

International Development Cooperative Agency

National Science Foundation

Veterans Administration

Office of Personnel Management


Schools of legal interpretation

Schools of Legal Interpretation

Natural Law

Legal Positivism

Identification with the Vulnerable

Historical School: Tradition

Legal Realism

Cost-Benefit Analysis


Business ethics and social responsibility

Business Ethics and Social Responsibility


Business ethics and social responsibility1

Business Ethics and Social Responsibility

Ethics: The study and practice of decisions about what is good or right

Business Ethics: The application of ethics to the problems and opportunities experienced by businesspeople

Ethical Dilemma: A problem about what a firm should do for which no clear, right decision is available

Social Responsibility of Business: Expectations that the community imposes on firms doing business inside its borders


The wph process of ethical decision making w who stakeholders

The “WPH” Process of Ethical Decision Making: W—WHO (Stakeholders)

Consumers

Owners or Investors

Management

Employees

Community

Future Generations


The wph process of ethical decision making p purpose values

The “WPH” Process of Ethical Decision Making: P—PURPOSE (Values)

Freedom

Security

Justice

Efficiency


Primary values and business ethics freedom

Primary Values and Business Ethics: Freedom

To act without restriction from rules imposed by others

To possess the capacity or resources to act as one wishes

To escape the cares and demands of this world entirely


Primary values and business ethics security

Primary Values and Business Ethics: Security

To possess a large enough supply of goods and services to meet basic needs

To be safe from those wishing to interfere with your property rights

To achieve the psychological condition of self-confidence such that risks are welcome


Primary values and business ethics justice

Primary Values and Business Ethics: Justice

To receive the products of your labor

To treat all humans identically, regardless of race, class, gender, age, and sexual preference

To provide resources in proportion to need

To possess anything that someone else was willing to grant you


Primary values and business ethics efficiency

Primary Values and Business Ethics: Efficiency

To maximize the amount of wealth in society

To get the most from a particular output

To minimize costs


The wph process of ethical decision making h how guidelines

The “WPH” Process of Ethical Decision Making: H—HOW (Guidelines)

The Golden Rule

Public Disclosure Test

Universalization Test


Six ways to interpret the golden rule

Six Ways To Interpret “The Golden Rule”

Do to others as you want them to gratify you

Be considerate of others’ feelings as you want them to be considerate of yours

Treat others as persons of rational dignity like you

Extend brotherly or sisterly love to others, as you would want them to do to you

Treat others according to moral insight, as you would have others treat you

Do to others as God wants you to do to them


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