Applied Business Law: Ethics and Our Law

1. Applied Business Law: Ethics and Our Law Chapter 2

2. GOALS • Define ethics • Describe each element of the definition • Define business ethics

3. What is Ethics? • Lisa found a $20 bill in the girl’s restroom at school. She bought her sister a gift with part of the money and put the rest of the money in her savings. • Jim found $20 in the boy’s restroom. He knows whoever lost the money would probably need it, so he turned the money in to the office. • Who is displaying more ethical behavior? • What would you do?

4. Whats your Verdict? • Has Jane made an ethical decision? • If you were in Jane’s position, what would you do? • Why so you think Jane's decision is okay? Not okay? • What do you think Jane should do with the exam she found?

5. Ethics • Deciding what is right or wrong in a reasoned, impartial manner OR part of philosophy, study of morality

6. 3 Elements: • Decision about right or wrong action • Decision is reasoned • Decision is impartial

7. 1) Decision about Right or Wrong Action • Decision to buy blue jeans with wide pant legs or narrow pant legs? • Ethical component? • Decision to discontinue medical support for an unconscious, terminally ill relative. • Ethical component? • Many decisions have little effect on other persons or yourself • To involve ethics, a decision must affect you or others in some significant way

8. 2) Reasoned Decisions • We often act in response to our ________. EMOTIONS • Ethical decision must be based on reason, not our emotions • Usually refer to a written authority that provides consistency • Law

9. 3) Impartial Decisions • Impartiality • The idea that the same ethical standards are applies to everyone • Ethics does not value one person or group of persons more than any other does • Men vs. Women • Each person is an individual and should receive equal respect and consideration from others

10. Impartial Decisions (cont) • It requires us to make ethical decisions while we balance our self-interest with the interest of others • If you hit someone’s car and no one sees you, is it ethical not to report it? • Who is affected? All of our actions affect others

11. Impartial Decisions (cont) • Particularly important when organizations and institutions are involved • “It was only the school’s property” • “Just the insurance company was cheated” • Consider how the people behind the institution are affected by the action

12. Ethical Issues/Problem Reality Check Moral Norms, Moral Standards, Company Policy, Ethical Principle Moral Judgment Situation Analysis Problem Analysis Decision Analysis Resolution Characteristics of Good Moral Standard A good moral standard is one that looks at the issues or something that is serious. A good moral standard must be grounded on good moral argument. A Good Moral Argument - an argument that always tells the truth. A Solid Moral Argument - leads no room for loop holes and counter arguments. Previous Slide Next Slide

13. In this Case • What would you have done in Gabe’s place? • Why? • What would prompt them to keep the wallet? Return the wallet?

14. Checkpoint • What must Ethical decision must be based on ? • How are Ethics reflected in law? • What is an Impartial Decision and give me an 2 examples • What are the 3 Elements of Ethics in Law: • What does Integrity means and give me 2 examples in a completed statement