In This Assignment You Demonstrate Your Understanding Of The

In This Assignment You Demonstrate Your Understanding Of the Material

In this assignment, you demonstrate your understanding of the material after you have utilized all of the learning tools in this module, including reading materials, videos, quizzes, and discussions. You should be able to demonstrate understanding of how law is not the only basis for making business decisions and how ethics influences business choices. The review questions provided serve as a substitute for an 8-question final exam at the end of the course. You are instructed to answer these questions as if they were part of your final exam. Please review the document titled "Sample Module Review with comments" for guidance.

Answer the following questions:

1. Explain, using examples, how law and ethics may affect you in business. (Hint: Define ethics. Explain, with examples, how ethics will affect your conduct in business. Consider whether you would or would not do business with certain individuals based on what you know about their ethics. Next, define law and provide examples of how legal considerations may impact your business decisions.)

2. Rate your own performance on this module. Reflect on what you did well and identify areas where you can improve.

Paper For Above instruction

Understanding the influence of law and ethics in business is crucial for making informed and morally sound decisions. While legal frameworks establish the minimum standards for conduct, ethics guide individuals and organizations towards morally appropriate actions that often exceed legal requirements. Both play significant roles in shaping business practices and relationships.

Ethics, in a business context, refers to the moral principles that govern the behavior of individuals and organizations. It involves judging what is right or wrong based on societal norms, personal values, and organizational standards. For example, a business owner choosing to source products ethically, even if it's more costly, demonstrates an ethical commitment to fair labor practices. Similarly, honesty in advertising or transparency with customers reflects ethical behavior, fostering trust and reputation.

Consider the scenario of a retailer deciding whether to sell expired products. Although legally permissible if regulations are met, selling expired goods may be considered unethical because it compromises consumer safety and trust. Conversely, a company that voluntarily recalls a defective product, even before legal obligation, shows ethical responsibility and prioritizes consumer safety over profit.

Law influences business decisions by establishing legal rights and obligations that ensure fair dealing and protect stakeholders. For instance, laws related to contracts enforce agreements and provide remedies in case of breaches. An example is complying with tax laws to avoid legal penalties. Laws also govern employment practices, such as minimum wage and anti-discrimination statutes, which companies must adhere to when hiring and managing employees.

Legal considerations often serve as a baseline, but ethical considerations can propel businesses to go beyond compliance. For example, a company might choose to implement environmentally sustainable practices not only because they are legally required but because they align with ethical commitments to environmental stewardship.

In my own experience, I have observed that ethical considerations often influence customer interactions and brand reputation. For instance, being honest about product capabilities and transparent about business practices fosters trust. Legally, adhering to employment laws ensures fair treatment of staff and mitigates legal risks.

Reflecting on my performance throughout this module, I believe I excelled at understanding the distinctions between law and ethics and applying real-world examples. My critical thinking about ethical dilemmas gave me clarity on the importance of moral principles in business. To improve, I aim to deepen my understanding of complex legal regulations that impact specific industries, as well as explore how ethical theories directly inform business strategies.

References

  • Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2020). Business Ethics: Ethical Decision-Making & Cases. Cengage Learning.
  • Crane, A., & Matten, D. (2016). Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization. Oxford University Press.
  • Boatright, J. R. (2013). Ethics and the Conduct of Business. Pearson.
  • Hopkins, J. (2018). Business Ethics: Responsible Decision-Making and Cases. John Wiley & Sons.
  • Shaw, W. H., & Barry, V. (2016). Moral Issues in Business. Cengage Learning.
  • Russell, B. (2020). Ethics in Business: A Philosophical Perspective. Routledge.
  • Jones, T. M. (2019). Ethical Theory and Business. Pearson.
  • Harvard Business Review. (2019). How Business Leaders Can Reconcile Law and Ethics. Harvard Business Publishing.
  • Donaldson, T., & Werhane, P. H. (2019). Ethical Issues in Business: A Philosophical Approach. Routledge.
  • Carroll, A. B. (2019). Business and Society: Ethics, Sustainability, and Stakeholder Management. Cengage Learning.

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