BUSIN 111Final part 1 (a document to help you excel in your studies)

1) What is the difference between the common good as Catholic Social Teaching defines it and the greatest good for the greatest number for utilitarian ethical reasoning and cost benefit analysis. (20 points)  The com ...

1) What is the difference between the common good as Catholic Social Teaching defines it and the greatest good for the greatest number for utilitarian ethical reasoning and cost benefit analysis. (20 points)  The common good means contributing goods and services to other, responsible for others, everyone meets their needs and realizes their protentional. For example, creating an unhealthy dessert that tastes really good for a group of people. From an utilitarian perspective it can be looked at as contributing to the common good…. From another point of view is it really contributing to the common good if it doesn’t contribute good to a health, instead it is harming the common good. 2) How does business contribute to the common good? How does business harm the common good? (Give an example of a company for each). (15 points)  A business can contribute to the common good by producing good products to consumers. For example, a natural disaster happens within the region and consumers are in high demand for firewood.  To contribute to the common good suppliers (ex. hardware stores) will lower the prices for the sake of consumers high demand for safety of their homes  Business can harm the common good by raising their prices to increase their profit knowing there is a high demand during this short time span of safety for a natural disaster  Common good explains that we are responsible for each other, raising prices of products in need will harm the common good. 3) Explain the three differences between Islamic finance and conventional finance. (12 points) -Can’t engage in sinful goods and services. No gambling no alcohol -Must be tied to something real. Never be a derivative if you follow theory, profit and loss. Can’t bundle the mortgages because there wouldn’t be anything real under that. -Islamic finance- interest is prohibited, instead requires on principle of profit and loss sharing to manage risk. Conventional- has interest. Time value is basis for charging interest on capital 4) Make an argument against insider trading applying one of the ethical theories we have learned. (10 points) -Argument for insider trading protection, confidentiality argument. Employees who disclose trade secrets to others use them themselves are guilty of violating an obligation of This study source was downloaded by 100000826007268 from CourseHero.com on 05-14-2021 16:56:46 GMT -05:00 https://www.coursehero.com/file/37106357/Final-part-1docx/ This study resource was shared via CourseHero.com Benedictine University Final MGT/THEO 252 Fa 2017 confidentiality. Employees agree as a condition of employment to become “agents” of an employer and be bound by the duty that agents have to preserve confidentiality of certain information. -Employees have a duty, a moral obligation to perform an act that is right regardless of the consequences. If an employee previously worked at company A, who now works for company B due to unbiased reasoning, that employee shouldn’t disclose any secrets of within the company to company B, regardless of the consequences. -Employers are forming good character (virtue ethics) and trusting their employees and former employees to keep certain information a secret and trusting them to do that right thing. 5) Does it matter that Google uses information about you to place ads and alter the search result order? Why or why not. Name and apply an ethical theory to justify your answer. (10 points)  In theory, it should matter that Google uses information about us to place ads, in a way it interferes with our privacy. I think as technology evolves more, we sacrifice our privacy because of how easy it is for others to gain information, even demographic information so quickly to use it for ads. As it may not seem ethical, it’s the way of how some businesses operate in order to achieve more sales. If consumers find more of what they like or what they are looking for (especially if it’s easier to find products this way) they are more likely to come back to Google (or wherever) and consume more.  While it helps businesses gain more attention on products to the correct consumers who are interested, also violates our trust through virtue ethics because most of us aren’t fully aware of what Google is doing. The amount of information that Google knows about an average consumer is insane and quiet frightening. Consumers believe that Google is so famous, and we automatically gain loyalty and trust for Google to form good character and allowing their consumers to trust Google in order of doing the right thing. Most consumers seem to be blinded by that, and neglect the fact that Google is performing these actions.  Although the situation isn’t ethical, there isn’t a law that is involved. So that draws a blurry line between ethics and the written law, allowing Google to do this to make ads in order to receive a better profit and reaching out to its consumers. As an opposing argument, these companies have a duty of making profit for their company to survive in this market. If they aren’t breaking the law, they can perform these actions even though not every consumer is aware or approves of these unethical actions. In the eyes of a company, the duty is to achieve profit which is “right” in that scenario, regardless of the consequences (which is violating the privacy of the consumers). o This is built in the ways of companies for marketing because it is more convincement. All technologies have been linked, Google auctions it off