Ethics

Scribe Post: Ethics

9/8/2010

In class today we finished Ch.1 and began Ch.2. At The End of Ch.1 lecture we discussed different ways of exchanging goods. The topics are as follows:

Barter System: goods in exchange for other raw goods

Domestic System: goods produced within a home

Factory System: goods produced within a factory

Specialization: separate different tasks to different people

We also discussed sustainability, meeting the needs of the present without compromising the ability of future generations to meet their own needs.

In Ch.2 the class covered the principles of Ethics in business. We discussed how morality is important to business in different sectors of business, and how it has improved through out the years. The topics covered are as follows:

Protect the Consumer: businesses are now responsible of the safety, information, choice, complaints and concerns, and service of the consumer. The consumer has buying power which makes them important to industry. So rights of the consumer are necessary.

Protect the Employee: businesses are also responsible for the safety, fairness, dealing with discrimination, and working condition of their employees. We talked of two organizations that help with the protection of employees: the EEOC, equal employment opportunity commission, and OSHA occupational safety and health administration.

Protect the Environment: businesses are responsible for their impact on the environment. may be liable for clean air, noise control, water pollution, oil pollution, etc.

We also talked about big firms and how its necessary for them to be responsible for society. In the early 1900s the policy was more of "buyer beware," but since the great depression and many drastic changes to the economy, instead of the government trying to solve the issues of society businesses have started to play a bigger role in being efficient and being green. It's important for business to play a role in society (other than dealing with their clients/consumers) because large corporations have an effect on the GDP of our country. If a business can effect the economy and generate considerable income I believe they should have Social Responsibility.