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business
understanding business ethics

Questions and Answers of Understanding Business Ethics

3. What is meant by Six Sigma?Your job right now is to finish reading this chapter. How strongly would you be motivated to do that if you were sweating in a room at 105 degrees Fahrenheit?Imagine
2. What are Seventh Generation’s four sustainability goals?
1. What is the social mission of Seventh Generation?
One of the difficulties of engaging in global trade is the constant shift in exchange rates. How much do exchange rates change over a 30-day period?Research this by choosing five currencies (say, the
3. Does the entertainment industry seem like a stable option for aspiring entrepreneurs to pursue?
2. Why is the writing profession especially risky for entrepreneurs like Tom Lennon?
1. What are the risks and benefits of becoming an entrepreneur as opposed to working for others?
2. Go to the Census Bureau’s website (www.census.gov) and learn what the population of the United States is at this moment. While at the site, you may want to look up the population in your town or
1. Go to the National Taxpayers Union website (www.ntu.org). Search for“Who Pays Income Taxes? See Who Pays What.” Study the tables showing what percentage of taxes the various income groups pay.
5. Form into teams of four or five and discuss the technological and e-commerce revolutions. How many students now shop for goods and services online? What have been their experiences? What other
4. Use Yelp to find five businesses that provide services in your area. List those businesses and, for each, describe how social trends might affect them in both positive and negative ways. Be
3. What indicates that you and other people in the United States have a high standard of living? What are some signs that maintaining such a high standard of living may have a negative impact on
2. Imagine you are a local businessperson who has to deal with the issue of outsourcing. You want to begin with the facts. How many, if any, jobs have been lost to outsourcing in your area? Are there
1. Poll the class and determine which students believe that climate change is primarily caused by humans and which believe that other factors, such as climate cycles or sun spots, are the primary
5. Which of the environmental factors outlined in this chapter might have the biggest impact on your business? How?
4. Do you see any conflict between your desire to be as profitable as possible and your desire to pay employees a living wage?
3. How will you establish good relationships with your suppliers? With your employees?
2. What are some of the things you can do to benefit your community other than providing jobs and tax revenue?
1. Who will be the various stakeholders of your business?
LO 12-5 Assess some of today’s controversial employee–management issues, such as executive compensation, pay equity, sexual harassment, child care and elder care, drug testing, and violence in
LO 10-4 Distinguish between the motivators and hygiene factors identified by Herzberg.
LO 10-3 Identify the levels of Maslow’s hierarchy of needs and apply them to employee motivation.
LO 10-2 Describe the Hawthorne studies and their significance to management.
LO 10-1 Explain Taylor’s theory of scientific management.
LO 9-3 Identify various production processes and describe techniques that improve productivity, including computer-aided design and manufacturing, flexible manufacturing, lean manufacturing, mass
LO 8-6 Explain how organizational culture can help businesses adapt to change.
LO 8-5 Identify the benefits of interfirm cooperation and coordination.
LO 8-4 Contrast the various organizational models.
LO 8-3 Evaluate the choices managers make in structuring organizations.
LO 8-2 Compare the organizational theories of Fayol and Weber.
LO 8-1 Outline the basic principles of organization management.
LO 7-6 Summarize the five steps of the control function of management.
LO 7-5 Explain the differences between leaders and managers, and describe the various leadership styles.
LO 7-4 Describe the organizing function of management.
LO 7-3 Relate the planning process and decision making to the accomplishment of company goals.
LO 7-2 Describe the four functions of management.
LO 10-5 Differentiate among Theory X, Theory Y, and Theory Z.
LO 10-6 Explain the key principles of goal-setting, expectancy, reinforcement, and equity theories.
LO 12-4 Describe the tactics used by labor and management during conflicts, and discuss the role of unions in the future.
LO 12-3 Outline the objectives of labor unions.
LO 12-2 Discuss the major legislation affecting labor unions.
LO 12-1 Trace the history of organized labor in the United States.
LO 11-10 Describe how employees can move through a company:promotion, reassignment, termination, and retirement.
LO 11-9 Demonstrate how managers use scheduling plans to adapt to workers’ needs.
LO 11-8 Summarize the objectives of employee compensation programs, and evaluate pay systems and fringe benefits.
LO 11-7 Trace the six steps in appraising employee performance.
LO 11-6 Illustrate employee training and development methods.
LO 11-5 Outline the six steps in selecting employees.
LO 11-4 Describe methods that companies use to recruit new employees, and explain some of the issues that make recruitment challenging.
LO 11-3 Summarize the five steps in human resource planning.
LO 11-2 Illustrate the effects of legislation on human resource management.
LO 11-1 Explain the importance of human resource management, and describe current issues in managing human resources.
LO 10-8 Show how managers personalize motivation strategies to appeal to employees across the globe and across generations.
LO 10-7 Show how managers put motivation theories into action through such strategies as job enrichment, open communication, and job recognition.
LO 7-1 Describe the changes occurring today in the management function.
LO 6-5 Outline the advantages and disadvantages small businesses have in entering global markets.
LO 6-4 Analyze what it takes to start and run a small business.
LO 3-3 Illustrate the strategies used in reaching global markets and explain the role of multinational corporations.
LO 3-2 Explain the importance of importing and exporting, and understand key terms used in global business.
LO 3-1 Discuss the importance of the global market and the roles of comparative advantage and absolute advantage in global trade.
LO 2-6 Contrast fiscal policy and monetary policy, and explain how each affects the economy.
LO 2-5 Describe the economic system of the United States, including the significance of key economic indicators (especially GDP), productivity, and the business cycle.
LO 2-4 Analyze the trend toward mixed economies.
LO 2-3 Compare socialism and communism.
LO 2-2 Explain what capitalism is and how free markets work.
LO 2-1 Explain basic economics.
LO 1-8 Review how past trends are being repeated in the present and what those trends mean for tomorrow’s college graduates.
LO 1-7 Identify what businesses must do to meet global challenges, including war and terrorism.
LO 1-6 Analyze the social changes affecting businesses.
LO 1-5 Demonstrate how businesses can meet and beat competition.
LO 1-4 Describe the effects of technology on businesses.
LO 1-3 Analyze the effects of the economic environment and taxes on businesses.
LO 1-2 Compare and contrast being an entrepreneur and working for others.
LO 3-4 Evaluate the forces that affect trading in global markets.
LO 3-5 Debate the advantages and disadvantages of trade protectionism.
LO 6-3 Summarize ways to learn about how small businesses operate.
LO 6-2 Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
LO 5-6 Explain the role of cooperatives.
LO 5-5 Outline the advantages and disadvantages of franchises, and discuss the opportunities for diversity in franchising and the challenges of global franchising.
LO 5-4 Define and give examples of three types of corporate mergers, and explain the role of leveraged buyouts and taking a firm private.
LO 5-3 Compare the advantages and disadvantages of corporations, and summarize the differences between C corporations, S corporations, and limited liability companies.
LO 5-2 Describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships.
LO 5-1 Compare the advantages and disadvantages of sole proprietorships.
LO 4-6 Analyze the role of U.S. businesses in influencing ethical behavior and social responsibility in global markets.
LO 4-5 Define corporate social responsibility and compare corporations’responsibilities to various stakeholders.
LO 4-4 Distinguish between compliance-based and integrity-based ethics codes, and list the six steps in setting up a corporate ethics code.
LO 4-3 Describe management’s role in setting ethical standards.
LO 4-2 Ask the three questions you need to answer when faced with a potentially unethical action.
LO 4-1 Explain why obeying the law is only the first step in behaving ethically.
LO 3-6 Discuss the changing landscape of the global market and the issue of offshore outsourcing.
LO 1-1 Describe the relationship between profit and risk, and show how businesses and nonprofit organizations can raise the standard of living for all.
LO 13-1 Define marketing, and apply the marketing concept to both for-profit and nonprofit organizations.
LO 20-1 Explain what money is and what makes money useful.
D-1 Outline the six steps for controlling your assets.
B-1 Outline the changing role of business technology.
LO 13-2 Describe the four Ps of marketing.
LO 15-5 Explain the various kinds of nonstore retailing.
LO 15-4 Compare the distribution strategies retailers use.
LO 14-6 Describe the product life cycle.
LO 14-3 Summarize the functions of packaging.

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