Assignment 10
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Feb 20, 2024
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Jolie Brown
Assignment 10
Business Ethics
Dr. House
Chapter 4 – Ethics in the Marketplace (16pgs)
1.
Read the first sentence of each paragraph (p. 198). Then, read the first two paragraphs (p. 199) and explain the following: What is the “justification” of free markets, and what is the risk of “firms joining together…to fix prices”? (p. 199, second paragraph)
The justification of free markets is that with competition for consumer choice to buy, competitive pricing emerges in a manner that allows consumers to capitalize on purchasing at a price point that is best for them, and for producers to capitalize on a selling price that affords them the most competition. The risk of firms joining together to fix prices is that the consumer is removed as a participant in the competition. They are forced to spend a non-competitive amount of money on a good if they need it, or to go without it if they don’t. This kind of system enables producers to essentially be rendered bullies. 2.
Please define Perfect Competition, Pure Monopoly, and Oligopoly. (p. 199)
A perfect competition is a free market where neither producer or consumer has the influence to significantly alter the price of goods. A pure monopoly is a market where there is only one producer and that producer bars new sellers to enter the market. An oligopoly is a market where there are a few producers in a market who can band together and influence the prices that consumers have to pay. 3.
Read the first full paragraph (p. 200) and list the seven (7) key elements of a Perfectly Competitive Market. (p. 200)
The seven key elements of a competitive market are:
1.
Of the numerous buyers and sellers in a market, none have a substantial share of the market
2.
All producers and consumers can freely and immediately join or leave the market
3.
All consumers and producers have full and perfect knowledge of what all other buyers and sellers are doing. This knowledge includes prices, quantity, and quality of goods being bought and sold. 4.
The goods being bought and sold in a market are so similar that no one cares who is selling or buying the good.
5.
The costs and benefits associated with producing and consuming the good is entirely bore by the producers and consumers of the good themselves, not by any external parties not associated with the good. 6.
Each buyer and seller is constantly trying to get as much as possible for as little as possible.
7.
No external parties (including the government) regulate the price, quantity, or quality of any of the goods being bought and sold in the market. (Does this have anything to do with why marijuana legality and sales are up to individual states and not the federal government?)
4.
What is a “market”?
The forum in which people gather to exchange ownership of goods. Also, a place where goods or services are bought and sold.
5.
What are the three (3) moral values achieved the market’s “point of equilibrium”? (p. 205, second paragraph)
1.
Buyers and sellers are led to exchange their goods in a just way.
2.
Utility of buyers and sellers is maximized because they are allowed to allocate, use, and distribute their goods with perfect efficiency. 3.
These achievements are brought about in a manner that preserves the buyers’ and sellers’ right of free consent.
6.
What are the three (3) key elements of “perfect efficiency” in competitive markets? (pp. 206-207)
1.
Firms are motivated by the market to invest resources into industries where consumer demand is high and out of industries where consumer demand is low.
2.
Firms are encouraged by the market to minimize the amount of resources consumed in producing a product and to use the most efficient technology available. 3.
This market distributes goods to buyers in a way that ensures all buyers receive the most satisfying bundle of goods possible considering what is available to them and what they can spend on the goods. 7.
What are the three (3) key elements that “establish capital justice and maximize utility” that respect the ‘negative rights’ of buyers and sellers? (p. 207)
1.
Buyers and sellers are free to come and go, and are not forced to, or prevented from participating in a certain market. 2.
All exchanges are fully voluntary. This means that participants have full knowledge of the good they are purchasing, and that the good they received is the same good other buyers received at the same price. 3.
No buyer or seller will completely dominate a marker to the point that others are forced to comply or be without.
8.
Name the six (6) concerns and problems associated with interpreting the moral features of perfectly competitive free markets. (pp. 207-208)
1.
These markets do not establish other forms of justice because they do not respond to the need of those outside the market or who participate in little exchange.
2.
Though they maximize the utility of those participating in the market, society’s total utility is not necessarily maximized. 3.
Though these markets establish some negative rights for those who participate, they may also decrease the positive rights of those who are outside of the market. 4.
A free market system operates outside of the ethic of care by treating each individual as a completely solitary entity.
5.
These markets affect an individual’s morality by encouraging greedy and self-
seeking behaviors, and discouraging virtues like kindness and caring.
6.
This market can only claim the free market capitalist values of justice, utility, and negative rights if the market embodies every one of the seven conditions of perfect competition.
9.
First, read/review pp. 209-215. Then, complete the case study, “Drug Company Monopolies and Profits.” (pp. 212-213)
10.Please name and briefly describe the nine (9) ways that oligopolies conspire to control markets. (pp. 219-222)
1.
Price-Fixing- Managers of firms in a market can meet and set the price of a good to an artificially high number, reproducing the effects of a monopoly.
2.
Manipulation of Supply- Managers of firms in a market meet to agree to decrease
overall production or limit availability of a good to increase consumer demand and increase prices. 3.
Market Allocation- Managers meet to agree to dividing the market among themselves so that each firm only sells in a portion of it. This can be a geographical, temporal, or individual division, among other forms of division. 4.
Bid Rigging- When companies submit bids to buyers to advertise bulk purchasing
costs, managers of firms can get together and agree on one company buying so they don’t have to remain competitive in their pricing. This can include either a rotation of bid winners or can simply be a division of the profits between all firms involved. This causes the consumer to unknowingly face a monopoly when purchasing the good. 5.
Exclusive Dealing Arrangements- Companies sell to buyers at a lower price on the condition that they will not sell competitor products. 6.
Tying Arrangements- A firm will only enter into an arrangement for a certain product if the buyer agrees to also purchase other products only from that firm as
well. 7.
Retail price maintenance agreements- When a firm contracts with a retailer under
the condition that they charge a certain price for the good being sold. 8.
Predatory price discrimination- When a seller sells at different prices to different buyers for the exact same product.
9.
Bribery- When a company bribes government officials, or other authority figures, to make a sale.
Chapter 5 – Ethics and the Environment (18 pgs)
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1.
Please briefly describe the seven (7) types of pollution provided. (pp. 244-
245)
1.
Unsustainable land and water use- Improper management of land and water have led to land degradation and soil erosion.
2.
Deforestation- Increase in gas concentrations and biodiversity loss.
3.
Contaminated Water- Greatest global cause of human sickness.
4.
Eutrophication of inland and costal waters- Caused by excess nutrients, like those in farming fertilizers but can also include other pollutants like wastewater. 5.
The release of harmful and persistent pollutants- These include metals, sewage, energy and transport emissions, that all affect the land and water ecosystems. 6.
Reduction of distribution of functioning land- More non-functioning land is being developed (land that wildlife/nature cannot thrive) causing species extinction and other ecological effects. 7.
Air pollution- Causes a hole in the stratosphere ozone layer, allowing harmful ultraviolet radiation.
2.
Please explain William Pollard’s concern about dealing with threats to the environment, in the indented paragraph. (p. 245, final paragraph)
Because population growth continues to grow exponentially, the Earth is being stressed
and resources are being stretched thin. Man will not collectively try to correct until it is too late, as we may have already passed the point of no return.
3.
Please provide the six (6) key questions (not answers), regarding the environment, that confront the business community. (p. 248, first paragraph)
I was not able to locate these questions on the listed page… Instead I will list the 6 environmental considerations that businesses must consider- Gross domestic product, vehicle miles traveled, population, CO2 emissions, energy consumption, aggregate emissions (six common pollutants). 4.
Please complete the case study, “Ford’s Toxic Waste.” (p. 250)
Yes, Ford should be held responsible for the sicknesses of the residents. This is because you cannot ignore the numbers. Ford claims that the numbers are too small to rule out chance, and it is true that statistics cannot prove causation. However, when looking at a sample size this small, you must compare ratios
of those sick within a certain square mileage of the plant, and those in a larger radius of equivalent square mileage outside of the original radius. I’m sure if this was done, it would show that those
in the tested radius of the plant would have higher rates
of sickness than those living in the tested radius outside of the plant. The videos do suggest that the contaminations should be concerning. The environmental ethics in this chapter would say that the environmental effects of waste disposal should have been a primary concern of those who were determining how waste should be disposed of at the Ford offices. This is because the impact of what they did to the environment would not only affect those living there now, but also future generations. Not only this, but the impact of the cleanup
of this mess also affects the environment. Emissions from vehicles hauling the mess out
of the area, and other waste products from cleanup crew like wrappers from their
lunches, etc, are additional wastes that would not have existed if the cleanup would not have been necessary. 5.
Please complete the case study, “The Auto Companies in China.” (pp. 264-
265)
This is a difficult question. From an environmental perspective, yes it was wrong for car
companies to help China expand its auto industry. From a strictly humanitarian perspective (barring any environmental impact on humanity) it would be wrong for the car companies to prevent people in China from enjoying the benefits that come with car ownership. 6.
Please briefly explain the “Last Man” theory and provide any thoughts. (p. 267, last paragraph)
The thought experiment of the “last man” is a proof of the intrinsic value of non-human entities. If there were one man left on the face of the Earth, and he had the power to ensure that all life and landscape was destroyed after he died, doing so would not affect
any other human beings, but would obviously be wrong. This is because non-human entities have inherent value. 7.
Please briefly explain Article One of the Constitution of Pennsylvania. Any thoughts? (p. 270)
8.
What remedy is suggested for businesses’ harm to the environment? (p. 275, last paragraph)
9.
Explain the argument for the rights of future generations, if any. (p. 284)
10.Please complete the case study, “Exporting Poison.” (p. 286)
Chapter 6 – The Ethics of Consumer Production and Marketing
1.
Please thoroughly read pp. 304-305. Surprised? Any thoughts?
2.
Name the three (3) requirements of a business contract. (p. 308)
3.
Briefly describe the four (4) main moral duties, of businesses, under the “contractual theory of business firms”? (p. 309, first full paragraph)
4.
Briefly describe the three (3) “problems with the Contractual Theory.” (pp. 312-314)
5.
Briefly describe the Due Care Theory. (pp. 314-315)
6.
Briefly describe the Social Costs View of the Manufacturer’s Duties. Define the concept of “strict liability.” (p. 319)
7.
Please review Section 6.5, Advertising Ethics and complete “Advertising Death to Kids”, on pp. 324-325? (pp. 322-330)
Chapter 7 – The Ethics of Job Discrimination
1.
Please carefully read pp. 348-350, with particular attention to the last three paragraphs of the introduction. Any thoughts?
2.
Briefly describe “Affirmative Action Programs”. (p. 353, right margin)
3.
Explain the “Prima Facie Indicators of Discrimination.” (p. 356)
4.
Briefly explain the “Average Income Comparisons.” (pp. 356-357)
5.
Explain the “glass ceiling” theory. (p. 364, first paragraph)
6.
Briefly explain the Sexual Harassment concerns facing women (and others), in general, and specifically regarding Cheryl Mathis. (pp. 366-367)
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7.
Briefly describe the Utilitarian, Rights-based, and Justice-based discrimination arguments. (pp. 367-369)
8.
Review the “Sexual Harassment” section and complete “Driving for Old Dominion” case study, on p. 372? (pp. 371-377)
9.
Review the “Sexual Harassment” section and complete “Peter Oiler and Winn-Dixie” case study, on pp. 376-377? (pp. 371-377)
10.Review the “Affirmative Action” section and BRIEFLY explain the primary arguments in support of and against Affirmative Action programs. (pp. 378-
387)
11.Please list the four (4) “suggested guidelines” for Affirmative Action programs,
in consideration of the arguments for and against these programs. (p. 386)
Chapter 8 – Ethics and the Employee
1.
Please carefully read the chapter introduction. Then, briefly describe the employee’s obligation to the employer, and define Conflicts of Interest. (pp. 400-404)
2.
Please describe the following concepts:
1.
Commercial Bribes
2.
Gifts
3.
Insider Trading
3.
Please complete the “HP’s Secrets and Oracle’s New Hire” case study, (pp. 410-411)
4.
Review the “Employee Rights” section and list and BRIEFLY describe the seven (7) various rights of employees discussed. Hint: See blue highlights. (pp. 423-440)
5.
Complete the “Sergeant Quon’s Text Messages” case study. (p. 425)
6.
Please define “Whistle-blowing” and list the four (4) examples of when “whistle-blowing is morally justified.” (pp. 428-430)