The Second Step in the Simplified Three-Step Model for Applying

question 49

Short Answer

The second step in the simplified three-step model for applying ethical judgments to situations that may arise during the course of business activities is to
determine the implications of violating company policy.
determine the norms that relate to the situation.
determine the most appropriate moral values.
gather the relevant factual information.
make an ethical judgment based on the rightness or wrongness of the proposed activity or policy.

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Definitions:

Resource Markets

Markets where factors of production (like labor, land, and capital) are bought and sold.

Households Incomes

Refers to the total amount of money earned or received by all members of a household, encompassing wages, salaries, benefits, and other income sources.

Circular Flow Model

An economic model illustrating the continuous flow of goods, services, and money between households and businesses in an economy.

Public Agency

An organization operated by the government to manage specific functions or provide services such as education, health, or transportation.