Distinguish Between the Bases for Making Ethical Judgments Under Each

question 10

Essay

Distinguish between the bases for making ethical judgments under each of the ethical reasoning methods discussed in the chapter.

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Definitions:

Human Capital

Human capital is the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or the community.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.

Efficiency Wage

A theory proposing that higher wages lead to increased productivity and efficiency among workers by attracting better applicants, reducing turnover, and increasing worker effort.

Wage Disparity

The difference in wages earned by different groups of people, often segmented by gender, race, or education level.