Define Ethics

question 43

Essay

Define ethics. List and describe the four widely used ethical standards. Using each standard, evaluate a SINGLE ethical situation a business might face. [OR Considering the Marriott opening case from Chapter 6, evaluate how the company would have acted differently depending on their ethical standard.]

Understand the classification of groups based on their focus, roles, composition, and functioning.

Recognize the importance of clear individual roles and tasks in the functioning of a group.

Identify types of groups based on membership and purpose (e.g., homogeneous, mixed, developmental, asynchronous).

Comprehend the factors that classify a group (focus, structure, composition).

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Definitions:

Short-Run Phillips

A theoretical framework that implies a short-term inverse correlation between inflation rates and unemployment levels.

Classical Dichotomy

The theoretical separation of nominal and real variables in an economy, suggesting that changes in the money supply only affect nominal variables and not real variables like output.

Fiscal Policy

Modifications by the government in its expenditure and tax policies to impact the country's economic conditions.

Short-Run Phillips

A concept describing the inverse relationship between unemployment and inflation in the short run.