Phi401 Mid

3. Prisoner dilemma is a situation where business find it critical to determine what is right and
wrong. Business that make the best rational policy will be benefited. If business maintain the
agreement which is running business according to the ethical and morals standards, they will
earn more profit. However, in real life, business rarely cooperate with other businesses and end
up being benefited at the cost of other business which is unethical. For example, a business
may choose to advertise their product to boost up sales and other business may not do so, so
the business becomes profitable whereas other business miss out the profit not advertising. In
response to that, other business will engage in advertising to boost their sales and earn profit
and this way it create a problem for the business and to the society as a whole as the
businesses are not performing unethically. Therefore, fair and ethical competition is good for
business. If business exercise ethics, then they are profitable which means good ethics is good
business.
2. Moral reasoning refers to moral knowledge. By reasoning we mean to think critically and find
a conclusion and also provide support or justifications for that conclusion. Moral reasoning is a
process by which we attain better moral beliefs. The moral beliefs are formed during childhood
and change deeply as we mature. Our emotions and cognitive abilities change as we grow up.
The evolution of our moral knowledge is the development of moral reasoning. The objective of
moral reasoning is to find out what is right and wrong and when we find out what’s right and
wrong, we are potentially motivated to do the right thing. The post conventional level of moral
reasoning is at this level people are mature enough to understand the norms of traditions not
only of the society they belong but also understand the norms and traditions are rational and
irrational. They judge the norms and values pf society in terms of moral principles. They may
reject some norms or values followed by the society if they think they are not rational or
reasonable. This level has two stages, social contract orientation and universal ethical principle
orientation. Social contract is an agreement among people who live in the same society.
4. Kantian Duty Based principle is a deontological principle where the word Deon means duty.
Kantian principle demands people should perform actions according to their duty. There are
three principles which are universal principle, treat humanity and universal lawgiving. The
universal principle says if a principle is morally ethical for you, it should be morally ethical for
everyone else for example if education is your right, everybody should have the right to
education. Kantian principle says people should be treated as free and rational beings and
never treat them as means to an end. Not use them or manipulate them for your own selfish
motives as human are rational and free human being. Kantian principle has a set of duties
which are to be followed without any exceptions. For example, keeping promises is a duty. If
people broke their promises then the concept of promises would be meaningless. Kantian
principle also says to respect everyone’s rights, needs and dignity and consider every person as
equal to our own. Kantian principle doesn’t depend on the results of your actions but on the
nature of the action.
1. Business ethics is a branch of applied ethics which is a study of moral principles and the
application of moral principles in business organizations through which business produce and
distribute goods and services to the people (to the society as a whole) who are the stakeholders
of the business. Applying ethical principles in context to business is business ethics. For example
a business cannot exist if the people involved in the business and people in the society if they
didn’t follow some basic moral principles. A business will not survive if all the managers,
employees think for their own self-interest like stealing, lying or betraying. If ethics didn’t exit,
it would become permissible for people to act on their own self-interest. Therefore business
cannot exist without ethics. The important ethical issues are wages of labor and using child
labor business, ethics of advertisement, fare competition in business, consumer right, corporate
social responsibility (CSR) and environmental and economic responsibility. For business to
perform ethically, they should give fair wages to labor. Not giving them wages lower than the
minimum rate and not using child labor as its unethical. However in Bangladesh it’s permissible
to use child labor. Advertise goods and services following ethics. Not over-exaggerating the
quality of products. Respecting consumer rights by providing good quality products and services
to them and not try to deceive them by providing inferior goods and services. Contributing to
the society and economy is also a moral responsibility of business and also businesses and also
business should exercise fair and ethical competitions in business.