MILTON FRIEDMAN – a noted economist said that the “only responsibility of business is to make profit

as long as it stays within the rules of the game.”

BUSINESS – it is an activity that is part and parcel of human society

PROFIT-MOTIVE – it motivates people to do something meaningful

PROFIT – it is a form of anticipated reward or compensation for the efforts they spend, skills they apply,
and returns for the capital they invested in organizing a business

MORAL REASONING – it is a process in which ethical issues and problems are bench marked against a
moral standard so that a moral judgement is made possible

GOOD MORAL STANDARD – it should be objective and not subjective

MORAL JUDGEMENT - it is the last step for moral reasoning

Business ethics - it is a study of perceptions of people about morality, moral norms, moral rules, and
ethical principles as they apply to people and institutions in business

Profit – it is the ultimate criterion of gauging the success or failure of the business

Business ethics – it opens the way of resolving moral issues and ethical dilemmas in business and in the
corporate world

True – for as long as people have needs and wants, there will always be business

True – in business, as is any other human endeavor, “what is legal may not necessarily be moral

False – one amazing thing that is happening in business enterprises today is the use of the qualitative
techniques to measure the profit

False – ethics is a study of positive laws intended to govern and regulate the actions of people doing
business

True – the structure of a business is a tacit guidelines that govern business activities including profit-
making

True – business without ethics will be a chaotic human activity because there would be no common
understanding and agreement about what is wrong and right human conduct

True one of the good side of profit motive is to generate potential for the business

False – thus a life centered on profit results into a narrow existence, deficient in many important human
dimensions is a goo side profit motive.

True – business ethics is a study of what is right and wrog human behavior and conduct in business

False – earning profit is a valid and good activity in business. However, an ethical discernment is not
required for the businessmen

Normative ethics – conflict of interest must be handles carefully

- It involves moral judgement bas eon ethical norm or theory

Psychological egoism – this is a concrete example of descriptive ethics and is a study of human
motivation

Theoretical – psychology is under what division of philosophy

descriptive ethics – it is how people should act

practical philosophy – studies truths to be acted upon

philosophy – it simply means “love of wisdom”

metaethics – it is concerned with the analysis or meaning of words and the logic of moral reasoning

ethics – is the practical science of the morality of human acts

Morality – it means conformity the rules of right conduct