Business Ethics

By ; Nida Afzal

Define and differentiate between the following

1. Ethics, business ethics and ecological ethics

2. Transformational and transactional leadership

3. Environmental injustice

• Ethics: The study of standards and how they affect human conduct

• Business Ethics : The study and examination of moral and social responsibility in relation to business practices and decision-making in business

• Ecological ethics: Moral principles governing the human attitude towards environment care and preservation

• Transformational leadership :

• Aims at enhancing motivation and performance of followers

• Effective in utilizing the strengths of followers

• Leaders act like a role model

• Transactional leadership :

• Leader promotes followers by rewards and punishments

• This type is effective in crises and emergency situations

• Leader act more like a manager

Environmental Injustice

• inequitable distribution of environmental benefits and burdens(pollution , crime etc.)

Define conflict of interest and conditions that raises it

Conflict of interest with conditions

• Occurs when an individual is involved in multiple interests , one of which could possibly corrupt the motivation for an acr in another.

• Self dealing

• Outside employment

Discuss philosophy of utilitarianism and egoism

Utilitarianism

• Focuses on maximum utility

• Rule and Act utilitarianism

Egoism

• Focuses on self interest

• Enlightened egoist