The Market System And The Need For Ethics

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Question 1 Discuss the market system and the need for ethics in business and distinguish it from the law and concepts of virtue and morality.
The market system relates to the need for ethics in business, due to the fact that the individuals that are pricing and selling goods to individuals that are negotiating with them for the purchase of those goods or services, should ensure that the exchange between these individuals is fair and just. This is distinguished from the law due to the fact that the law makes it mandatory that sellers and buyers conduct business within established legal parameters based around justice and equity. Ethics in business is distinguished from virtue and morality due to the fact that there are different perspectives on what is considered virtuous or moral when ethics can be more universally defined in respect to justice and fairness.
Question 2 Discuss ethics in the context of relativism, psychological egoism, utilitarianism, deontology, and virtue ethics.
Ethics relates to relativism due to the fact that what may be deemed ethical is subjective to that individual 's perspective, which may not be universal in nature. Ethics relates to psychological egoism due to the fact that individuals may have a vested interest in acting ethically due to the fact that it benefits them profit wise, etc. Ethics in the context of utilitarianism essentially means that ethical actions lead to the greatest good old benefit for the most individuals in society as a whole.

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