Question

Research any of the Ethical Issues and Dilemmas in Business outlined your textbook Chapter 3 and the ethical concepts of deontology and consequentialism (or other broad ethics categories). Prepare a paper discussing the dilemmas more in-depth (you may research 2-3 topics) and connect these dilemmas to the broad ethical categories. Use your critical thinking skills to make the connection.

Answer 1

There have been varuous ethical issues as seen which firms usually break in order to seek profits or gains.

When two firms form part of oligopoly structure, lets say firm A and B, both will aggree to form cartel and fixed the prices and outputs each shall produce.

Now both face problem of either abiding the cartel contract or where one of them simply cheats other and obtain higher profits. Best case situation is both abide them but rarely does this happen.

Now the case of ethical dilemma occurs when both firms cheat each other which will break the cartel contract and bring down prices historically to low levels to gain higher market share and thus will lead to complete instability in market as other firms also rely on industry bottom rates and shall be forced to bring down their rates aswell. Hence this will bottom out industry rates to all time low.

Deontology is regarded as normative ethical theory which states morality of action must be based on whether that action is right or not under seeioes of protocols than series of consequences of action.

Consequentalism is based on that one's conduct is ultimate basis of judgement about rightness or wrongness of that conduct.