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QUESTION Discuss FIVE ethical theories and indicate their applications to personal and business ethics in your...

QUESTION

Discuss FIVE ethical theories and indicate their applications to personal and business ethics in your own context

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Answer #1

The five ethical theories are described below with applications:

1. Egoism - It is the explanation of something good or bad or right or wrong is depended on one's desires. It shows that i should choose the action which best satisfies my own self interest rather than looking for someone else's views or actions.

Application - The Prisoner's Dilemma

Two prisoner's are asked to confess the crime and the result depends on who confesses and who doesn't,

the best interest to any prisoner is to confess because it will either let the sentence be same or will reduce but will not increase the sentence of a prisoner which is the best interest of a prisoner.

Personal - We tend to choose the options which will be beneficial to us. For example, going to study a course which will help us grow rather than making us know less than before.

Business - A company chooses to plan and strategize against the competitor. The plan is in company's self interest.

2. Utilitarianism - This is also known as "The greatest Happiness Principle". It identifies the option that will lead to the greatest happiness of all. Hence, a positive outcome is supported.

Example- Personal - In a family, people tend to do something that makes everyone around you happy. Instead of looking for own self happiness.

Business- Corporate social Responsibility is the best example of this theory.

3. Deontology - This theory is about fulfilling your duties and responsibilities, which may be either in own self interest or someone else's.

Example - Personal - We tend to perform our responsibilities towards our family and friends.

Business - Our work may be of certain help to our subordinates or Boss, and it is our duty to perform it no matter what.

4. Care Ethics - Caring for another or support one another is the basic source of accepting something as good or bad or right or wrong.

Example - Personal - Our actions for our children are a part of the care ethics.

Business - Laborers are the part of the business who require certain amount of care from the company or business. Hence, It can be considered as care ethics.

5. Virtue Ethics - Traits that are considered as culturally good or bad are the evaluating factor of something good or bad or right or wrong. Actions are the reflections of good or bad character.

Example- Personal - An alcoholic character is considered to be bad in Asian Countries. Hence, is not considered good for others also.

Business - Selling Tobacco Product may be considered in this type of ethical theory.

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