Business valuation Essay

†¢One of your friends uses the terms ethics and morality interchangeably. You do not think this is correct. How would you explain the difference between ethics and morality? Provide an example of morality and one of ethics in your explanation. Ethics are more about a set of rules for a specific class of people, or a situation. They are more of a set of rules. While morals are more about an individuals’ set of rules for them, what they hold to be right or wrong that they follow to make decisions or take actions. A good example would be a lawyer who is defending a person who has committed a robbery. The lawyer’s morals tells him that the person is guilty, but his ethics tells him that he must defend the person. †¢Select two major ethical theories covered in your readings for Week One. What are the major differences between these two theories? Which one of these theories best aligns with your personal beliefs? Explain. I choose utilitarian theory and deontological theory. Utilitarian theory is to maximize utility as well as maximize happiness while deontological theory refers to following rules or regulations. Utilitarian can be a scenario where it benefits the individual or group say be given a weekend off even though there is still much work to be done, while within the same scenario the employees could almost be forced to work the weekends, even though they are tired and would like to spend time with their families. I prefer utilitarian as maximizing my happiness is important to me. I have worked with companies predominantly the Navy, whose type of theory is deontological. Duty within the Navy is huge, rules create the structure. Knowing that the happiness of myself and my family are a huge part of my determination when making the decision to take a job. †¢What are examples of virtues, values, and moral concepts? How do each of these relate to one another? In what ways are they separate and in what ways are they connected? Virtues are a person’s thoughts and/or actions that are guided by are morals, are morals are what we hold to be true ranging from honesty to being faithful, while are values are simply what he hold to be valuable. They all go together like cogs, working together to reach the same goal, but if one is not there then the whole thing will not work. They are separate because they’re all slightly different, say like parts of a car engine, and yet they are all required in order for the engine to work. If one is not present the engine will not work. †¢In Ch. 6 of Basic Ethics, the author discusses the relationship of religion as it relates to morality and ethics. Using your own personal experiences as a resource, what, if any, relationship exists between religion, morality, and ethics? Explain your answer. †¢Select a public figure from politics or business. Select an ethical theory that seems to best fit this person. Why does this theory seem best? Which theory seems to least suit this person? Why? Hilary Clinton, she would highly appear to follow a deontilogical ethical theory. It seems to suit her and her political career nicely, it just does not seem to be in the best interest of the citizens. Following utilitarianism she would be putting the happiness of the voters and citizens either above her own or at the very least equally. †¢If a person is described as virtuous, is this the same as saying that person is moral or ethical? Why or why not? How would you explain the relationship between these three concepts? Provide examples. If one has to be called ethical or moral I would not say that it means that they are virtuous, but I would say that if someone has to be called virtuous that they would be both ethical and moral. Being virtuous means having or showing high moral standards, so to be virtuous means one would have to have high ethics and high morals. The three work together, morals is doing what is right, ethics is moral principles that govern a person’s or group’s behavior, and being virtuous is a combination of these two as well as going above and always being moral.