How do ethical theories influence business decisions?
An example of an AI chatbot conversation about ethical theories in business.
How do ethical theories influence business decisions?
Ethical theories provide frameworks for evaluating decisions in business, guiding leaders on what is right or wrong.
Can you explain the main ethical theories relevant to business?
Sure! The main ethical theories include utilitarianism, deontology, virtue ethics, and social contract theory.
How does utilitarianism apply to a company's decision-making?
Utilitarianism focuses on the outcomes of decisions, aiming to maximize overall happiness and minimize harm for stakeholders.
What about deontology? How does it differ from utilitarianism?
Deontology emphasizes duties and rules, suggesting that some actions are inherently right or wrong, regardless of outcomes.
Can you give an example of a business decision influenced by virtue ethics?
Certainly! A company might prioritize honesty and integrity in its marketing practices, reflecting virtue ethics.
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