>> Business Law and Ethics
Describe the differences between a total holding period return and an expected return?
Subject: Principal of Responsible Commerce.
Tutorial Preparation 1.
Name: Evelyn Arasi Alumuthu.
UOW Number: 4313252
Case Study: The Pasha Bulker (case 1.2)
The many maritime authorities involved included local, national and international bodies, all of which have professional codes of ethics. Do you think there would have been any conflict between these various codes during the salvage attempt?
I think there will be a conflict due to etiquette and law lie professional codes of ethics. Besides, water pollution such as oil will cause the sea to be polluted and the living sea creatures will be endangered. Therefore, the Australian government should take action on this matter to overcome this conflict. (51 words)
Green peas was able to very clearly place a light shining upon the Pasha Bulker and when the savage attempts were being made, stating messages such as 'this is what global warming looks like'. Is Australia's dependence upon the use of oil as fuel and our high standard of living compatible with our expressed concern about global warming?
In Australia the consumption of oil is 946 300 (bbl/day) and ranking at number 18. Australian responds to oil in the marine environment like the National Plan to Combat Pollution of the sea by oil and hazardous substances by integrated Government and industry organization framework enabling effective response to marine pollution incident. They manage to work with State/Northern Territory Governments and the shipping oil and other emergency services to maximize Australia's marine pollution response capability. In Pasha Bulker the oil might spill so by biodegradation the natural process whereby bacteria and other microorganisms found in the sea break down spilled oil. The daily usage of oil consumption is about 70 million barrels a day and is barely meeting the world demand. Besides, the food prices globally are increasing due in part to rising oil costs. This is creating unrest all over the world as food costs consume an ever increasing proportion of a worker's wages. The US is complaining because they are paying about $4US/gallon. Then, Australia are paying close going deeper and deeper to get lesser quality crude. In Australia there is a system named as burn system. It is a inject engine sump oil into the fuel line where it is mixed with diesel fuel and burnt in the engine. As the Australian Government decision is committed to international best practice regulation of fuel and quality, it has been decided not to amend the determination to allow the use of oil burn system in any diesel vehicle operating in Australia. (251 words)
It is said that integrity can vary on an individual versus a business level. Is it morally correct that what is not acceptable personally is sometimes an accepted norm in business?
According to Albert Carr (1995, p12), "He says business is different from society standard" (Shaw 1995). The game of business is like a game of poker. There are a few number of things are allowable in the business context such as lying about one's age on once resume, deceptive packaging, concealment of key facts during negotiations and conscious misstatemen(Shaw 1995, p12). Albert Carr argues that business, has practiced by individual as well as by coperations, has the impersonal character of a game. A game that demands both special strategy and an understanding of its special ethical standards. For example, include conscious misstatement and concealment of pertinent facts negotiations, lying about our age on a resume, deceptive packaging, automobile companies', neglect of car safety and utility companies', manipulation of regulators and overcharging of electricity users (Shaw 1995, p12). Besides, externalities is a indirect of consequence of something. It comes from economic concept. The Mafia, for example, has an elaborate code of conduct, accepted by the members of the rival "families" ( Shaw 1995, p13 ) . For them gunning down a competitors or terrorizing a local shopkeeper maybe strategy moves in a competitive environment. Moreover, Carr's poker analogy is itself weak. For one thing, business activity can affect those like consumers, who have not consciously an freely chosen to play the "game" (Shaw 1995, p13). Business is indeed an activity involving distinctive rules and customary ways of doing things, but it is not really a game it is the economic basis of our society and we all have an interest in the goals of business and in the rules business follows. Having moral principles most people at sometimes in their lives pause to reflect on what moral principles they have or should have and on what moral standards are the best justified. When a person accepts a moral principle, when that principle is part of his or her personal moral code, naturally the person believes the principle is important and well justified (Shaw 1995, p13). ( 300 words )
Reference (question 1 and 2)
William H. Shaw & Vincent, B 1995, Moral Issues In Business , Belmont, California.
Wake Up Australia , Global Warming vs Peak Oil, Friday, April 15, 2011
Australia Government, Department of the Environment, Water, Heritage and the Arts, firstname.lastname@example.org.
Australia Government, Australian Maritime Safety Authority, Download Fact Sheet: How Australia responds to oil and chemical spills in the marine environment [ PDF: 60KB]
Australia Oil Consumption, www.indexmundi.com , July 26, 2012