Lim Ying Jie 279481

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TEST (5%)
1. What are the three criteria used to evaluate the adequacy of moral reasoning?

Moral reasoning determines whether human actions, organizations, or policies conform to
or violate ethical standards. Moral reasoning involves three criteria:

The first criterion for evaluating the adequacy of moral reasoning is that moral reasoning
must be logical to given situations or dilemmas rather than relying solely on sentiment, thoughts,
or personal preference. While we may assume that we deal with moral dilemmas logically and
rationally, the truth is that our moral reasoning is frequently impacted by intuition and emotional
responses.

Secondly, the factual evidence utilized to support it must be accurate, relevant, and
complete. Factual information consists of evidence or information regarding the particular
individual, institution policy, or behavior under consideration. Moral standards and factual
information are crucial to drawing conclusions or moral judgments. Without these, it is impossible
to derive logical conclusions. Therefore, it is essential to focus on gathering as much factual
information as possible before making a judgment.

Next, moral standards must be consistent with one another. Consistency is particularly
crucial in ethical reasoning. Moral standards must apply consistently to all individuals in
comparable situations. One should accept the consequences of using the same standard in similar
hypothetical circumstances. When a person's ethical standards are shown to be contradictory in
decision-making, one or more of those standards must be modified.

Therefore, while examining a person's moral reasoning, it is necessary to clarify the
individual's implicit moral standards. In addition, we should be aware of the evidence used to
support the individual's conclusion and know exactly what the person's conclusions are. Then, we
can determine the person's moral standards if his evidence logically supports his conclusion.

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2. A person has a right when that person is entitled to act in a certain way or is entitled to have others
act in certain way toward him or her. Explain the two (2) types of right and their characteristics.
(5%)
• Legal rights
Legal rights are a collection of rights enacted and generated by the legal system of a
government. They are provided privileges to enjoy certain liberties as citizens of that nation.
Consequently, they are individual liberties or protections derived from the laws. Furthermore, a
legal right is an entitlement from a legal system that authorizes a person to conduct in a particular
manner or requires others to behave in a specific way towards that person. The characteristics of
legal rights are dynamic. They might vary depending on the existing circumstances and conditions
in society. Therefore, they are susceptible to modification, repeal, and restraint by the same laws.
Likewise, these vary from state to state and country to country, as well as from time to time.
Meanwhiles, one of the most significant characteristics of legal rights is that the state or
government forms them in line with the majority's desires for the benefit of all citizens. Hence,
legal rights are not as universal or eternal as human and moral rights. Besides, legal rights are
characterized by the non-discriminatory enjoyment of rights by all individuals. Legal rights
encourage national growth and are the backbone of a strong and growing nation. An example of a
legal right granted to employees based on legislation or judicial rulings. Employees have the right
to a minimum wage, equal opportunity, collective bargaining as union members, protection from
sexual harassment, etc.

• Moral rights

Moral rights are an entitlement that moral norms confer on all people everywhere who possess
them simply by being human. Furthermore, moral rights are rights defined by a system of ethics
stated by religion, philosophy, cultural norms , or personal codes. For example, employees have
the moral right not to be discriminated against based on race, gender, or nationality. Human or
moral rights are central to the ethical tradition founded on principles. The inherent dignity of every
human being means that we cannot do anything we like to another human being. Human rights
protect individuals from being treated in ways that violate their dignity and treat them as mere

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objects. Rights mean that specific actions and decisions are "off-limits". Therefore, our
fundamental moral obligation is to respect the basic human rights of others.

One of the characteristics of moral rights is not limited to the citizens of a particular country
at a specific time. Moral rights are universal and eternal. They are the same regardless of where a
person is located, and they cannot be taken from someone without his consent. Moral rights
promote the well-being of individuals and protect them against societal intrusion.

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3. Karl Marx is the most famous critic of capitalism or the free market economy. According Marx,
capitalism caused alienation of a huge scale. DISTINGUISH between Karl Marx's four forms of
alienation. (5%)
The first form of alienation is the alienation of workers from their productive work. Under
capitalism, workers are not voluntarily but forced to work for others and serve under supervision
and control. Because their job is to make money for their workplace employer, it is not designed
to be a satisfactory form of productivity and to meet the workers' needs. In addition, the alienation
of productive work is because labour is external to the worker; that is, it does not belong to his
nature, so he does not realize himself in work but denies himself in work, causing physical and
mental exhaustion. Moreover, the production of goods and services in a capitalist society is
repetitive and mechanical. The lack of autonomy in the work process hinders the ability of workers
to work creatively. It is difficult or even impossible for workers to obtain psychological
satisfaction.
The second aspect of alienation is the alienation of the product of labour. In a capitalist
society, the design and development of products are not in the hands of workers but within the
decision-making sphere of capitalists. The worker has no control over what he intends to produce
or the specifications of his product. In Marx's words, "objectification is the loss of the object". An
object is a loss, and producing it is, in a very mundane and human sense, the act of making it the
property of another, and thus outside the worker's control. Besides, the worker cannot use the
product he creates to sustain life or engage in more constructive action. For example, they build
houses they can never live in, make vehicles they can never buy, etc.
Furthermore, alienation from one's human nature is also a form of alienation. Under the
capitalist mode of production, workers lose their identity and opportunities for self-development
and are forced to sell their labour as a market commodity, which means they lose their life activity;
that is, they lose themselves. At the same time, they alienated their fellow human beings. Part of
this split stems from the antagonism the social class system eventually leads to. They are cut off
from those who exploit their labour and manage the products they produce. From a Marxist
perspective, the sense of loss of identity or meaning is an expression, but it still alienates itself and,
indeed, loses its humanity,

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Alienation from others will be the fourth form. Once traditional communities are broken,
humans become potentially useful or threatening objects. The reduction of labor to a mere market
commodity creates the so-called labor market in which a worker competes against another worker.
Labour is traded in a competitive labour market rather than seen as a constructive socio-economic
activity characterized by collective efforts. What keeps workers alive is their ability to affect the
world around them consciously. Within capitalism, however, the work of workers is hard labour.
The result has nothing to do with the workers or common interests. The industrial division of labour
has greatly increased workers' productivity, but those who make money have taken its profits.

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4. What are the 3 models of market competition? (5%)

The 3 models of market competition are perfect competition, pure monopoly and oligopoly.

In a perfect competition market, there are numerous buyers and sellers; thus, supply and
demand remain constant. In terms of functioning, features, and pricing, products sold by sellers are
remarkably similar. This ensures that buyers cannot differentiate products based on their physical
characteristics or intangible value. Therefore, buyers can easily replace one company's products
with those of another. Moreover, perfect competition is a free market where buyers and sellers
have the right to significantly influence the prices at which goods are exchanged, thereby
eliminating monopoly. In a perfectly competitive market, there is no external regulation of the
product's price, quantity, and quality. Moreover, the entry and exit of firms in such a market are
unrestricted, allowing them to spend unrestrictedly on labour and capital assets to adjust their
output in response to market demand. Perfect competition is an ideal market structure in which
producers and consumers have adequate and symmetrical information, and there are no transaction
costs.

The advantage of perfect competition is cheap and efficient transportation. In this form of
market, companies do not incur considerable costs to deliver goods. This helps to minimize the
cost of the product and decrease shipment delays. In contrast, the downside of this market is its
low-profit margins. Since all consumers have access to the same products, they gravitate naturally
toward the lowest pricing. Companies cannot charge higher pricing for superior products and
services. Another is the lack of innovation. Greater market share and the possibility of standing
out from the competition to motivate companies to innovate and produce better goods. However,
no company has a dominant market share, resulting in zero long-term profits. Therefore, real-
world competition departs from this ideal, primarily due to production, marketing, and sales
differentiation. For example, even manufacturers of bottled spring water vary in terms of
purification procedure, product size, and brand identity.

Under a pure monopoly, only a single seller controls all or the vast majority of the market's
items and determines all terms, rules, prices, etc. As such, these companies may optimize their
profits by determining the ideal pricing and quantity. Therefore, the entry barriers for new sellers
are high due to high start-up costs and the absence of close substitutes for the product. For instance,

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Microsoft Corporation was the first business to monopolize personal computer operating systems.
As of 2022, its desktop Windows software retains a market share of 75%. In a pure monopoly,
the monopolist controls the supply of products. However, due to the large number of buyers, the
needs of each buyer represent a negligible portion of the total demand. Consequently, the customer
must pay the monopoly's price.

The disadvantage of pure monopoly is that prices are higher than in a competitive market.
Since the monopoly is the sole provider, it can set any price it desires. Monopolies are faced with
inelastic demand for their goods and services; hence, they can increase costs, as they know that
consumers have few options and no pricing flexibility. Gasoline would be an example. Moreover,
monopolies produce inflation. Since they can set prices at their discretion, they will increase prices
for consumers to boost their profits. Meanwhile, there may be no incentive to maintain the same
quality standards demanded in larger economies. Pure monopoly is advantageous because it
modifies economies of scale. When a monopoly increases the output of products and services,
more goods are sold or produced, and prices can be decreased. Consumers can save money due to
lower internal costs when these changes are reflected in the final retail price of the products
offered.

Oligopoly is the third market competition model. A limited number of suppliers dominate an
oligopoly market, none of whom can prevent the others from having a significant impact because
they sell slightly different products. Due to competition, market prices are moderate in this
industry. When one company sets a price, others will follow suit to remain competitive. Without
a dominant force in the industry, these enterprises may collude rather than compete, as they exist
between the two extremes of a completely competitive market and a monopolistic market, which
prohibits the entry of immature players. This partnership enables them to function as one entity.

Oligopoly has the advantage of allowing a competitive strategy. An oligopoly can pursue
inefficient and non-innovative strategies if they so choose, but it can also pursue a competitive
conclusion if it so chooses. When companies use this to their advantage, consumers can benefit
from lower prices and higher-quality goods and services. The market as a whole will remain
uncompetitive, but the behavior of organizations may remain highly competitive. Conversely,
higher concentration levels have the disadvantage of reducing consumer options. When only a
handful of organizations are active in a particular industry, the high concentration of society
decreases consumer options.