Business Ethics Chp 6

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  1. Moral Philosophy
    specific principles or rules that people use to decide what is right & wrong
  2. Business Ethics
    decisions made by groups or when carrying out tasks to meet business objectives
  3. Milton Friedman
    market will reward or punish companies for unethical conduct w/out need for govt regulation
  4. Economic Value Orientation
    associated w/ values that can be quantified by monetary means. if an act produces more value for its effort, then it should be accepted as ethical.
  5. Idealism
    moral philosophy that places special value on ideas & ideals as products of the mind.
  6. Realism
    an external world exists independent of our perception of it. each person is ultimately guided by his or her own self-interest.
  7. Monists
    believe that only one thing is intrinsically true
  8. Hedonism
    idea that pleasure is the ultimate good (the best moral end involves the greatest balance of pleasure over pain)
  9. Quantitative Hedonists
    more pleasure is better
  10. Qualitative Hedonists
    believe it is possible to get too much of a good thing
  11. Pluralists
    no one thing is intrinsically good, can be two or more.
  12. Instrumentalists
    reject the ideas that (1) ends can be separated from means that produce them and (2) ends, purposes, or outcomes are intrinsically good in & of themselves.
  13. Goodness Themes
    focus on the end result of actions & the goodness or happiness created by them.
  14. Obligation Theories
    emphasize the means & motives by which actions are justified & are divided into categories of teleology and deontology.
  15. Teleology
    considers the ends of their actions
  16. Consequentialism
    moral philosophies in which an act is considered morally right or acceptable if it produces some desired result (pleasure, knowledge, wealth, fame)
  17. Egosim
    right or acceptable behavior in terms of its consequences for the individual.
  18. Enlightened Egoism
    take long-ranged perspective and allow for well being of others although their self-interest remains paramount.
  19. Utilitarianism
    seeks for the greatest good of the greatest number of people.
  20. Rule Utilitarianism
    determine behavior on the basis of principles or rules designed to promote greatest utility.
  21. Act Utilitarians
    examine specific actions, rather than general rules governing them
  22. Deontology
    considers their means of their actions. Moral philosophies that focus on rights of individuals and on the intentions associated with a particular behavior rather than its consequences.
  23. Nonconsequentialism
    system of ethics based on respects for persons
  24. Categorical Imperative
    "act as if the maxim of thy action were to become by thy will a universal law of nature"
  25. Rule Deonotologists
    conformity to general moral principles based on logic determines ethicalness.

    i.e. Golden Rule- determined by relationship between basic rights of individual and a set of rules governing conduct.
  26. Act Deontologists
    actions are proper basis on which to judge morality or ethicalness. Past experiences are more important than rules.
  27. Relativist Perspective
    definitions of ethical behavior are derived subjectively from the experiences of individuals and groups.
  28. Descriptive Relativism
    relates to observations of other cultures.
  29. Metaethical Relativism
    proposes that people naturally see situations from their own perspective, meaning there is no objective way of resolving ethical disputes.
  30. Normative Relativism
    assume one person's opinion is as good as another's.
  31. Virute Ethics
    ethical behavior involves not only adhering to conventional morals but also considering what a "good moral" person would consider appropriate in a situation.
  32. Justice
    fair treatment and due reward in accordance with ethical or legal standards
  33. Distributive Justice
    based on evaluation of the outcomes of business relationship
  34. Procedural Justice
    considers processes and activities that produce particular outcomes
  35. Interactional Justice
    based on relationships between organizational members
  36. Kohlberg's Model of Cognitive Moral Development
    people make different decisions in similar ethical situations because they are in different moral development stages
  37. punishment and obedience (Kohlberg)
    obedience to rules and authority, small children
  38. individual instrumental purpose and exchange
    makes decision on basis of fairness towards themselves
  39. mutual interpersonal expectations, relationships and conformity
    emphasizes interests of others
  40. social system and conscience maintenance
    considers decision based off duty to society
  41. prior rights, social contract or utility
    concerned with upholding basic rights, values, and legal contracts of society
  42. universal ethical principles
    right is determined by universal ethical principles that everyone should follow
  43. White Collar Crime
    tend to be highly educated people who are in positions of power, trust, and responsibility within a business
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Business Ethics Chp 6
2013-03-25 05:14:04
business ethics

business ethics vocab in book by Ferrell, Fraedrich & Ferrell
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