Business Ethics Chp 6
Card Set Information
Business Ethics Chp 6
business ethics vocab in book by Ferrell, Fraedrich & Ferrell
specific principles or rules that people use to decide what is right & wrong
decisions made by groups or when carrying out tasks to meet business objectives
market will reward or punish companies for unethical conduct w/out need for govt regulation
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.
moral philosophy that places special value on ideas & ideals as products of the mind.
an external world exists independent of our perception of it. each person is ultimately guided by his or her own self-interest.
believe that only one thing is intrinsically true
idea that pleasure is the ultimate good (the best moral end involves the greatest balance of pleasure over pain)
more pleasure is better
believe it is possible to get too much of a good thing
thing is intrinsically good, can be two or more.
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.
focus on the end result of actions & the goodness or happiness created by them.
emphasize the means & motives by which actions are justified & are divided into categories of teleology and deontology.
considers the ends of their actions
moral philosophies in which an act is considered morally right or acceptable if it produces some desired result (pleasure, knowledge, wealth, fame)
right or acceptable behavior in terms of its consequences for the individual.
take long-ranged perspective and allow for well being of others although their self-interest remains paramount.
seeks for the greatest good of the greatest number of people.
determine behavior on the basis of principles or rules designed to promote greatest utility.
examine specific actions, rather than general rules governing them
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.
system of ethics based on respects for persons
"act as if the maxim of thy action were to become by thy will a universal law of nature"
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.
actions are proper basis on which to judge morality or ethicalness. Past experiences are more important than rules.
definitions of ethical behavior are derived subjectively from the experiences of individuals and groups.
relates to observations of other cultures.
proposes that people naturally see situations from their own perspective, meaning there is no objective way of resolving ethical disputes.
assume one person's opinion is as good as another's.
ethical behavior involves not only adhering to conventional morals but also considering what a "good moral" person would consider appropriate in a situation.
fair treatment and due reward in accordance with ethical or legal standards
based on evaluation of the outcomes of business relationship
considers processes and activities that produce particular outcomes
based on relationships between organizational members
Kohlberg's Model of Cognitive Moral Development
people make different decisions in similar ethical situations because they are in different moral development stages
punishment and obedience (Kohlberg)
obedience to rules and authority, small children
individual instrumental purpose and exchange
makes decision on basis of fairness towards themselves
mutual interpersonal expectations, relationships and conformity
emphasizes interests of others
social system and conscience maintenance
considers decision based off duty to society
prior rights, social contract or utility
concerned with upholding basic rights, values, and legal contracts of society
universal ethical principles
right is determined by universal ethical principles that everyone should follow
White Collar Crime
tend to be highly educated people who are in positions of power, trust, and responsibility within a business