BUSINESS LAW - CHAPTER 7 (Ethics and Business Decision Making)
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Moral principles and values applied to social behavior.
What constitutes right or wrong behavior and the application of moral principles in
a business context.
The minimum degree of ethical behavior expected of a business firm, which is usually
defined as compliance with the law.
Short Run doesn’t tend to be ethical
Short Run vs Long Run profit maximization
What if everybody starts doing the same thing?
Duty-based Ethics and the examples of this
An ethical guideline developed by Immanuel Kant under which an action is evaluated in
terms of what would happen if everybody else in the same situation, or category, acted the same way.
The belief that human beings have certain fundamental rights. Whether an action or decision is ethical depends on how it affects the rights of various groups, such as owners, employees, consumers, suppliers, the community, and society.
Principle of Rights
Utilitarianism (“screws minorities” “the greater good”)
Outcome based ethics and the examples of this
An approach to ethical reasoning in which an action is evaluated in terms of its consequences for those whom it will affect. A “good” action is one that results
in the greatest good for the greatest number of people.
A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
The idea that corporations can and should act ethically and be accountable to society
for their actions.
Corporate Social Responsibility
What would you like to do?
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