BUSINESS LAW - CHAPTER 7 (Ethics and Business Decision Making)

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Author:
rootbytes
ID:
262850
Filename:
BUSINESS LAW - CHAPTER 7 (Ethics and Business Decision Making)
Updated:
2014-02-19 17:25:57
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BUSINESS LAW CH7 Ethics Business Decision Making
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SPRING 2014
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Memorize Terms
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  1. Moral principles and values applied to social behavior.
    Ethics
  2. What constitutes right or wrong behavior and the application of moral principles in
    a business context.
    Business Ethics
  3. The minimum degree of ethical behavior expected of a business firm, which is usually
    defined as compliance with the law.
    Moral Minimum
  4. Short Run doesn’t tend to be ethical
    Short  Run  vs Long Run profit maximization
  5. What if everybody starts doing the same thing?
    Duty-based Ethics and the examples of this
  6. 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.
    Categorical Imperative
  7. 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
  8. Utilitarianism (“screws minorities” “the greater good”)
  9. Outcome based ethics and the examples of this
  10. 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.
    Utilitarianism
  11. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
    Cost-Benefit Analysis
  12. The idea that corporations can and should act ethically and be accountable to society
    for their actions.
    Corporate Social Responsibility

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