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

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rootbytes
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271766
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BUSINESS LAW - CHAPTER 7 (Ethics and Business Decision Making)
Updated:
2014-04-24 12:22:26
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Business Law
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Chapter Seven Terms
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  1. Ethics
    Moral principles and values applied to social behavior.
  2. Business Ethics
    What constitutes right or wrong behavior and the application of moral principles in a business context.
  3. Moral Minimum
    The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law.
  4. Short  Run 
    and long run profit maximization
  5. Duty-based ethics and
    the examples of this
  6. Categorical Imperative
    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.
  7. Principle of Rights
    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.
  8. Outcome based ethics
    and the examples of this
  9. Utilitarianism
    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.
  10. Cost-Benefit Analysis
    A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
  11. Corporate Social Responsibility
    The idea that corporations can and should act ethically and be accountable to society for their actions.
  12. Stakeholder
    approach

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