Business Law and the Legal Environment of Business Chapter 2 – Flashcards

How people ought to act

Ethics The law that dictates how a person must behave. Ethics governs how people should behave

Life Principles are the the rules by which you live your life. If you develop these Life Principles now, you will be prepared when facing ethical dilemmas in the future

society as a whole benefits from ethical behavior people feel better when they behave ethically unethical behavior can be very costly ethical behavior is more likely to pay off

Utilitarian thinkers believe that moral actions produce the greatest good for the greatest number. Deotological thinkers such as Immanuel Kant argue that, when assessing whether a decision is the most ethical choice, the end result is immaterial. Kantian thinker believe that moral choices must be made for sound reasons, and that decisions motivated by a sense of duty of a respect for human dignity are particularly ethical.

Should you apply your personal ethics in the workplace, or should you have different ethical values at home and at work?

Is the primary role of corporations to make money, or do companies have responsibilities to workers, communities, customers, and other stakeholders?

What ethical duties does an American manager owe to stakeholders in countries where the culture and economic circumstances are very different? Should American companies (and consumers) buy goods that are produced in sweatshop factories?

When, if ever, is lying acceptable?