Ch 2: Business Ethics – Flashcards
Unlock all answers in this set
Unlock answersquestion
is the study and practice of decisions about what is good or rights
answer
Ethics
question
is the application of ethics to the special problems and opportunities experienced by business people
answer
Business Ethics
question
is a problem about what a firm should do for which no clear, right decision is available
answer
Ethical Dilemma
question
consists of the expectations that the community imposes on the firms doing inside the borders
answer
Social Responsibilty of business
question
to help future business managers with a practical approach to business ethics that they can use to avoid these costs of unethical behavior -this approach offers some business mangers ethical business guidelines
answer
WPH Process of Ethical decision making
question
Whom as in whom would this decision affect?
answer
What does the W in WPH Process of Ethical Decision making stand for?
question
Purpose as in what is the purpose of this decision
answer
What does the P in WPH Process of Ethical Decision making stand for?
question
How, as in how to make ethical decisions
answer
What does the H in WPH Process of Ethical Decision making stand for?
question
are many groups of people affected by the firm's decisons
answer
Stakeholders
question
-Owners or Shareholders -Employees -Customers -Management -The general community where the firm operates -Future generations
answer
6 Types of stakeholders
question
are positive abstractions that capture our sense of what is good or desirable. -They are ideas that underlie conversations about business ethics
answer
Values
question
a path to ethical conduct
answer
An ethical guideline provides one with ________
question
We should interact with other people in a manner consistent with the way we would like them to interact with us
answer
Golden Rule
question
an ethical guideline, people tend to act differently when they know others are watching
answer
Public disclosure Test
question
an ethical guideline, asks us to consider what the world would be like were our decision copied by everyone else -were others to follow my example...
answer
Universalization Test
question
T
answer
T or F: Business ethics refers to standards of business conduct but does not result in a set of correct decisions
question
It refers to a system of relationship building woven together bu social ties
answer
What is the system of "guanxi" used in China?
question
Freedom, security, and efficiency
answer
What are the values in the WPH Process of ethical decision making? (3)
question
television
answer
The public disclosure test for ethical behavior is sometimes referred to as the _____ test
question
the ethical theory that requires we evaluate the morality of an action by imagining ourselves in the position of the person facing the ethical dilemma
answer
Situational Ethics
question
is a theory of ethics that denies the existence of objective moral standards, individuals must evaluate actions on the basis of what they feel is best for themselves
answer
Ethical Relativism
question
(ethical fundamentalism) requires that individuals defer to a set of rules to guide them in the ethical decision-making process. Absolutism holds that whether an action is moral does not depend on the perspective of the person facing the ethical dilemma, rather whether the action follows an ethical set of rules.
answer
Absolutism
question
is a general approach to ethical dilemmas that requires that we inquire about the consequences to relevant people of our making a particular decision. "depends on the consequences"
answer
Consequentalism
question
urges managers to take those actions that will provide the greatest pleasure after having subtracted the pain or harm associated with the action in question
answer
utilitarianism
question
tells business managers to examine all the potential actions in each situation and choose the action that yields the greatest amount of pleasure over pain for all involved
answer
Act utilitarianism
question
general rules that on balance produce the greatest amount of pleasure for all involved should be established and followed in each situation
answer
Rule Utilitarianism
question
one form of utilitarianism commonly applied by firms and the government, when a business uses this it compares the pleasure and pain of its optional choices, as that pleasure and pain are measured in monetary terms
answer
Cost-benefit
question
consists of acting on the basis of the recognition that certain actions are right or wrong regardless of their consequences
answer
Deontology
question
an action is moral only if it would be consistent for everyone in society to act the same way
answer
Categorical imperative
question
asserts that whether a business decision is ethical depends on how the decision affects the rights of all those involved
answer
Principle of rights
question
Is an ethical system in which the development of virtues, or positive character traits such as courage, justice, and truthfulness is a basis for morality
answer
Virtue Ethics
question
holds that the right course of action is the option most consistent with the building and maintaining of human relationships
answer
Ethics of Care
question
holds that the right course of action is the option most consistent with the building and maintaining of human relationships
answer
Ethics of Care
