DECA Business Law & Ethics Vocabulary – Flashcards
Unlock all answers in this set
Unlock answersquestion
Moral principles and values applied to social behavior.
answer
Ethics
question
What constitutes right or wrong behavior and the application of moral principles in a business context.
answer
Business Ethics
question
The minimum degree of ethical behavior expected of a businessperson, which is usually defined as compliance with the law.
answer
Moral Minimum
question
The purchase of shares of a company's own stock by that company on the open market.
answer
Stock Buyback
question
An agreement that grants the owner the option to buy a given number of shares of stock at a set price, usually within a specific time period.
answer
Stock Option
question
A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
answer
Ethical Reasoning
question
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.
answer
Categorical Imperative
question
The belief that human beings have certain fundamental rights. Whether a business 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.
answer
Principle of Rights
question
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.
answer
Utilitarianism
question
A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
answer
Cost-Benefit Analysis
question
An interchange of giving and receiving in social relationships.
answer
Reciprocity
question
Problem, situation, or opportunity that requires an individual, group, or organization to choose among several actions that must be evaluated as right or wrong, ethical or unethical.
answer
Ethical Issue
question
Problem, situation , or opportunity that requires an individual, group, or organization to choose among several wrong or unethical actions.
answer
Ethical Dilemma
question
Physical threats, false accusations, being annoying, profanity, insults, yelling, harshness, ignoring someone, and unreasonableness.
answer
Abusive/Intimidating Behavior
question
When an individual must choose whether to advance his or her own interests, those of the organization, or those of some other group.
answer
Conflict of Interest
question
Small payments made to obtain or retain business or other improper advantages do not constitute bribery payments.
answer
Facilitation Payment
question
The collection and analysis of information on markets,technologies, customers and competitors, as well as on socioeconomic and external political trends.
answer
Corporate Intelligence
question
The monitoring of employees' use of available technology and consumer privacy.
answer
Privacy Issue
question
Property created by the intellect, such as inventions, software and books. Patents, copyright and trade secrets are examples.
answer
Intellectual Property
question
Rules of conduct established by the government of a society to maintain stability & justice in that society. Laws cannot make people do what is right, but can punish. At times ethics and law will conflict.
answer
Law
question
For the greatest number of affected people by an action. The more bad that results, the less.
answer
The Greatest Good Principle
question
Documented best practices, often encouraged by legal and regulatory forces as well as industry trade associations.
answer
Core Practices
question
The externally imposed boundaries of conduct, such as laws, rules, regulations, and other requirements.
answer
Mandated Boundary
question
"Treat others the way you want to be treated."
answer
The Golden Rule
question
A system of ethical thought that says there is no objective or absolute standard of right and wrong.
answer
Ethical Relativism
question
A wrongful act or an infringement of a right (other than under contract) leading to civil legal liability.
answer
Tort
