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Business Law Ch. 2

TermDefinition
ethics the study and practice of decisions about what is good or right
business ethics the use of ethics and ethical principles to solve business dilemmas
ethical dilemma a question about how a person should behave that requires the person to reflect about the advantages and disadvantages of the optional choices for various stakeholders; a problem about what a firm should do for which no clear, right decision is available
social responsibility of business the responsibility of firms doing business within a community to meet the expectations that the community imposes on them
WPH process of ethical decision making a set of ethical guidelines that urges us to consider whom an actions affects, the purpose of the action, and how we view its morality (whether by utilitarian ethics, deontology, etc.)
ethical guideline a simple tool to help determine whether an action is moral
stakeholders the groups of people affected by a firm's decisions; include owners or shareholders, employees, customers, management, the general community where the firm operates, and future generations
values positive abstractions that capture our sense of what is good and desirable
W of WPH process of ethical decision making (who; stakeholders) -consumers -owners or investors -management -employees -community -future generations
P of WPH process of ethical decision making (purpose; values) -freedom -security -justice -efficiency
H of WPH process of ethical decision making (how; guidelines) -public disclosure -universalization -golden rule
absolutism a theory of ethics which requires that individuals defer to a set of rules to guide them in the ethical decision-making process; whether an action is moral depends on whether it conforms to the given set of ethical rules
act utilitarianism a theory of ethics which requires that individuals examine all the potential actions in each situation and choose the action that yields the greatest amount of pleasure over pain for all involved
categorical imperative the principal that an act is ethical if we want all people to act according to its dictates
consequentialism a general approach to ethical dilemmas which requires that we consider the consequences our actions will have on relevant people
deontology the ethical theory which states that an action can be determined as ethical on the basis of right and wrong, regardless of its consequences
ethical relativism the ethical theory that denies the existence of an ultimate ethical system, holding instead that a decision must be determined an ethical on the basis of its own context
ethics of care the ethical theory that emphasizes human interaction, holding that what makes a decision ethical is how well it builds and promotes human relationships
principle of rights the principle that judges the morality of a decision on the basis of how it affects the rights of all those involved
rule utilitarianism a subset of utilitarianism which holds that general rules that on balance produce the greatest amount of pleasure for all involved should be established and followed in each situation
situational ethics an ethical theory which holds that to evaluate the morality of an action, we must imagine ourselves in the position of the person facing the ethical dilemma and then, on that basis, determine whether that person's action was ethical
utilitarianism the ethical principle that urges individuals to act in a way that creates the most happiness for the largest number of people
virtue ethics the ethical system which proposes that a decision is ethical when it promotes positive character traits such as honesty, courage, or fairness
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