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Business Law
Chapter 2
| Question | Answer |
|---|---|
| ethics | The study and practice 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 one should behave that requires one to reflect on the advantages and disadvantages of the optional choices for various stakeholders |
| social responsibility of business | the expectations that a community places on the actions of firms inside that community's borders |
| WH approach (to ethical decision making) | a set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action, and how we view its morality |
| ethical guidelines | a simple tool that helps determine whether an action is moral |
| values | positive abstractions that capture our sense of what is good and desirable |
| Primary values of Business Ethics | 1) Freedom 2) Security 3) Justice 4) Efficiency |
| Freedom | 1) to act without restrictions from rules imposed by others 2) to possess the capacity or resources to act as one wishes 3) To escape the cares and demands of this world entirely |
| Security | 1) to possess a large-enough supply of goods and services to meet basic needs 2) To be safe from those wishing to interfere with your property rights 3) to achieve the psychological condition of self-confidence to such an extent that risks are welcome |
| Justice | 1) To receive the products of your labor 2) To treat all humans identically, regardless of race, class, gender, age. and sexual preference 3) To provide resources in proportion to need 4) To possess anything that someone else is willing to grant you |
| Efficiency | 1) To maximize the amount of wealth in society 2) To get the most from a particular output 3)To minimize costs |
| WH | 1)Who (stakeholders) - customers, owners or investors, management, employees, community, future generations 2)How (Guidelines) - Public disclosure, universalization, Golden rule |
| Stakeholders | the groups of people affected by a firms decision |
| Universalization test | the ethical guideline that urges us to consider before we act, what the world would be like if everyone acted in this way |
Created by:
wtterry41
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