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BLaw CH 2
Chapter 2
| Term | Definition |
|---|---|
| Ethics | The study and practice about what is good or right. |
| Business Ethics | The application of ethics to the problems and opportunities experienced by businesspeople. |
| Ethical Dilemma | A problem about what a firm should do which no clear , correct decision is available |
| Social Responsibility of Business | Expectations that the community imposes on firms doing business inside its borders. |
| What is the "WH" process of Ethical Decision Making | Who are the stakeholders? How should the decision be made? |
| Who are stakeholders | Customers. • Owners or investors. • Management. • Employees. • Community. • Future generations. |
| Ethical Guidelines | Public disclosure. • Universalization. • Golden Rule. |
| Values | Are positive abstractions that capture our sense of what is good or desirable. They are ideas that underline conversations about business ethics . |
| What are the primary values and business ethics? | Freedom, Security, Justice , Efficiency |
| Freedom | To act without restriction from rules imposed by others. To possess the capacity or resources to act as one wishes. To escape the care and demands of this world entirely |
| Security | To possess a large enough supply of goods and services to meet basic needs. To be safe from those wishing to interfere with your property rights. To achieve to psychological condition of self confidence to such an extent that risk are welcome |
| Justice | To receive the products of your labor. To treat all humans identically, regardless of race, class, gender, age, and sexual preference. To provide resources in proportion to need. To posses anything that someone else is willing to grant you |
| Efficiency | To maximize the amount of wealth in society. To get the most from a particular output. To minimize costs |
| Stakeholders | the many groups of people affected by the firm's decisions |
| Golden Rule | The ideas that we should interact with other people in a manner consistent with the way we would like them to interact with us has deep historical roots . |
| Six ways to Interpret "The Golden Rule" | Do to others as you want them to gratify you. Be considerate of others feelings as you want them to be considerate of yours. Treat others as persons of rational dignity like you. Extend brotherly or sisterly love to other, as you want them to do to you. |
| The other two was to interpret Golden Rule | treat other according to moral insight as you would have other treat you. Do to others as GOD wants you to do to them |
| Public Disclosure Test | requires us to imagine that out actions are being broadcast on national television. The premise behind this general guideline is that ethics is hard work, labor that we might resist if we did not have frequent reminders that we live in a community. |
| Universalization Test | The ethical guideline that urges us to consider, before we act, what the would be like if everyone acted in this way |
| What ethical guidelines could help an American business manager working in another country decide whether she should engage in behavior that is ethical where she works but is unethical in US. | When working in a different country, an American business manager should respect local customs, follow the law, and seek advice from locals to ensure ethical behavior aligns with cultural norms. |
| What is the relationship between business behavior that is legal and business decisions that are ethical? | Think of legality as the floor and ethics as the ceiling in a building - following the law is the minimum requirement, but ethical decisions aim to elevate and protect the well-being of all stakeholders. |
| How do business ethics and business law interact with each other? | Business ethics and business law are like two sides of the same coin - ethics guide what is right and fair, while laws enforce those standards, working together to ensure businesses operate ethically and legally. |
| How does the WH approach to ethics respond to an ethical problem? | Whom would the decision affect? (Stakeholders) How do we make ethical decisions? (The Golden Rule, Public Disclosure Test, and the Universalization Test |
Created by:
bellam08
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