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13 Cards in this Set
- Front
- Back
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business ethics |
recognizing right and wrong business behavior and acting responsibly to the business's stakeholders |
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stakeholder |
any individual or entity affected by a business's operations; includes the business's owners, investors, employees, customers, suppliers, and the wider community |
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morals |
generally accepted standards of right and wrong in a given society |
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ethics |
a conscious system used for deciding moral dilemmas |
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utilitarian |
model of moral philosophy which holds that an actions is ethically sound if it produces positive results for the most |
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values management |
managerial system that emphasizes prioritizing moral values for the organization and ensuring that behaviors are aligned with those values |
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moral minimum |
a corporate ethical philosophy in which a company strives to act as ethically as possible as long as a reasonable profit is made. - ethics and corporate social responsibility are priorities |
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maximizing profits |
a corporate ethical philosophy in which a company strives to make as much money as possible with an emphasis on not breaking the law - ethics and corporate social responsibility are often secondary concerns |
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energy bank |
business model adopted by Enron Corporation, after deregulation of the energy markets, in which Enron purchased energy from one source at a discount rate and sold it to markets where demand was greatest for energy |
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consequences-based approach |
this approach to ethical decision making emphasizes that the ethical course of action is the one that provides the most good (happiness) for the greatest number of people |
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principles-based approach |
this approach to ethical decision making, decisions are made according to a set of established principles or standards such as religious tenets or codes |
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business ethics |
This requires that primary and secondary stakeholders be identified and considered when companies are making business decisions |
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1. Define the dilemma 2. Identify Impact 3. Apply standards 4. Develop choices and discuss impact with various constituencies 5. Implement, evaluate, and monitor |
What is the five steps in Ethical decision making? |
