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10 Cards in this Set
- Front
- Back
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Ethics
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the study of how people should act; values and beliefs related to the nature of human conduct
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Business Ethics
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seeks to balance the values of society with the goal of profitable operation
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Teleological ethical theories
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focus on the consequences of a decision
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Deontological ethical theories
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focus on decisions or actions alone
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Kantianism
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applies the categorical imperative: judge an action by applying it universally
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Modern rights theories
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softens Kant's absolute duty approach, yet protects fundamental rights (a strength of the theory)
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Justice theory
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declares that a society's benefits and burdens should be allocated fairly among its members
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Utilitarianism
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maximizes utility for society as a whole by a cost-benefit analysis
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Profit maximization
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maximizes a company's long run within the limits of law
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Business stakeholder standard of behavior
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determines whether an act is, or is not, ethical by examining interest of stakeholders with regard to a particular business action
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