Business Law Chapter 2

Front 1

Ethics

Back 1

A study and practice of decisions about what is good or right

Front 2

Business ethics

Back 2

application of ethics to the special problems and opportuuinities experienced by business people

Front 3

Ethical dilemma

Back 3

a problem about what a firm should do for which no clear right decision is available

Front 4

Social responsibility of business

Back 4

cosists of the expectations that the community imposes on firms doing business inside its borders

Front 5

WPH process of ethical decision making

Back 5

this approach offers future business managers some ethical guidelines or practical steps that provide a dependable stimilus to ethical reasoning in a business context

Front 6

W.P.H. guidelines

Back 6

Who(stakeholders) Consumers, owners or investors, management, emoployees, community, future generations
Purpose
Freedom, security, justice, efficiency
How
Public disclosure, universalization, golden rule

Front 7

values

Back 7

positive abstractions that capture our sense of what is good or desirable

Front 8

primary values

Back 8

Freedom, security, justice, efficiency

Front 9

freedom

Back 9

1. to act without restriction from rules imposed by othres.
2. to possess the capacity or resources to act as one wishes
3. to escape the cares and demands of this world entirely

Front 10

security

Back 10

1. to possess the large-enough supply of goods and services to meet basic needs.
2. to be safe from those wising to interfere with your property rights
3. to achieve the psychological condition of self confidence to such an extent that risks are welcome.

Front 11

justice

Back 11

1. to receive the products of your labor.
2. to treat all humans identically regardless of race class gender ate and sexual preference
3. to provide resources in proportion to need

Front 12

efficiency

Back 12

1. to maximize the amount of wealth in society
2. to get the most from a particular output
3. to minimize costs

Front 13

stakeholders

Back 13

the many groups affected by the firm's decisions. owners or shareholders, employees, customers, management, the general community where the firm operates, future generations

Front 14

ethical guidelines

Back 14

1. the golden rule
2.public disclosure test
3.universalization test