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10 Cards in this Set
- Front
- Back
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Ethics |
Can be defined as what constitutes right and wrong behavior; moral principles and values that apply to social behavior. |
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Business Ethics |
Focuses on what constitutes right and wrong in the business world; applications of moral principles in a business context.
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Moral Minimum |
The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law. Just because an action is legal doesn't make it ethical. |
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Stock Buyback |
The purchase of shares of a company's own stock by that company on the open market.
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Ethical Reasoning |
A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand. Two Fundamental approaches: 1. Duty-Based Ethics 2. Utilitarianism |
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Categorical Imperative |
An ethical guideline developed by Immanuel Kant which an action is evaluated in terms of what would happen if everybody else in the same situation or category, acted the same way. |
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Principle of Rights |
The belief that human beings have certain fundamental rights. Whether an action or decision is ethical depends on how it affects the rights of various groups, such as owners, employees, consumers, suppliers, the community, and society.
There may be conflicting rights, which could be resolved by giving precedence to the stronger right under particular circumstances. |
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Utilitarianism |
An approach to ethical reasoning in which an action is evaluated in terms of its consequences for those whom it will affect. A "good" action is one that results in the greatest good for the greatest number of people.
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Cost-Benefit Analysis |
A decision-making technique that involves weighing the costs of given action against the benefits of that action. |
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Corporate Social Responsibility |
The idea that corporations can and should act ethically and be accountable to society for their actions.
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