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Business Law Chapter 5 Business Ethics

Ethics
Moral principles and values applied to social behavior.
Business Ethics
Ethics in a business context; a consensus of what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
Triple Bottom Line
A corporation’s profits, its impact on people, and its impact on the planet
Moral Minimum
The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law.
Ethical Reasoning
A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
Duty-Based Ethics
An ethical philosophy rooted in the idea that every person has certain duties to others, including both humans and the planet. Those duties may be derived from religious principles or from other philosophical reasoning.
Outcome-Based Ethics
An ethical philosophy that focuses on the impact of a decision on society or on key stakeholders.
Principle of Rights
The principle that human beings have certain fundamental rights (to life, freedom, and the pursuit of happiness, for example). Those who adhere to this “right theory” believes that a key factor in determining whether a business decision is ethical is how that decision affects the rights of others, its employees the consumers of its products or services, its suppliers, the community in which it does business, and society as a whole.
Categorical Imperative
a concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong, or desirable or undesirable, a person should evaluate the action in terms of what would happen if everybody else in the same situation, or category, acted the same way.
utilitarianism
An approach to ethical reasoning in which ethically correct behavior is related to an evaluation of the consequences of a given action on those who will be affected by it. In utilitarian reasoning, a “good” decision is one that results in the greatest good for the greatest number of people affected by the decision
cost-benefit analysis
A decision-making technique that involves weighing the costs of a given action against the benefits of the action.
Corporate Social Responsibility (CSR)
The concept that corporations can and should act ethically and be accountable to society for their actions.
stakeholders
Groups, other than the company’s shareholders, that are affected by corporate decisions. Stakeholders include employees, customers, creditors, suppliers. and the community in which the corporation operates.

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