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Ch 2: Business Ethics

Ethics
is the study and practice of decisions about what is good or rights
Business Ethics
is the application of ethics to the special problems and opportunities experienced by business people
Ethical Dilemma
is a problem about what a firm should do for which no clear, right decision is available
Social Responsibilty of business
consists of the expectations that the community imposes on the firms doing inside the borders
WPH Process of Ethical decision making
to help future business managers with a practical approach to business ethics that they can use to avoid these costs of unethical behavior
-this approach offers some business mangers ethical business guidelines
What does the W in WPH Process of Ethical Decision making stand for?
Whom as in whom would this decision affect?
What does the P in WPH Process of Ethical Decision making stand for?
Purpose as in what is the purpose of this decision
What does the H in WPH Process of Ethical Decision making stand for?
How, as in how to make ethical decisions
Stakeholders
are many groups of people affected by the firm’s decisons
6 Types of stakeholders
-Owners or Shareholders
-Employees
-Customers
-Management
-The general community where the firm operates
-Future generations
Values
are positive abstractions that capture our sense of what is good or desirable.
-They are ideas that underlie conversations about business ethics
An ethical guideline provides one with ________
a path to ethical conduct
Golden Rule
We should interact with other people in a manner consistent with the way we would like them to interact with us
Public disclosure Test
an ethical guideline, people tend to act differently when they know others are watching
Universalization Test
an ethical guideline, asks us to consider what the world would be like were our decision copied by everyone else
-were others to follow my example…
T or F: Business ethics refers to standards of business conduct but does not result in a set of correct decisions
T
What is the system of “guanxi” used in China?
It refers to a system of relationship building woven together bu social ties
What are the values in the WPH Process of ethical decision making? (3)
Freedom, security, and efficiency
The public disclosure test for ethical behavior is sometimes referred to as the _____ test
television
Situational Ethics
the ethical theory that requires we evaluate the morality of an action by imagining ourselves in the position of the person facing the ethical dilemma
Ethical Relativism
is a theory of ethics that denies the existence of objective moral standards, individuals must evaluate actions on the basis of what they feel is best for themselves
Absolutism
(ethical fundamentalism) requires that individuals defer to a set of rules to guide them in the ethical decision-making process. Absolutism holds that whether an action is moral does not depend on the perspective of the person facing the ethical dilemma, rather whether the action follows an ethical set of rules.
Consequentalism
is a general approach to ethical dilemmas that requires that we inquire about the consequences to relevant people of our making a particular decision. “depends on the consequences”
utilitarianism
urges managers to take those actions that will provide the greatest pleasure after having subtracted the pain or harm associated with the action in question
Act utilitarianism
tells business managers to examine all the potential actions in each situation and choose the action that yields the greatest amount of pleasure over pain for all involved
Rule Utilitarianism
general rules that on balance produce the greatest amount of pleasure for all involved should be established and followed in each situation
Cost-benefit
one form of utilitarianism commonly applied by firms and the government, when a business uses this it compares the pleasure and pain of its optional choices, as that pleasure and pain are measured in monetary terms
Deontology
consists of acting on the basis of the recognition that certain actions are right or wrong regardless of their consequences
Categorical imperative
an action is moral only if it would be consistent for everyone in society to act the same way
Principle of rights
asserts that whether a business decision is ethical depends on how the decision affects the rights of all those involved
Virtue Ethics
Is an ethical system in which the development of virtues, or positive character traits such as courage, justice, and truthfulness is a basis for morality
Ethics of Care
holds that the right course of action is the option most consistent with the building and maintaining of human relationships

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