Business Ethics Flashcards
why do we need ethics if we already have law?
bc even though they frequently overlap, law stil doesn’t cover all the ethics
why is ethics important in business?
they help firms decide what actions are right and what wrong
what are the sources of ethical values in business?
religion, philosophical systems, cultural experience, legal systems
state 4 internal factors that influence ethics of decision making
- leadership
- corporate culture
- individual characteristics
- strategy & performance
state 6 ethical principles
- respect for human dignitiy
- fairness
- transparency
- honesty
- non-discrimination
- accountability
define the term categorical imperative
act according to those principles that could be applied to everyone (universal law)
what is the negative side of the categorical imperative? (3 points)
- dogmatic (‘i am right and everyone else is wrong’)
- inflexible
- rules out practices like lying, stealing, and promises
define the term utilitarian ethics
act in a way that will bring the most people most good (the consequence of the act is more important than the intent, but not in a machiavelian way)
state 2 characteristics of utilitarian ethics
- all individuals are equal
2. consequences are evaluated in terms of individual preferences
what is the negative side of utilitarian ethics?
subjective concept of interest (not all have the same)
define the term disclosure ethics
act in a way that would survive disclosure in public (the decision you made)
state 3 characteristics of disclosure ethics
- useful in corporations
- rules out motivations such as greed and jealousy
- not useful for dilemmas with several alternatives
define the term end-means ethics
the end justifies the means (Machiaveli)
what is the critique of end-means ethics?
opens space for unethical behaviour
means are often just as important as the end
define the golden rule
act in a way you would like others to act toward you
