Business Ethics Flashcards
Definition: Distributive justice
Ability of a social group or government body to dole out a fair and just distribution of goods and services
They ensure everyone gets an equal piece of the pie
Definition: Moral Philosophy
Individual uses line of reasoning as a basis for their values and beliefs
What are the challenges of justice?
- Can’t exist until it’s applied to each individual
2.
Virtue Ethics
Character driven and honor focused
Actions judged by individual’s motives
Utilitarianism
Ultimate good of society
Does not look at individual contributions, just the end result
Conflict is from methods to achieving it
Utilitarianism
Ultimate good of society
Does not look at individual contributions, just the end result
Conflict is from methods to achieving it
Retributive justice
Focuses on the punishment of those who did wrong
Vice
Opposite of virtue
Virtue
High standard of morality
Helps keep a clear conscience
4 IMA principles seen in standard practice
HFOR
HONESTY, FAIRNESS, objectivity and reliability
Deontology
Act itself drives the ethics, not consequences of the act
Due diligence
Evaluate and verify information is accurate and current
Integrity
Honest and forthcoming
Highest levels of morals and ethics
Business ethics
- How a firm performs in acting according to society’s expectation
- How firm’s employees act w.r.t employers’ expectations
Fiduciary responsibility
Need to act on client’s best interests, not their own
