Business Ethics Flashcards
- It is a branch of philosophy that deals with morality about what is considered “right” and “wrong” behavior for people in various situations
ETHICS
- It is a set of principles or standards that govern the conduct of individuals or groups
ETHICS
- It provides a framework for evaluating what is considered morally right or wrong in particular situation
ETHICS
personal beliefs or principles that guide an individual’s behavior and actions
MORALS
- deeply ingrained and are often influenced by the personal values, cultural norms, religious beliefs, and upbringing
MORALS
- subjective and can vary from person to person, reflecting individual perspectives on what is right or wrong.
MORALS
- suggests that the morally right action is the one that produces the greatest amount of happiness for the greatest number of people
UTILITARIANISM
- suggests that the morally right action is the one that aligns with certain moral principles or rules, regardless of the outcome
DEONTOLOGICAL
- suggests that the morally right action is the one that upholds and respects the rights of individuals
RIGHTS-BASED ETHICS
- belief that ethical principles and moral judgments are relative to individuals, cultures, or societies. It suggests that what is considered right or wrong can vary across different contexts
ETHICAL RELATIVISM
refers to the principles and moral values that guide the behavior and decision-making of individuals and organizations in the business world
BUSINESS ETHICS
It involves applying ethical principles, theories and frameworks to business practices, ensuring that businesses operate in a responsible and morally upright manner.
BUSINESS ETHICS
- refers to the application of ethical principles and standards in the context of global business operations.
INTERNATIONAL BUSINESS ETHICS
It involves considering ethical considerations and responsibilities when conducting business across national borders and interacting with diverse cultures, legal systems, and stakeholders.
INTERNATIONAL BUSINESS ETHICS
- Suggests that businesses should consider the interests and needs of all stakeholders, including employees, customers, suppliers, shareholders, and the wider community.
STAKEHOLDER THEORY
- Refers to the ethical framework that encourages businesses to consider their impact on society and the environment. It involves voluntarily taking responsibility for the social, environmental, and economic consequences of their actions
CORPORATE SOCIAL RESPONSIBILITY (CSR)
suggests that businesses should be accountable for their economic, social and environmental impacts
TRIPLE BOTTOM LINE (TBL)
evaluates organizational performance based on three pillars: profit (economic), people (social), and planet (environmental).
TRIPLE BOTTOM LINE (TBL)
- Emphasizes the role of leaders in setting ethical standards and promoting ethical behavior within organizations
ETHICAL LEADERSHIP
this framework focuses on traits such as integrity, honesty, accountability, and fairness.
ETHICAL LEADERSHIP
(ARCHIE) CARROLL’S FOUR-PART MODEL
- Economic
- Legal
- Ethical
- Philanthropic
ETHICAL THEORIES AND FRAMEWORKS IN BUSINESS
STAKEHOLDERS THEORY
CSR Corporate Social Responsibility
TBL Triple bottom line
ETHICAL LEADERSHIP
(ARCHIE) CARROLL’S FOUR-PART MODEL
responsibility of the firm to make money and stay in business
ECONOMIC RESPONSIBILITY
responsibility of the business to follow laws and industry regulations
LEGAL RESPONSIBILITY
responsibility of the firm to do what is right even when not required by the law
ETHICAL RESPONSIBILITY
responsibility of the firm to give back to the society
PHILANTHROPIC RESPONSIBILITY
