business ethics Flashcards
Define Business Ethics
refers to moral principles and values that guide the end decisions of individuals and organizations in the business world.
Define ethics and its origin
Ethics is derived from the Greek word ‘ethos’, meaning character, spirit, and attitudes of a group or culture. It is concerned with what is good or right in human interaction and deals with justice and rights issues.
What is the focus of business ethics
Business ethics examines ethical rules and principles within a commercial context, ethical problems in business settings, and special duties or obligations for individuals engaged in commerce
How does normative ethics provide moral guidance
Normative ethics, also known as prescriptive ethics, offer guidance on how one should act to determine whether an action is right or wrong,good or bad.
Describe the Virtue Theory of Aristotle
Emphasises the importance of good character in doing good. It focuses on virtues like honesty, courage, self-control, and respect for humans and non-humans
Explain the Deontological Theory of Kant
states that actions are judged as right or wrong based on reason, and individuals have a duty to act in accordance with principles. Moral actions should be rationalised based on human intelligence and willpower.
What is the Utilitarian Theory of Mill based on
Suggests that the morality of an action should be judged by its consequences rather than the action itself.
Describe the concept of Utilitarianism in normative ethics
Acting to produce the best consequences for the common good. Focuses on maximising overall well-being or happiness. It prioritises actions that the result in the greatest good for the greatest number of people.
Define Ethical Relativism in meta-ethics
The belief that morality is relative to the norms of one’s culture.Ethical Relativism posits that moral principles are not universal but rather dependent on cultural norms.It emphasises understanding and respecting different cultural values and practices.
How does Moral Dissensus relate to ethical discussion?
It involves differences of opinion and decision- making, often influenced by cultural and societal norms
What is the impact of unethical behaviour on the market system?
It can lead to coercion, deceptive information, theft, bribery and ignorance. It can also result in legal consequences, loss of consumer confidence, and overall instability in the market.
Coercion means in the context unethical behaviour?
Forcing another party to behave involuntarily, such as in cases of robbery or employee termination. It involves using threats or force to manipulate someone into acting against their will.
Concept of Ignorance in unethical behaviour
Ignorance is from lack of knowledge or understanding, resulting in poor decision making. It can create a breeding ground for unethical actions such as turning a blind eye to fraudulent activities like approving false overtime claims.
Deceptive information in context of unethical behaviour
Involves spreading false details to mislead or manipulate others. This can includes actions like concealing crucial information when enrolling someone in a service, leading to a lack of transparency and potential harm to the individual being deceived.
Explain the difference between Normative Ethics and Meta-Ethics?
Normative ethics focuses on determining what is right or wrong in specific situations, providing guidelines for moral behaviour. Meta-ethics delves into the underlying meaning and justification of ethical principle, examining the nature of morality itself.
What is the main focus of Meta Ethics
Focuses on the nature of ethics, including attitudes, judgments, and moral reasoning.
Define the term Ethical Relativism in the field of ethics
The belief that what is right or wrong depends on the moral norms of the society in which the action occurs. It suggests that ethical judgments should be based on the context of the society in which they occur rather than applying a single standard to all situations.
Define bribery and provide an example
Bribery is the offering, giving, receiving, or soliciting of valuable to influence the actions of an official or person in charge a duty. For instance, paying a government inspector to overlook a building’s wiring defect.
How can ethics promote trust in organisations
Ethics can enhance trust within the organisation by establishing a sense of reliability and integrity, leading to stronger relationships and credibility.
Define Integrative Social Contract Theory proposed by Thomas Donaldson & Thomas Dunfee
Is an informal agreement on behavioural norms developed from shared goals, beliefs, and attitudes of groups or communities to guide managerial and business decisions. It emphasises the importance of considering both local cultural norms and universal ethical principles in decision making.
What are the main elements Social Contract Theory according to ISCT?
Hyper norms, Marco social contract, Micro Social Contract
What is Hyper Norms
Hyper norms refer to universal moral principles that set the limits of acceptable action for human beings and business entities.
What is Macro Social
The Macro social contract deals with normative rules influencing economic and business affairs, ensuring they do not conflict significantly with cultural or religious norms, with consent as a governing factor.
What is Micro Social contract
Produce norms based on a community’s accepted values and norms
What is the purpose of ISCT in making ethical decisions
Offers a flexible approach to ethical decision making by considering the norms of affected command aligning them with broader more principles. It emphasises the importance of balancing local customs with universal ethical standards.
How does ISCT suggest resolving conflicts in ethical decisions making
By giving priority to norms that are more pervasive, consistent and coherent within the framework of the macrosocial contract.
What is theoretical benefit of using ISCT in decision making processes?
To enable decision makers to act in accordance with an acceptable set of values, practices, and norms.
