Chapter 3 Flashcards
Business law
Application of moral principles and values in a business context
Categorical imperative
An ethical guideline develooed by Immanuel Kant under which an action is evaluated in terms of what would happen if everybody else in the same situation, or category, acted the same way
Corporate social responsibility (CSR)
Idea that coporations can and should act ethically and be accountable to society for their actions
Cost-benefit analysis
Decision-making technique that involves weighing the cost of a given action against the benefits of that action
Duty-based ethics
Ethical philosophy rooted in the idea that every person (and every business) has certain duties to others, including both humans and the planets
Ethical reasoning
Reasoning process in which individuals link their moral convictions or ethical standards to the situation at hand
Ethics
Moral principles and values applied to social behavior
Moral minimum
Minimum level of ethical behavior expected by society, which is usually defined as compliance with the law
Outcome-based ethics
Ethical philosophy that focuses on consequences of any given action in order to maximize benefits and minimize harms
Outsourcing
Practice by which a company hires an putside firm or individual to perform work rather than hiring employees to do it
Principles of rights
Belief that human beings have certain fundamental rights
Stakeholders
Groups that are affected by corporate decisions; Including employees, customers, creditors, suppliers, and the community in which the corporation operates
Triple bottom line
Measure that included a corporation’s profits, its impact on people, and its impact on the planet
Utilitarianism
Approach to ethical reasoning in which an action is evaluated in terms of its consequences for those whom it will affect. A “good” action is one that results in the greatest good for the greatest number of people
