Chapter 4 Flashcards
Code of moral principles and values that governs the behaviors of a person or group.
Ethics
A situation that arises when all alternative choices or behaviors are deemed undesirable because of potentially negative consequences.
Ethical dilemma
Approaches that are relevant to managers (4)
- Utilitarian
- Individualism
- Moral-rights
- Justice
Approach that says that acts are moral when they produce the greater good for the greatest number.
Utilitarian apporach
Approach that says that acts are moral when they promote the individual’s best long term interests.
Individualism approach
Approach that says that acts are moral when they maintain the rights of the people affected by the decision.
Moral-Rights approach
Approach that says that acts are moral when they are based on on standards of equity, fairness and impartiality.
Justice approach
The type of justice that different treatment of people should not be based on arbitrary characteristics, but in proportion to the differences among them.
Distributive justice
The type of justice that rules should be clearly stated and consistently and impartially enforced.
Procedural justice
Type of justice that states that individuals should be compensated for the cost of their injuries.
Compensative justice
Obligation of a organization management to make decisions and take actions that will enhance the welfare and interests of society as well as the organization.
Corporate Social Responsibility
Any group within or outside the company that has a stake in the organization’s performance.
Stakeholder
The idea that organizations could alleviate some social problems by selling goods to the poorest people
Bottom of the pyramid concept (BOP)
Economic development that generates wealth and meets the needs of current population while preserving the environment for the needs of future generations.
Sustainability
Required activities that concern financial well-being of the organization and legal-moral decisions.
Economic ethical responsibilities
