Chapter 5 Flashcards
Ethics, Corporate Responsibility, and Sustainability
What are ethics?
The system of rules that
governs the ordering of
values.
What is relativism?
Philosophy that bases ethical behavior on
the opinions and behaviors of relevant other people.
What is univeralism?
The ethical system stating that all
people should uphold certain values that society
needs to function.
What is egoism?
An ethical system defining acceptable
behavior as that which maximizes consequences for
the individual.
What is utilitarianism?
An ethical system stating that the
greatest good for the greatest number should be the
overriding concern.
What is a moral philosophy?
Principles, rules, and values people use in deciding
what is right or wrong.
What are virtue ethics?
Classification of people based on their level of
moral judgment.
What can be identified as an ethical issue?
Situation, problem, or opportunity in which an
individual must choose among several actions that
must be evaluated as morally right or wrong.
What are business ethics?
The moral principles and standards that guide
behavior in the world of business.
What is an ethical climate?
In an organization, the processes by which decisions are evaluated and made on the basis of right and wrong.
What is an ethical leader?
One who is both a moral person and a moral manager influencing others to behave ethically.
What are compliance-based ethics programs?
Company mechanisms typically designed by
corporate counsel to prevent, detect, and punish
legal violations.
What are integrity-based ethics programs?
Company mechanisms designed to instill in people
a personal responsibility for ethical behavior.
What is moral awarness?
realizing the issue has ethical implications.
What is moral judgement?
knowing what actions are morally defensible
What is moral character?
the strength and persistence to act in accordance
with your ethics despite the challenges.
What is corporate social responsibility? (CSR)
Obligation toward society assumed by business.
1. Economic: to produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors.
2. Legal: To obey local, state, federal, and relevant international laws.
3. Ethical: Meeting other social expectations, not written by law.
What are philanthropic responsibilities?
Additional behaviors and activities that society finds
desirable and that the values of the business support.
What is ecocentric management?
Goal is the creation of sustainable economic
development and improvement of quality of life
worldwide for all organizational stakeholders.
What is considered sustainable growth?
Economic growth and development that
meet present needs without harming the
needs of future generations.
