Chapter 5 Flashcards
what is chapter 5 about
business ethics
ethics
the study of what is right or wrong behavior
business ethics
the decisions that businesses make and whether they are right or wrong
triple bottom line
profits, impact on people, impact on planet
moral minimum
compliance with the law; ethics goes beyond this; legal doesn’t mean ethical
ethical reasoning
the application of morals and ethics to a situation
study based ethics
rooted in the idea that every person has certain duties to others, including both humans and the planet
outcome based ethics
impacts of a decision on society or on key stakeholders
categorical imperative
would you still do it if everyone could then do it too
utilitarianism
greatest good for the greatest number of people
cost benefit
an assessment of the negative and positive effects of alternative actions on these individuals
corporate social responsibility
combines a commitment to good citizenship with a commitment to making ethical decisions, improving society, and minimizing environmental impact
stakeholders
groups affected by corporate decisions
systematic approach
inquiry/
discussion, decision, justification, evaluation
