Chapter 7 Business Ethics

Question 1

Ethics

Answer 1

The study of good and evil, right and wrong, and just and unjust.

Question 2

Business ethics

Answer 2

Same as ethics applied to business.

Question 3

Theory of Amorality

Answer 3

The belief that business should be conducted without reference to the full range of ethical standards, restraints, and ideals in society.

Question 4

Theory of moral unity

Answer 4

Business actions are judged by the general ethical standards of society, not by a special set of more permissive standards.

Question 5

Reciprocity

Answer 5

A form of social behavior in which people behave supportively in the expectation that this behavior will be given in return.

Question 6

The four major sources of ethical values in business

Answer 6

Religion. Philosophy. Culture. Law.

Question 7

Ethical universalism

Answer 7

The theory that because human nature is everywhere the same, basic ethical rules are applicable in all cultures. There is some room for variation in the way these rules are followed.

Question 8

Ethical relativism

Answer 8

The theory that ethical values are created by cultural experience. Different cultures may create different values and there is no universal standard by which to judge what values are superior.

Question 9

Hyper norms

Answer 9

Master ethical principles that underlie all other ethical principles. All variations of ethical principle must conform to them.

Question 10

Law

Answer 10

Laws codify or formalize ethical expectations they proliferate overtime as emerging regulations statutes and court rulings impose new conduct standards.

Question 11

Punitive damages

Answer 11

Payments in excess of a wrong parties actual losses to deter similar actions and punish a corporation that has exhibited reprehensible contact.

Question 12

White-collar crime

Answer 12

In nonviolent economic offense of cheating and deception done for personal or corporate gain in the course of employment.