Professionalism and Ethics Flashcards
Ethics
The human morals or values which govern good behavior
Ethical Theories (5)
- Consequence-based
- Principle-based
- Narrative-based
- Utilitarian
- Virtue-based
Consequence-based Theory
The consequence of an action determines whether the action is right or wrong
Principle-based Theory
One’s principles or values will determine whether the action is right or wrong, there are no exceptions
Narrative-based Theory
Different narratives/stories are used to complement each other in order to lead to an understanding of the difference between right and wrong
Utilitarian Theory
What is right is that which is right for the greatest number of people
Virtue-based Theory
The character of a person is judged, rather than their actions
Business Ethics
The study of how personal values and principles are applied in a business situation
Ethical Issues in Corporate (12)
- Conflict of interest
- Inappropriate gifts
- Sexual harassment
- Unauthorised payments
- Past moral injustices
- Internet, email, cell phone
- Stealing from the company
- Firing an employee for whistle-blowing
- Insider trading
- Piracy
- Counterfeiting and Bootlegging
- Unrealistic pricing
Why business ethics (6)
- Not only profit but impact on society
- Employees (want to work for an ethical company)
- Bad publicity
- Religious reasons
- Be responsible without being forced by law
- Increased globalisation
Levels of business ethics (5)
- Individual level
- Organisational level
- Professional level
- Societal level
- International level
