Study Unit 1: Ethics Flashcards
What are business ethics?
The moral Principles that guide business and decision making.
Ethics
Philosophical examination and understanding of what is right, wrong, good, and bad.
(Existence of right & wrong)
Morality
Application of ethical principles
Virtue
Characteristics of morality of an individual
Teleology
Moral good is derived from what is achieved, and whether the consequences are considered “good”
(Focuses on outcome)
Utilitarianism
Strives for outcome that maximizes positive effects for the greatest number of people
(Type of teleology)
Deontology
What is “good” is derived from the action, not the consequence
(Focuses on action)
Virtue Ethics
Would a virtuous person do the same thing?
Relativism
No universal set of moral principles exists.
Who can really judge?
Justice
Every individual should get what they deserve.
Social Justice
Everybody deserves equal opportunities.
Distributive Justice
Assets should be allocated equally to everyone.
Restorative Justice
Those who have suffered can seek to be compensated.
Retributive Justice
Those who have done wrong should be punished proportionally.
Fairness
Applying the same rules, standards, and criteria in the same situations; “level playing field”
