Chapter One Business Ethics

Defining Business Ethics

Applied Ethics

The study of how ethical theories are put into practice.

Ethical Dilemma

A situation in which there is no obvious right or wrong decision, but rather a right or right answer.

Culture

A particular set of attitudes, beliefs, and practices that characterize a group of individuals.

Ethical Reasoning

Looking at the information available to us in resolving an ethical dilemma, and drawing conclusions based on that information in relation to our own ethical standards.

Ethical Relativism

Gray area in which your ethical principles are defined by the traditions of your society, your personal opinions, and the circumstances of the present moment.

Ethics

The manner by which we try to live our lives according to a standard of “right” or “wrong” behavior—in both how we think and behave toward others and how we would like them to think and behave toward us.

Golden Rule

Do unto others as you would have them do unto you.

Instrumental Value

The quality by which the pursuit of one value is a good way to reach another value. For example, money is valued for what it can buy rather than for itself.

Intrinsic Value

The quality by which a value is a good thing in itself and is pursued for its own sake, whether anything comes from that pursuit or not.

society

A structured community of people bound together by similar traditions and customs.

Universal Ethics

Actions that are taken out of duty and obligation to a purely moral ideal, rather than based on the needs of the situation, because the universal principles are seen to apply to everyone, everywhere, all the time.

Utilitarianism

Ethical choices that offer the greatest good for the greatest number of people.

Value System

A set of personal principles formalized into a code of behavior.

Virtue Ethics

A concept of living your life according to a commitment to the achievement of a clear ideal—what sort of person would I like to become, and how do I go about becoming that person?