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Justice
is the maintenance and administration of what is fair
Should apply to all with equal access
Ethics
set of moral principles or core values for deciding between right and wrong
Moral Dilemma is the struggle between conflicting principles (Justice vs Mercy)
-Applies to Everyday decisions
Business Ethics
A consciousness of what is right or wrong in the workplace and a commitment to taking responsibility for an ethical course of action in business operations
Stakeholder
Any individual or entity affected by a business’s operations, including the business’s owners, investors, employees, customers, suppliers, and the wider community
Moral minimum theory
Encourages a business to do no harm or alternatively do the least possible harm
Maximizing profits theory
strives to make as much money as possible, as long as no laws are broken
Morals
are generally accepted standards of right and wrong in a given society or community
Principles based approach
Principles based approach - Encompasses a large family of diverse moral theories, including theories based on religion, virtue, and natural law
Categorical imperative
Consequences based approach
Contract based approach
Values management
Managerial system that emphasizes prioritizing moral values for the organization and ensuring that behaviors are aligned with those values
-Management articulates a clear vision of ethics and integrity
-Ethics and integrity is integrated into all levels of the decision making process
Strategic advantages of value management
Cultivation of strong teamwork and productivity
Clarity in Business Operations
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