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Ethics
Accepted principles of right or wrong that govern the conduct of a person, a profession, or the organization.
Business ethics
Accepted principles of right or wrong governing the conduct of business professionals.
Ethical strategy
A course of action that does not violate accepted ethical principles.
Common ethical issues in business
Include employment practices, human rights, environmental regulations, corruption, and moral obligation.
Tragedy of the commons
A situation where a resource held in common is overused by individuals resulting in its degradation.
Corruption
The practice of giving bribes, which can reduce business investment returns and lead to low economic growth.
Social responsibility
The idea that business decisions should have both good economic and good social consequences.
Ethical dilemmas
Situations where none of the available alternatives seems ethically acceptable.
Determinants of Ethical Behavior
Includes personal ethics, decision-making processes, organizational culture, performance expectations, leadership, and societal culture.
Utilitarian Theory
A philosophical approach that aims to maximize 'goods' over 'bads' for the most people.
Kantian Theory
The concept that people are ends in themselves; ethical behavior must be beneficial universally.
Rights Theories
The idea that humans have basic, universal rights regardless of cultural moral systems.
Justice Theories
Focus on just and equitable distribution of economic benefits.
Organizational culture
The values, beliefs, and norms that shape the behaviors and practices within an organization.
Moral courage
The ability to 'do the right thing' in ethical decision-making.
