Business Ethics - Chapter 2: Utilitarianism, Deontology, and Justice

These flashcards cover key terms and concepts from Chapter 2 of Business Ethics, focusing on utilitarianism, deontology, and justice theory.

Utilitarianism

An ethical theory created by Jeremy Bentham that focuses on maximizing happiness for the greatest number of people.

Hedonic Calculus

A method developed by Jeremy Bentham for measuring the utility of proposed actions based on factors like intensity, duration, and certainty.

Consequentialism

A philosophical theory that judges actions solely by their consequences, as opposed to their motives or character.

Deontology

An ethical framework proposed by Immanuel Kant that emphasizes duties and principles rather than consequences.

Categorical Imperative

Kant's principle that one should act only according to maxims that can be universalized; actions must be guided by goodwill rather than self-interest.

Justice Theory

A theory developed by John Rawls that focuses on achieving fairness through principles and social contract.

Original Position

A hypothetical state in John Rawls's theory where individuals agree on the distribution of resources without knowing their personal identities.

Veil of Ignorance

A condition in John Rawls's theory where individuals are stripped of their biases and identities to ensure fairness in decision-making.

Unanimity Of Acceptance

Rawls's requirement that all parties agree to the terms of a contract before it goes into effect.

Five Procedural Steps

Steps outlined by Rawls for achieving justice, including entering into a contract and ensuring stability among the parties.