Commercial Transactions Chapter 1 Part A: Business Ethics

Vocabulary flashcards defining fundamental concepts in business ethics, philosophy, duty-based ethics, and rights theory.

Ethics

The study of what constitutes right or wrong behavior, representing a branch of philosophy focused on morality.

Philosophy

The study of the fundamental nature of knowledge, reality, and existence.

Morality Philosophy

A area of contemplation that explores what is right and wrong, the nature of morality, and how people should live their lives.

Business Ethics

A field that looks at the decisions businesses make, whether those decisions are right or wrong, and whether businesses used moral or ethical principles in making those decisions.

Duty-Based Ethics

An ethical philosophy rooted in the idea that every person has certain duties to others (both humans and the planet), which is not focused on the outcome, but on specific behavior and whether the motivations behind it were good.

Principle of Rights

Also known as 'rights theory,' a theory used to determine whether a decision is ethical based on how that decision affects the rights of others.