Business Ethics and Administrative Law

A collection of vocabulary flashcards based on the concepts from Business Ethics and Administrative Law lectures.

Ethics

The study of what is right or good for human beings.

Business Ethics

The study and determination of what is right and good in business settings.

Seeing-knowing-doing model

A model outlining the process of identifying ethical issues, knowing the best option, and implementing strategies.

Law Versus Ethics

Moral concepts strongly affect the law, but law and morality are distinct.

Ethical Fundamentalism

A doctrine where individuals rely on a central authority or set of rules for ethical decision-making.

Ethical Relativism

A doctrine asserting that morality is relative to individual or cultural perspectives.

Situational Ethics

The view that ethical decision-making must consider the context and motivations involved.

Utilitarianism

An ethical theory assessing good and evil based on the consequences of actions.

Act Utilitarianism

Assessing each act based on whether it maximizes pleasure over pain.

Rule Utilitarianism

Establishing general rules to follow, even if it produces less overall pleasure.

Cost-benefit analysis

Judging programs based on quantifying and comparing costs and benefits.

Criticism of Utilitarianism

Criticized for ignoring justice and the difficulty in measuring pleasure and pain.

Deontology

An ethical theory judging actions based on principles rather than consequences.

Categorical Imperative

One should only act according to principles they would want everyone to follow.

Social Ethics Theories

Theories focusing on obligations arising from the social nature of humans.

Social Egalitarians

Believers that society should provide equal goods and services to all individuals.

Distributive Justice

Analyzing what a fair society would offer individuals without prior knowledge of their status.

Libertarians

Advocates of market outcomes for distributing societal rewards and minimal social interference.

Intuitionism

The belief that rational people can inherently assess the correctness of actions.

Good Person Philosophy

The idea that individuals should emulate those who consistently make the right choices.

Preconventional level

The stage of moral development where behavior is shaped by fear of punishment or desire for reward.

Conventional level

The stage where people conform their behavior to meet societal expectations.

Postconventional level

The stage where individuals adhere to moral principles they understand and accept.

Corporations as Moral Agents

The debate on whether corporations should be held morally responsible due to their nature.

Regulation of Business

Increased regulation to ensure the efficiency of the market and achieve social goals.

Corporate Governance

Legislation aimed at enhancing corporate responsibility and transparency.

Arguments Against Social Responsibility

Points asserting that corporations should focus solely on profitability and shareholder interests.

Arguments in Favor of Social Responsibility

Claims that societies' expectations necessitate corporate responsibilities beyond profit.

Administrative Agencies

Government entities that regulate private rights through their powers.

Administrative Process

Activities engaged in by administrative agencies to fulfill their functions.

Rulemaking

The process by which an administrative agency creates rules of law.

Legislative Rules

Substantive rules with the force of law if properly issued by an agency.

Interpretative Rules

Agencies' statements on how they understand the statutes they enforce.

Procedural Rules

Rules that establish an agency's organization and methods of operation.

Enforcement

The means by which agencies ensure compliance with their rules.

Adjudication

Formal resolution of disputes by an agency.

Judicial Review

Court review of the actions of administrative agencies.

Legislative Control

Control exercised by legislatures over agency budgets and rules.

Executive Branch Control

The president's authority to appoint agency members.

Disclosure of Information

Transparency measures to enhance oversight of agency actions.

Freedom of Information Act

Legislation allowing public access to federal administrative agency records.

Consumer Product Safety Act

A federal statute aimed at protecting the public from unsafe products.

Consumer Financial Protection Bureau (CFPB)

Agency with broad authority over consumer financial products.

Federal Warranty Protection

Regulation of written warranties for consumer goods.

Consumer Right of Rescission

The right for a consumer to cancel an obligation within a limited time.

Truth-in-Lending Act

Requires creditors to disclose information about contract terms.

Fair Debt Collection Practices Act

Prohibits abusive practices by debt collectors.

Security Interests in Goods

A seller's right to retain interests in sold goods until payment is made.

Credit Card Fraud Act

Prohibits certain fraudulent practices related to credit cards.