exam 1 vocab flashcards

vocab chapters 1 & 2

business ethics

the conduct by which companies and their agents abide by the law and respect the rights of their stakeholders, particularly their customers, clients, employees, and the surrounding community and environment

compliance

the extent to which a company conducts its business operations in accordance with applicable regulations and statues

corporate culture

the shared beliefs, values, and behaviours that create the organizational context within which employees and managers interact

corporate social responsibility (CSR)

the practice in which business views itself within a broader context, as a member of society with certain implicit social obligations and responsibility for its own effects on environmental and social wellbeing.

deontology

a normative ethical theory suggesting that an ethical decision requires us to observe only the rights and duties we owe to others, and in the context of business, act on the basis of a primary motive to do what is right by all stakeholders

ethical relativism

a view that ethics depend entirely upon context

ethics

the standards of behaviour to which we hold ourselves in our personal and professional lives

goodwill

the value of a business beyond its tangible assets, usually including its reputation, the value of its brand, the attitude of its workforce, and its customer relations

integrity

adherence to a code of moral values implies trustworthiness and incorruptibility because there is unity between what we say and what we do.

long-term perspective

a broad view of profit maximization that recognizes the fact that. the impact of a business decision may not manifest for a long time

normative ethical theories

a group. of philosophical theories that describe how people ought to behave on the basis of reason

short-term perspective

a focus on the goal of maximizing periodic (quarterly and annual) profits

social contract

an implicit agreement among societal members to cooperate. for social benefit; when applied specifically to a business, it suggests a company. that responsibly gives back to the society that permits it to incorporate, benefiting the community at the same time it enriches itself

stakeholders

individuals and entities affected by business decisions, including customers, suppliers, investors, employees, the community and the environment

stockholder

an individual or institution that owns stock in a corporation, by definition a type of stakeholder; also called a shareholder

utilitarianism

a normative theory of ethics suggesting that an ethical act is the one whose consequences create the greatest good for the greatest number of people

virtue theory

a normative theory that focuses on proper conduct guided by the training we received growing up.

categorical imperative

Kant’s unconditional precept that we must “act only according to the maxim whereby you can, at the same time, will that it should become a universal law”'; to act on the basis of goodwill rather than purely self-interested motives and never treat others as means toward an end without consideration of them. as ends in themselves

consequentualism

an ethical theory in which actions are judged solely by their consequences without regard to character, motivation, or absolute principles of good and evil. and separate from their capacity to produce happiness and pleasure

eudaimonia

the happiness or human flourishing that results from virtuous activity; it is. more that contentment or satisfaction

golden mean

in Aristotelian virtue ethics, the aim of ethical behaviour, a value between excess and deficiency

harm principle

the idea that the only purpose for which the power of the state can be rightly used is to prevent harm to others

junzi

a person who is gracious, magnanimous, and cultured; a flourishing human being

justice as fairness

rawl’s summary of the essence of his theory justice

justice theory

the idea of fairness applied beyond the individual to include the community. as well as analysis of social injustice with remedies to correct it

li

the proper order of the universe and the customs and rituals that support order and harmony on earth

managerial ethics

a. way of relating to self , employees, and the organization that balances individual and collective responsibilty

original position

in rawls justice theory, a hypothetical situation in which rational people can arrive at a contractual agreement. about. how. resources are to be distributes in accordance with the principals of justice as fairness

phronesis

prudence or practical wisdom; the intellectual virtue Aristotle considered most important

quan

expediency; a practical consideration of the relative rightness of options when considering a moral dilemma

social contract theory

a theory that holds the natural state of human beings is freedom, but that human beings. will rationally. submit to some restorations on. their freedom to secure their mutual safety and benefit

unanimity of acceptance

in rawls theory, the requirement that all agree to the contract before it goes into effect

utility function

a measure, in “utils”, of the value of a good, service, or proposed action relative to the utilitarian principle of the greater. good, that is, increasing happiness or decreasing pain

veil of ignorance

In Rawls’s theory, a condition in which people arrive at the original position imagining they have no identity regarding sex, age, ethnicity, education, income, physical attractiveness, or other characteristics; in this way, they reduce their bias and self interest

virtue ethics

an ethical system. based on the exercise of certain virtues (loyalty, honour, courage) emphasizing the formation of character