Business Law Ch. 2
Stakeholders
A group of people affected by a firm's decisions. U
Ethical dilemma
A question about how one should behave that requires one to reflect on the advantages and disadvantages of the optional choices for various stakeholders.
WH approach ( to ethical decision making)
A set of ethical guidelines that urges us to consider whom an action affects. the purposes of the actions, and how we view its morality.
Ethical guideline
A simple tool that helps determine whether an action is moral.
Values
Positive abstractions that capture our sense of what is good and desirable.
Universalization test
The ethical guideline that urges us to consider, before we act , what the world would be like if everyone acted in this way.
Social responsibility of business
The expectations that the community places on the actions of firms inside the community's borders.
Ethics
The study and practice of decision about what is good or right.
Business ethics
The use of ethics and ethical principles to solve business dilemmas.
