Quiz 1 Business Ethics

3 Step Model Resolving ethical Dilemmas

1. Analyze the consequence 2. Analyze the action 3. Make a Decision

Society

A Structured community of people bound together by similar traditions and customs.

Virtue Ethics

A concept of living your life according to a commitment to the achievement of a clear ideal

Culture

A particular set of attitudes, beliefs, and practice that characterized a group of individuals.

Value System

A set of personal principles formalized into a code of behavior.

Ethical Dilemma

A situation in which there is no obvious right or wrong decision, but rather a right or right answer.

Universal ethics

Actions that are taken out of duty and obligation to a purely moral ideal rather than based on the needs of situation.

Ethical Relativism

Concept that the traditions of your society, your personal opinions, and the circumstances of the present moment define your ethical principles.

The Golden Rule

Do unto others as you would have them do to you.

Utilitarianism

Ethical choices that offer the greatest good for the greatest number of people.

Ethical Reasoning

Looking at the information available to us resolving an ethical dilemma, and drawing conclusions based on that information in relation to our own ethical standards.

Ethics

The manner by which we try to live our lives according to a standard of "right" and "wrong" behavior.

Intrinsic Value

The quality by which a value is a good thing in itself and is purchased for its own sake, whether anything comes from that pursuit or not.

Instrumental Value

The quality by which the pursuit of one value is a good way to reach another value.

Applied Ethics

The study of how ethical theories are put into practice