Chapter 2 business law

Positive abstractions that capture our sense of what is good or desirable are ______.

values

What ethical guidelines must a manager follow

1. Who(stakeholders) Customers, owners or investors,Management, employees, community, future generations 2. How(guidelines) Public disclosure, universalization, golden rule

In 2016 the drug company Mylan increase the price of an EpiPen by

500%

WH approach

A set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action, and how we view its morality

Values

Are positive obstructions that capture our sense of what is good or desirable they are ideas that and you're like conversations about business ethics

Social responsibility of business

Consist of the expectations to community imposes and firms doing business within its borders

When managers engage in ethical reasoning they should consider

Customers, managers, owners, investors, employees and the community

Golden Rule

Do unto others as you would have them do unto you

Stakeholder firms

Employees, customers and future generations

Social Responsibility of business

Expectations that the community imposes on firms doing business inside its borders

There is one specific or correct decision for an ethical dilemma

False

Priorities of value

Family culture and tradition

What are the four different Version of value

Freedom, security, justice, efficiency

ethical dilemma

Is a problem about what a firm should do for which no clear right decision is available

Business Ethics

Is the application of ethics to the special problem and opportunities business people experience

Ethics

Is the study and practice of decisions about what is good or right

What does business ethics refer to

It refers to the standards of business conduct you won't always get correct decision

Wells Fargo paid 185 million in fines because it's employees

Opened accounts for customers without their permission

According to ethical guidelines managerial decisions affect

Particular stakeholders and must meet standards of action oriented behavior

Business ethics refer to

Standards of business conduct

What is the public disclosure test called sometimes

Television test

Values are

The basic unit of business ethics

The legality of a business decisions is

The minimal standard that must be met

What is not considered to be a business responsibility

To only make correct decisions

In 1993 Residence of Ecuador sued Chevron for all but which of the following

Violating local laws

Universaliztion test ask us to consider what?

What would the world look like if my decision was copied

Stakeholders

any persons or groups who will be affected by an action