Business Ethics - Vocabulary - Chapters 1-2

Code of Ethics

A companies written standards of ethical behavior that are designed to guide managers and employees in making the decision and choices they face every day.

Virtue Ethics

A concept of living your life according to a commitment of the achievement of a clear ideal: "What sort of person would I like to become, and how do go become that person?"

Culture

A particular set of attitudes, beliefs, and practices that characterize a group of individuals

Value System

A set of 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.

Society

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

Intrinsic Value

A value that is a good thing in itself and is pursued for its own sake.

The Golden Rule

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

Utilitarianism

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

Universal Ethics

Ethical policy in which actions are taken out of duty and obligation to a purely moral ideal rather than based on the needs of the situation, since the universal principles are seen to apply to everyone, everywhere, all time.

Ethical Reasoning

Ethical principles defined by the traditions of society, personal opinions, and current circumstances.

Ethics

Living one's life according to a standard of right or wrong behavior - in both how we think and behave toward others and how we would like them to think and behave toward us.

Instrumental Value

Situation in which the pursuit of a value is a good way to reach another value. Ex: Money is valued for what it can buy.

Business Ethics

The application of ethical standards to business behavior.

Applied Ethics

The study of how ethical theories are put into practice.

Corporate Governance

The system by which business corporations are directed and controlled.