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