Business Ethics 1

Morality

collection of influences built over a person's lifetime

Moral Standards

principles by which judgements are made about good and bad behavior

Society

structured community of people bound together by similar traditions and customs

Process for solving an ethical problem

-Analyze the consequences -Analyze the actions -Make a decision

Sleep-test Ethics

-Ethics of intuition -Should rely on our personal insights, feelings, and instincts when we face a difficult problem

Sources of belief

-family and friends -ethnic background -religion -school -media -personal role models and mentors

Factors that influence the morality of ethics

-how one was raised -one's religion -traditions and beliefs in one's society

Moral Standards are based on

-religion -culture -philosophical beliefs

Universal Ethics

Actions that are taken out of duty and obligation to a purely moral ideal rather than based on the needs of the situation -Universal principles are seen to apply to everyone, everywhere, all the time -Criticism - Reverse of the weakness in ethics for the greater good

Virtue Ethics

Concept of living your life according to a commitment to the achievement of a clear ideal -Criticism - Societies can place different emphasis on different virtues

Ethical Relativism

Concept that the traditions of your society, your personal opinions, and the circumstances of the present moment define your ethical principles -Implies some degree of flexibility as opposed to strict -Offers the comfort of being a part of the ethical majority in the community or society

Utilitarianism

Ethical choices that offer the greatest good for the greatest number of people -Criticism - Idea that the ends justify the means

Ethics

Manner by which we try to live our lives according to a standard of right or wrong behavior -both how we think and act towards others and how we would like them to think and act towards us

Culture

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

Intrinsic Value

Quality by which a value is a good thing in itself and is pursued for its own sake, whether anything comes from that pursuit or not

Instrumental Values

Quality by which the pursuit of one value is a good way to reach another value

Morals and Values

Set of personal principles by which you aim to live your life

Value System

Set of personal principles formalized into a code of behavior

Personal Value System

Specific choices and responses to a situation by an individual