Business Ethics Vocabulary-Chapter 1

Intrinsic Value

The 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 Value

The quality by which the pursuit of one value is a good way to reach another value. Example: money is valued for what it can buy rather than for itself.

Culture

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

Value System

A set of personal principles formalized into a code of behavior

Universal Ethics

Actions that are taken out of duty and obligation to a purely moral ideal rather than based on the situation, since the universal principles are seen to apply to everyone, everywhere, all the time.

Virtue Ethics

Concept of living your life according to a commitment to the achievement of a clear ideal- (what sort of person would I like to become, and how do I go about becoming that person?)

Ethical Relativism

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

Ethical Reasoning

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

Ethics

Manner by which we try to live our lives according to a standard of "right" or "wrong"

Ethical Dilemma

Situation in which there is no obvious right or wrong decision, but rather a right or right answer

Society

Structured community of people bound together by similar traditions and customs

Applied Ethics

Study of how ethical theories are put into practice