Chapter 2 - Business Ethics

Golden Rule

Do under others as you would have them do to you. This is known as the _____.

Stakeholders

The _____ of a firm are the many groups of people affected by the firm's decisions.

Universalization

The _____ test asks, what would the world be like if our decision were copied by everyone else?

Public disclosure

The ______ test asks, if the public knew about this decision, how would we decide?

WPH Framework

The __________ for Business Ethics considers WHO a decision impacts, the PURPOSE of the decision, and HOW to make the decision.

Values

The basic unit of business ethics is _____.

Absolutism

This theory of business ethics asserts that individuals must defer to a set of rules to guide them through the ethical decision-making process.

Ethical Realism

This theory of business ethics denies the existence of objective standards. Individuals must evaluate actions based on what they feel is best for themselves.

Consequentialism

This theory of business ethics requires inquiry into the consequence of a decision when addressing ethical dilemmas.

Principle of Rights

This theory of business ethics says that a business decision is ethical or not based on how the decision affects all those involved.

Utilitarianism

This theory of business ethics says that managers should take actions that provide the greatest good after having subtracted any harm associated with the action.

Virtue Ethics

This theory of business ethics says the development of virtues, or positive character traits such as courage, justice, and truthfulness, is the basis for morality.

Ethics

We derive our _____ from the interplay of values.

Values

____ are positive notions that capture our sense of what is good or desirable.

Business ethics

_______ is the application of ethics to the special problems and opportunities experienced by business people. It includes decisions about production, competition, and social responsibility.