Business Ethics Basics
This branch of philosophy deals with values and human conduct.
What is ethics
These two ethical qualities involve being honest and telling the truth.
What are integrity and truthfulness?
This is the foundation of strong business relationships and depends on keeping promises.
What is trust?
This theory encourages individuals to act in their own self-interest.
What is ethical egoism theory?
This three-part test asks whether a decision is legal, balanced, and feels right.
What is the Blanchard and Peale three-part test?
This balances the goal of earning profits with the values of individuals and society.
What is business ethics?
This ethical responsibility means following through on commitments.
What is promise keeping?
A company's public name and image, which can positively or negatively affect its success.
What is reputation?
This theory focuses on doing the greatest good for the greatest number of people.
What is utilitarian theory?
This ethical test asks whether you would be comfortable seeing your decision published for everyone to read.
What is the front-page-of-the-newspaper test?
Under this standard, an action is considered moral as long as it is legal.
What is positive law?
This ethical principle involves avoiding actions that cause injury to others.
What is doing no harm?
This process evaluates how business decisions affect different groups of people.
What is stakeholder analysis?
According to this approach, ethical standards depend on the circumstances rather than fixed rules.
What is moral relativism?
This ethical decision-making model encourages examining a dilemma from multiple perspectives.
What is the Laura Nash model?
This concept holds that higher standards of conduct should be followed, even when they conflict with written laws.
What is natural law?
This ethical responsibility involves protecting private or sensitive information.
What is maintaining confidentiality?
Complaints about unethical business practices can lead to changes in these two areas.
What are laws and corporate behavior?
Also known as entitlement theory, this theory says individuals have rights that the government should protect.
What is rights theory?
This analysis requires identifying the groups who might be injured by a proposed business decision.
What is stakeholder analysis?
This ethical principle says people should not use others for one-sided benefits and everyone should follow the same rules.
What is Kant's categorical imperative?
This ethical category involves avoiding conflicts between personal interests and professional responsibilities.
What is loyalty, or avoiding conflicts of interest?
Businesses that respond effectively to social forces may gain this advantage over competitors.
What is a competitive advantage?
Associated with Plato and Aristotle, this approach emphasizes training to develop ethical behavior.
What is virtue ethics?
Associated with Locke and Rawls, this approach emphasizes fairness and universal standards developed through a social contract.
What is the contractarian theory of justice?