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Final Exam Ethical LDRS

Terms in this set (44)

business ethics
the principles, values, and standards that guide behavior in the world of business
ethical culture
the character or decision-making process that employees use to determine whether their responses to ethical issues are right or wrong
Federal Sentencing Guidelines for Organizations FSGO
codified into law, incentives to reward organizations for taking action to prevent misconduct
principles
specific and pervasive boundaries for behavior that are universal and absolute
social responsibility
an organization's obligation to maximize its positive impact on stakeholders and to minimize its negative impact
corporate citizenship
the extent to which businesses strategically meet the economic, legal, ethical, and philanthropic responsibilities placed on them by their various stakeholders
corporate governance
formal systems of accountability, oversight, and control within an organization
primary stakeholder
individuals or groups whose continued association is absolutely necessary for a firm's survival, including employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure
reputation
one of an organization's greatest intangible assets with tangible value; influenced by its actions, choices, behaviors, and consequences
shareholder
an owner of a firm because they own shares or stock in a firm. One model of corporate responsibility claims that all actions must be decided based on the interests of these owners only, and they are only interested in profits, so a firm must act primarily to increase or ensure profitability
social responsibility
business ethics model that includes values, norms, and expectations, that reflect the concerns of multiple major stakeholders, including consumers, employees, shareholders, suppliers, competitors, and the community
stakeholder
customers, investors and shareholders, employees, suppliers, government agencies, communities, and many others who have a "stake" or claim in some aspect of a company's products, operations, markets, industry, and outcomes. These groups can affect or be affected by a firm's actions
corporate culture
a set of values, norms, and artifacts, including ways of solving problems that members (employees) of an organization share
ethical culture
a function of many factors, including corporate policies on ethics, top management's leadership on ethical issues, the influence of coworkers, and the opportunity for unethical behavior
ethical-issue intensity
the relevance or importance of an ethical issue in the eyes of the individual, work group, and/or organization
leadership
the ability or authority to guide and direct others toward achievement of a goal
opportunity
the conditions in an organization that limit or permit ethical or unethical behavior
consequentialism
teleological theories that assess the moral worth of a behavior by looking at its consequences
deontology
moral philosophies that focus on the rights of individuals and on the intentions associated with a particular behavior rather than on its consequences
distributive justice
justice based on the evaluation of the outcomes or results of the business relationship
economic value orientation
a theory associated with values that can be quantified by monetary means
egoism
theory that defines right or acceptable behavior in terms of its consequences for the individual
instrumentalist
rejects the idea that 1 ends can be separated from the means that produce them and 2 ends, purposes, or outcomes are intrinsically good in and of themselves
justice
as applied in business ethics, involves evaluations of fairness or disposition to deal with perceived injustices of others
moral philosophy
the specific principles or rules that people use to decide what is right or wrong
nonconsequentialist
ethics based on respect for persons
procedural justice
justice based on the processes and activities that produce the outcome or results
relativist perspective
holds that definitions of ethical behavior are derived subjectively from the experiences of individuals and groups
teleology
moral philosophies in which an act is considered morally right or acceptable if it produces some desired result such as pleasure, knowledge, career growth, the realization of self-interest, utility, wealth, or even fame
utilitarianism
theory that seeks the greatest good for the greatest number of people by making decisions that result in the greatest total utility and that achieve the greatest benefit for all those affected
virtue ethics
posits that what is moral in a given situation is not only what conventional morality or moral rules (current societal definitions) require but also what the mature person with a "good" moral character would deem appropriate
behavioral economics
assumes that humans may not act rationally because of genetics, learned behavior, and heuristics, or rules of thumb
consumerism
the belief that consumers, rather than the interests of producers, should dictate that economic structure of a society; the theory that an increasing consumption of goods is economically desirable and equates personal happiness with the purchase and consumption of material possessions
country common values
values that are specific to groups, sects, regions, or countries that express actions, behavior, and intent
cultural relativism
the concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures
culture
everything in our surroundings that is made by people - both tangible items and intangible things like concepts and values; includes language, law, politics, technology, education, social organizations, general values, and ethical standards
global common values
values that are shared across most cultures
human rights
the concepts of an inherent dignity with equal and inalienable rights as the foundation of freedom, justice and peace in the world
laissez fare
theory that assumes the market, through its own inherent mechanisms, will keep commerce in equilibrium
multinational corporation
public companies that operate on a global scale without significant ties to any one nation or region
rational economics
based upon the assumption that people are predictable and will maximize the utility of their choices relative to their needs and wants
socialism
economic theories advocating the creation of a society in which wealth and power are shared and distributed evenly based on the amount of work expended in production
sustainable development
a systematic approach to achieving human development in such a way that the earth's resources are preserved for future generations
World Trade Organization
administers trade agreements, facilitates future trade negotiations, settles trades disputes, and monitors the trade policies of member nations; addresses economic and social issues involving agriculture, textiles and clothing, banking, telecommunications, government purchases, industrial standards, good sanitation regulations, services, and intellectual property; and provides legally binding ground rules for international commerce and trade policy
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