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Legal Environment

Chapter 3

TermDefinition
Business Ethics A consensus as to what constitutes right or wrong behavior in the world of business and how moral principles are applied by businesspersons.
Categorical Imperative An ethical guideline according to which an action is evaluated in terms of what would happen if everyone else in the same situation (category) acted the same way.
Corporate Social Responsibility The idea that corporations can and should act ethically and be accountable to society for their actions.
Cost-Benefit Analysis A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
Ethical Reasoning A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
Ethics Moral principles and values applied to social behavior.
Moral Minimum The minimum degree of ethical behavior expected of a business firm.
Principle of Rights The principle that human beings have certain fundamental rights. A key factor in determining whether a business decision is ethical is how it affects others’ rights.
Stock Buyback A company’s purchase of shares of its own stock on the open market.
Stock Option An agreement that grants the owner the option to buy a given number of shares of stock, usually within a set time period.
Utilitarianism An approach to ethical reasoning in which an action is evaluated in terms of its consequences for those whom it will affect. A “good” action is one that results in the greatest good for the greatest number of people.
Created by: mjgraham237