Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Business Law

Chapter 2

ethics The study and practice decisions about what is good or right
business ethics the use of ethics and ethical principles to solve business dilemmas
ethical dilemma a question about how one should behave that requires one to reflect on the advantages and disadvantages of the optional choices for various stakeholders
social responsibility of business the expectations that a community places on the actions of firms inside that community's borders
WH approach (to ethical decision making) a set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action, and how we view its morality
ethical guidelines a simple tool that helps determine whether an action is moral
values positive abstractions that capture our sense of what is good and desirable
Primary values of Business Ethics 1) Freedom 2) Security 3) Justice 4) Efficiency
Freedom 1) to act without restrictions from rules imposed by others 2) to possess the capacity or resources to act as one wishes 3) To escape the cares and demands of this world entirely
Security 1) to possess a large-enough supply of goods and services to meet basic needs 2) To be safe from those wishing to interfere with your property rights 3) to achieve the psychological condition of self-confidence to such an extent that risks are welcome
Justice 1) To receive the products of your labor 2) To treat all humans identically, regardless of race, class, gender, age. and sexual preference 3) To provide resources in proportion to need 4) To possess anything that someone else is willing to grant you
Efficiency 1) To maximize the amount of wealth in society 2) To get the most from a particular output 3)To minimize costs
WH 1)Who (stakeholders) - customers, owners or investors, management, employees, community, future generations 2)How (Guidelines) - Public disclosure, universalization, Golden rule
Stakeholders the groups of people affected by a firms decision
Universalization test the ethical guideline that urges us to consider before we act, what the world would be like if everyone acted in this way
Created by: wtterry41
Popular Law sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards