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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