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BusinessLaw Chapter3
| Term | Definition/Answer |
|---|---|
| Business Ethics | The application of values and standards to business conduct and decisions, focusing on balancing profit goals with societal and individual values. |
| Civil disobedience | The remedy used by proponents of natural law to change positive law by disobeying it in a peaceful and public way when it conflicts with universal ethical standards. |
| Conflict of interest | A situation in which personal interests interfere with professional responsibilities, such as when loyalty to one party compromises obligations to another. |
| Entitlement theory | A modern theory of ethics, proposed by Robert Nozick, emphasizing that everyone has a set of rights, and it is the government's job to protect those rights. |
| Ethical egoism | A theory that holds individuals act in their own self-interest and should limit their judgment to their own ethical egos without interfering in others’ decisions. |
| Ethics | A branch of philosophy dealing with values related to human conduct and the values associated with that conduct. |
| Integrity | The adherence to one's values and principles despite costs or consequences. |
| Kant’s categorical imperative | A principle stating one should act only in a way that the principle of their action could become a universal law. |
| Moral relativists | Those who resolve ethical dilemmas based on the time, place, and circumstances, choosing the lesser of the evils in a given situation. |
| Natural law | The belief that universal standards of behavior exist and must be followed even if they contradict codified law. |
| Positive law | Law created by governmental authority that acts as the standard for ethical behavior. |
| Primum non nocere | A Latin phrase meaning "above all, do no harm," often cited in ethical discussions about avoiding harm in decision-making. |
| Rights theory | Also known as entitlement theory; the belief that individuals have certain inherent rights that must be protected. |
| Social contract | A theory developed by Locke and Rawls that proposes rules and principles rational people would agree to under hypothetical conditions of equality and fairness. |
| Stakeholder analysis | The process of measuring the impact of a decision on various stakeholders and determining whether public disclosure of that decision is defensible. |
| Stakeholders | The various constituencies that have an interest in a business, such as shareholders, employees, customers, and the community. |
| Theory of justice | The belief that ethical standards are based on fairness and the need for a just society. |
| Utilitarians | Those who resolve ethical dilemmas by determining the greatest good for the greatest number. |
| Promise keeping | A fundamental aspect of ethics that involves fulfilling commitments made to others, regardless of whether there is a legal obligation. |
| Fairness | Ensuring equitable treatment of all parties in decision-making and resolving conflicts. |
| Maintaining confidentiality | The obligation to keep sensitive information private to protect individuals or businesses. |
| Blanchard and Peale Three-Part Test | A method for evaluating ethical dilemmas by asking: Is it legal? Is it balanced? How does it make me feel? |
| Front-Page-of-the-Newspaper Test | An ethical evaluation model that asks whether one would be comfortable seeing their actions reported publicly. |
| Laura Nash Model | A series of questions that encourage examining ethical dilemmas from all perspectives, including: Have you defined the problem accurately? What is your intention? Can you discuss your decision with affected parties? |
| Integrity and truthfulness | Key components of ethical behavior, requiring honesty in all dealings and adherence to one's principles. |
| Trust | The foundation of successful business relationships, built on reliability, honesty, and ethical behavior. |
| The cycle of societal interaction | The idea that unethical business behavior leads to social forces advocating for change, which results in new laws and regulations. |
| Protection of personal rights | Laws developed to safeguard individual freedoms, such as the right to privacy, against unethical business practices. |
| Voluntary business ethics | The idea that businesses can avoid costly regulations by proactively adopting ethical practices that align with societal values. |
| Reputation | An intangible asset that reflects the trust and respect a business has earned; ethical breaches can damage reputation and long-term success. |
Created by:
Jordan2112
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