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Chapter 5 Ethics

QuestionAnswer
Ethics The system of rules that governs the ordering of values
Ethical issue Situation, problem, or opportunity in which an individual must choose among several actions that must be evaluated as morally right or wrong.
Business Ethics The moral principles and standards that guide behavior in the world of business.
Moral Philosophy Principles, rules, and values people use in deciding what is right or wrong.
Universalism The ethical system stating that all people should uphold certain values that society needs to function.
Caux Principles Ethical principles established by international executives based in Caux, Switzerland, in collaboration with business leaders from Japan, Europe, and the United States.
Egoism An ethical system defining acceptable behavior as that which maximizes consequences for the individual.
Utilitarianism An ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers.
Relativism Philosophy that bases ethical behavior on the opinions and behaviors of relevant other people.
Virtue Ethics Perspective that what is moral comes from what a mature person with "good" moral character would deem right.
Kohlberg's model of cognitive moral development Classification of people based on their level of moral judgment.
Sarbanes-Oxley Act An act passed into law by Congress in 2002 to establish strict accounting and reporting rules in order to make senior managers more accountable and to improve and maintain investor confidence.
Ethical Climate In an organization, the processes by which decisions are evaluated and made on the basis of right and wrong.
Danger Signs LOOK IN NOTES
Ethical Leader One who is both a moral person and a moral manager influencing others to behave ethically.
Compliance based ethics program Company mechanisms typically designed by corporate counsel to prevent, detect, and punish legal violations.
Integrity based ethics program Company mechanisms designed to instill in people a personal responsibility for ethical behavior.
Ethical Decision Making Moral awareness, moral judgment, and moral character
Corporate Social Responsibility Obligation toward society assumed by business
Economic responsibilities To produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors.
Legal responsibilities to obey local, state, federal, and relevant international laws.
Ethical responsibilities Meeting other social expectations, not written as law.
Philanthropic responsibilities Additional behaviors and activities that society finds desirable and that the values pf the business support.
Transcendent Education An education with five higher goals that balance self-interest with responsibility to others.
Ecocentric Management Its goal is the creation of sustainable economic development and improvement of quality of life worldwide for all organizational stakeholders.
Sustainable growth Economic growth and development that meet present needs without harming the needs of future generations.
Life-cycle analysis A process of analyzing all inputs and outputs, though the entire "cradle-to-grave" life of a product, to determine total environmental impact.
Created by: tgrant
 

 



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