business ethics Flashcards by Adelene Taban-ud

multi-disciplinary

business ethics

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area of study

discipline

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3 disciplines

philosophy, economy, & political science

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branch of social science that deals with the study of wisdom and the critical inquiry of the nature of the world

philosophy

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branch of philosophy that deals with knowledge

epistemology

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branch of philosophy that deals with nature of reality

metaphysics

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branch of philosophy that deals with reasoning

logic

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branch of philosophy that deals with study of beauty

aesthetics

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branch of philosophy that deals with morality

ethics

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greeks: what is right = gives them ________ & ______

happiness & pleasure

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judeo-christian: what is good = gives them _________

salvation

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3 types of ethics

meta ethics, normative ethics, & applied ethics

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type of ethics that answers the question of what is right or wrong

meta ethics

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type of ethics that seeks to prescribe standard of morality

normative ethics

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type of ethics that practical application of morality

applied ethics

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4 branch of normative ethics

consequentialism, utilitarianism, deontology, & virtue ethics

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branch of normative ethics: outcome of an action. regardless of the manner of action but the outcome is moral

consequentialism

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“the end justifies the means”

niccolo machiavelli

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branch of normative ethics: negative way but will benefit the majority. after doing the action, the doer will not be harmed and will not benefit

utilitarianism

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branch of normative ethics: judges an act as moral or good based on the intentions of the individual committing the act and the duties the person is obligated to uphold

deontology

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branch of normative ethics: if you posses the right character you will do what is right

virtue ethics

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4 virtues

prudence, courage/fortitude, temperance, & justice

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virtue: posses the wisdom. cautiousness

prudence

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virtue: bravery/mental strength

courage/fortitude

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virtue: restrain. possessing the behavior to avoid things. self-discipline

temperance

virtue: fairness

justice

branch of utilitarianism: sacrifice to benefit others but the doer of the action will be harmed

altruism

views life in negative way . 4 noble truths. siddharta gautama

buddhism

the golden rule "do not onto other what do you dont want to do onto you". confucuis

confucianism

concept of karma. reincarnation

hinduism

4 noble truths

1. life is full of suffering 2. suffering is caused by desire 3. in order to stop suffering you must stop to desire 4. in order to prevent desire you must follow the 8 fold paths

8 fold paths (2 only)

right action & right mindset

is branch of social science that deals allocations of limited natural resources in order to satisfy unlimited human wants and needs

economics

4 means of production

land, labor, capital, & entrepreneurship

4 means of production: where natural resources comes from

land

4 means of production: man power

labor

4 means of production: equipment and money

capital

4 means of production: business. product of combining the land, labor, and capital

entrepreneurship

"the law may be harsh but thats the law"

dura sea lex

is the willingness of the buyer to purchase goods and services at a price

demand

is the quality of commodities that a seller is willing to sell at a given price

supply

transaction between sellers and buyers

market

is a rule of conduct just and obligatory promulgated by competent authority for the common good of the people

law

3 type of business

sole proprietorship, partnership, and corporation

3 type of business: solo business & one owner

sole proprietorship

3 type of business: according to article 1767 civil code of the philippines, is a contract between 2 or more persons who binds themselves to contribute money, property, and industry to a common fund with the intention to divide profits among themselves

partnership

3 type of business: according to section 2 of the corporation code of the philippines, is an artificial being created by the operations of the law, having the rights of succession with power, attributes, and properties expressly provided by the law and incidental to its existence

corporation

is an economic activity that involves manufacturing, accounting, and advertising and other things in order to earn a profit. bottom line is profit

business

drives economic circulation

desire

added price by government due to shipping from another country

tariff

side street vendors

informal economy

different corporation who joint themselves to create new business

joint venture

manages different business in various industry

conglomerate

original founder

incorporators

invests money in a corporation

corporators

created by the law. people inside of a corporation

artificial being

one business brand only dictates the price

monopoly

is a set of rules or procedures by which the corporation is managed. it is designed to ensure that the corporation is managed in the interest of the stakeholders

corporate governance

the capacity of the people to buy goods & services

purchasing power

5 authorized cause

installation of labor saving device, retrenchment, redundancy, cessation, & incurable disease

5 authorized cause: illnesses which cannot be cured with existing treatments, and there is no known path to recovery

incurable disease

5 authorized cause: will transfer to machine

installation of labor saving device

5 authorized cause: reducing man power to reduce financial loss

retrenchment

5 authorized cause: man power is excess in what demanded. will give compensation

redundancy

5 authorized cause: closure of business

cessation

6 right of employees: fairness

equal opportunity

6 right of employees

equal opportunity, work days/hours, rest period. wages. rest day, & employment of children

6 right of employees: total of 9hrs (8hrs work & 1hr break)

work days/hours

6 right of employees: need 24hrs no work

rest period

6 right of employees: permission of parents

employment of children

4 just cause

serious misconduct & willful disobedience, gross & habitual neglect of duties, commission of a crime, & fraud or willful breach of trust

4 just cause: not following orders

serious misconduct & willful disobedience

6 right of employees: legal tender

wages

4 just cause: failure to perform duty

gross & habitual neglect of duties

4 just cause: committing crime

commission of a crime

4 just cause: dishonesty

fraud or willful breach of trust

parts of certificate of employment

name, name of company, duration, & position

business: government

national internal revenue code

business: investors/stakeholders

revised civil code of the philippines

business: consumer

consumer act of the philippines

business: employees

labor code

attempt to minimize payment of taxes or remove all together but legal way

tax avoidance

attempt to minimize payment of taxes or remove all together but illegal way

tax evasion

3 elements of corporate governance

fairness, accountability, & transparency

3 elements of corporate governance: ability to make decision without prejudice or bias

fairness

3 elements of corporate governance: is the obligation to demonstrate that your duty or work has been carried out in accordance with the rules and standard. being held answerable to your action

accountability

3 elements of corporate governance: honesty & openness or full disclosure of relevant information to other stakeholders

transparency

human resources

ceo

chief executive officer

coo

chief operating officer

cfo

chief financial officer

cto

chief technology officer

5 types of employment

regular employment, probationary employment, fixed term or contractual employment, seasonal employment, & project based employment

5 types of employment: full time employee. permanent employment (unless resign or terminated). annual evaluation

regular employment

5 types of employment: employee is on trial period. to be evaluated by the employer

probationary employment

5 types of employment: dependent on the specific period of employment as provided on contract or agreement

fixed term or contractual employment

5 types of employment: dependent on the completion of the project or specific undertaking

project based employment

5 types of employment: dependent of specific period of time of the year

seasonal employment

holiday pay

hourly rate 30%

overtime pay

25%

maternity leave

105 days

paternity leave

7 days

night differential

10%

business ethics Flashcards

(103 cards)