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Flashcards in Chapter 1 Deck (31):
1

Business Ethics

The study of what constitutes right and wrong, or good and bad, human conduct in a business context.

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Business

Any organization whose objective is to provide goods or services for profit.

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Businesspeople

Those who participate in planning, organizing, or directing the work of business.

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Organization

A group of people working together to achieve a common purpose.

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Moral Standard

They concern behavior that is of serious consequence to human welfare, that can profoundly injure of benefit people.

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Etiquette

Refers to the norms of correct conduct in polite society or, more generally, so any special code of social behavior or courtesy.

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4 Kinds of Law

1) Statutes
2) Regulations
3) Common law
4) Constitutional law

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Statutes

Laws enacted by legislative bodies

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Administrative regulations

Boards set up by legislatures whose functions include issuing detailed regulations covering certain kinds of conduct

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Common law

Refers to the body of judge-made law that first developed in the English-speaking world centuries ago when there were few statutes

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Constitutional law

Refers to court rulings on the requirements of the Constitution and the constitutionality of legislation

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Professional codes of ethics

The rules that are supposed to govern the conduct of members of a given profession

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What influences what moral principles we accept?

our early upbringing, the behavior of those around us, the explicit and implicit standards of our culture, our own experiences, and our critical reflections on those experiences

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Divine command theory

if something is wrong (like killing an innocent person for fun), then the only reason it is wrong is that God commands us not to do it

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Ethical relativism

The theory that what is right is determined by what a culture or society says is right

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Albert Carr

"Is Business Bluffing Ethical?"
- argues that business is like a game and it has its own norms and rules that differ from those of the rest of society

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Paradox of hedonism

Individuals who care only about their own happiness will generally be less happy than those who care about others.

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Morality in the narrow sense

Concerns the principles that do or should regulate people's conduct and relations with others

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Morality in the broad sense

Not just the principles of conduct that we embrace but also the values, ideals, and aspirations that shape our lives

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Organizational norms

Group cohesiveness requires that individual members "commit" themselves (relinquish some of their personal freedom in order to further organizational goals).

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Groupthink

Happens when pressure for unanimity within a highly cohesive group overwhelms its member's desire or ability to appraise the situation realistically and consider alternative courses of action.

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Diffusion of responsibility

Responsibility for what an organization does can become fragmented of diffused throughout the group, with no single individual seeing himself or herself as responsible for what happens

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Bystander apathy

In emergencies, we seem naturally to let the behavior of those around us dictate our response

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Argument

A group of statements, one of which (called the conclusion) is claimed to follow from the others (called the premises).

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Valid argument

An argument whose premises logically entail its conclusion

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Invalid argument

One whose premises to not entail its conclusion

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Counterexample

An example that is consistent with the premises but is inconsistent with the conclusion

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Sound arguments

Have true premises and valid reasoning

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Unsound arguments

Have at least one false premise or invalid reasoning

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Moral arguments

Arguments whose conclusions are moral judgments

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Requirements for moral judgments

1) logical
2) based on facts
3) based on sound or defensible moral principles