Chapter 3 Flashcards
(5 cards)
1
Q
Ethics
A
The study of right/wrong behavior
- Is something fair/just? A matter of perspective/opinion
2
Q
Business Ethics
A
What constitutes right and wrong behavior in the world of business and how moral and ethical principles are applied by business people to situations that arise in their daily work lives
3
Q
Why study business ethics?
A
You cannot separate law and ethics
AND recognize legal limits
4
Q
Relationship between Law and Ethics:
A
- Law Does NOT Equal Ethical
- Moral Minimum
- Private/Professional Codes of Ethics
- Industry Ethical Codes
5
Q
Law Does NOT Equal Ethical
A
Compliance with the law doesn’t make something ethical
- Lots of gray area and lots of loopholes
