Chapter 5

Question 1

Business Ethics

Answer 1

Ethics in a business context; a consensus of what constitutes right or wrong behavior in the world of business and the application of moral principle to situations that arise in a business setting

Question 2

Categorical imperatives

Answer 2

A concept developed by the philosopher Immanuel Kant as an ethical guidelines for behavior. In deciding whether an action is right or wrong, or desirable or undesirable, a person should evaluate the action in terms of what would happen if everybody else in the same situation, or category, acted the same way.

Question 3

Corporate social responsibility

Answer 3

The concert that corporations can and should add ethically and be accountable to society for their actions

Question 4

Cost-benefit analysis

Answer 4

A decision making technique that involves weighing the cost of a given action against the benefits of the action

Question 5

Duty-based ethics

Answer 5

And ethical philosophy rooted in the idea that every person has certain duties to others, including both humans and the planet. Those duties may be derived from religious principles or from other philosophical reasoning

Question 6

Ethical reasoning

Answer 6

A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand

Question 7

Ethics

Answer 7

Moral principles and values applied to social behavior

Question 8

Moral minimum

Answer 8

The minimum degree of ethical behavior expected of a business firm which is usually defined as compliance with the law

Question 9

Outcome-based ethics

Answer 9

And ethical philosophy that focuses on impacts of a decision on society or key stakeholders

Question 10

Principle of rights

Answer 10

The principle that human beings have certain fundamental rights (to live, freedom and the pursuit of happiness of happiness) those who adhere to these “rights theories” believe that a key factor in determining whether a business decision is ethical is how that decision affects the rights of others. These others include the firm owners it’s employees the consumer of its product or service it’s a part of the community in which it does business and society as a whole

Question 11

Stakeholders

Answer 11

Groups, other than the company shareholders that are affected by corporate decisions stakeholders include employees customer creditors suppliers and the community in which the corporation operate

Question 12

Triple bottom line

Answer 12

Yeah do you have investors and others should consider not only corporate profits, but also corporations impact on people and on the planet in assessing the firm. (The bottom line is people, planet, and profits)

Question 13

Utilitarianism

Answer 13

An approach to ethical reasoning and in with ethically correct behavior is related to an evolution of the consequences of a given action on those who will be affected by it. And utilitarian reasoning a “good” decision is one that results in the greatest good for the greatest number of people affected by the decision