Business Law Ch 2

  1. Business ethics
    • The use of ethics and ethical principles to
    • solve business dilemmas.
  2. Ethical dilemma
    A question about how a person should behave that requires the person to reflect about the advantages and disadvantages of the optional choices for various stakeholders.
  3. Ethical guidellines
    A simple tool to help determine whether an action is moral.
  4. Ethics
    The study and practice of decisions about what is good or right.
  5. Social responsibility of business
    The responsibility of firms doing business within a community to meet the expectations that the community imposes on them.
  6. Stakeholders
    The groups of people affected by a firm’s decisions.
  7. Values
    Positive abstractions that capture our sense of what is good and desirable.
  8. WPH process of ethical decision making
    A set of ethical guidelines that urges us to consider whom an action affects, the purpose of the action, and how we view its morality (whether by utilitarian ethics, deontology, etc.).
Card Set
Business Law Ch 2
Business Law Ch 2