1. Define ethics.
    It originates from the Greek word “Ethikos. It refers to the character or manner of a person
  2. Define values.
    Principles / convictions about what is good or desirable
  3. Define Business Ethics.
    The study about identifying and implementing standards of conduct in and for business that will ensure that the interest of its stakeholders are respected
  4. List the three dimensions of business ethics that distinguish business as an organization or activity
    • Corporate Responsibility
    • Economic Ethics
    • Organizational Ethics
  5. List three concepts found in the ethics triangle that one needs to be taken into consideration when making ethical decision
    Ethical behaviour is characterised by the fact that it is unselfish and balances what is good for oneself with what is good for others.
  6. What is an ethical (moral) dilemma?
    —A moral dilemma occurs when an ethical evaluation of a situation produces two or more conflicting judgements. Divided opinion on whether something is wrong or right. They force one to choose between two or more options that are all to some extent wrong
  7. Explain the distinction between ethics and the law
    • Both strive towards determining what is acceptable and responsible inhuman interaction and society however...
    • ethics emanates from personal or social values (INTERNAL)
    • the law does so through public and political process (EXTERNAL)
  8. Three kinds of values distinguished within business organizations
    • Strategic
    • Ethical
    • Work
  9. Explain the relationship between ethics and values.
    • Values are about what a person desires not necessarily what is right
    • e.g valuing profit regardless of the environmental implications of production
  10. Explain the relationship between ethics and integrity.
    When a person adheres to a set of ethical standards they are regarded as having intergrity

    Integrity takes precedence over ethics
  11. Explain why ethics needs to be addressed on both the personal and organizational levels.
    (Apples vs Barrels)
    Individuals (apples) can affect ethical culture of the organization they work for

    The organization can either have a constructive or destructive influence on the moral character of the people that work there
  12. Apples vs Barrels
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Card Set
Business Ethics key concepts