Chapter 1 Key Terms and Concepts 1. Ethics- deals with individual character and the moral rules that govern and limit our conduct. It investigates questions of right and wrong, duty and obligation, and moral responsibility 2. Business Ethics- study of what constitutes right and wrong human conduct in a business context 3. Business- organization whose objective is to provide goods or services for profit 4. Businesspeople- those who participate in planning, organizing, or directing the work of business 5. Moral standards- concern behavior that is of serious consequence to human welfare that can profoundly injure or benefit people. Take priority over other standards including self-interest . The soundness of moral standards depends on the adequacy of the reasons that support them 6. Etiquette- refers to the norms of correct conduct in polite society or to and special code of social behavior courtesy. 7. Laws a. Statues- laws enacted by legislative bodies. (laws against reckless driving) Make up large part of the law i. Ordinance- law enacted by local governing bodies (city council) b. Administrative regulations-Legislature agencies set up boards or agencies whose function include issuing detailed regulations covering certain kinds of conduct i. As long as regulations don’t exceed board’s statutory power, and do not conflict with other kinds of laws, they are legally binding c. Common Law- body of judge-made law that first developed in the English speaking world centuries ago. Courts frequently wrote opinion and decisions. These became precedent for other cases. The massive body of precedents and legal principles that accumulated over the years is referred to as “common law” d. Constitutional law- refers to court rulings on requirements of the constitution and the constitutionality of legislation. Although courts cannot make laws, they have far-reaching power to rule on the constitutionality of laws. Supreme Court greatest. i. Legality shouldn’t be confused with morality: Breaking the law is not always or necessarily immoral. On the other hand, the legality of an action does not guarantee that it is morally right. 8. Professional code of ethics- rules that are supposed to govern the conduct of members of a given profession 9. Divine command theory- if something is wrong, then it is because God commands us not to do it 10. Ethical Relativism- theory that what is right is determined by what a culture or society says is right 11. Conscience- evolved as we internalized the moral instructions of the parent who raised us a. Following your conscience can be bad 12. Self-interest- Only caring for yourself 13. Paradox of hedonism- people who are exclusively concerned with their own interests tend to have less happy and less satisfying lives than those who desire extend beyond themselves 14. Morality in the narrow sense- concerns the principles that do or should regulate people conduct and relations with others 15. Morality in the broad sense-meaning not just the principles of conduct that we embrace but also the values, ideals, and aspirations that shape our lives.
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