Chapter 2 Notes

Chapter 2 Notes - Chapter 2 Ethics Business Ethics o a...

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Chapter 2 – Ethics Business Ethics o a branch of applied ethics o is the study and determination of right and good in business o Ethical questions apply to relationships among and between: o a business and its employees, its customers, and its owners o competing businesses o a business and society at large o businesses and countries at an international level o Law is strongly affected by moral concepts (ethics), but law and morality are not the same. o Legal acts may be immoral, illegal acts may be moral. Different ways to view ethics o Ethical Fundamentalism—Central Authority Also called absolutism. Individuals look to a central authority or set of rules for guidance, e.g., the Bible, the Koran, the writings of Karl Marx. o Ethical Relativism—Individual Judgment A theory under which actions must be judged by what individuals subjectively feel is right or wrong for themselves. This requires one to judge another person’s actions by first putting oneself into that person’s situation.
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