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Business Law Exam 3 - Ethics
berry college business law cheeseman
12
Business
Undergraduate 2
04/20/2011

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Term
ethics
Definition
a set of moral principles or values that governs the conduct of an individual or group
Term
law and ethics
Definition
-businesses organized in the united states are subject to its laws
-business persons owe a duty to act ethically in the conduct of their affairs
-not all ethical standards have been enacted as law
-law and ethics sometimes coincide
-law may permit certain behavior that seems unethical
-law may demand certain conduct that seems unethical
Term
major ethical theories
Definition
-fundamentalism
-utilitarianism
-rawls's social justice theory
-kantian ethics
Term
ethical fundamentalism
Definition
-a person looks to an outside source or a central figure for ethical rules or commands
-critics argue that ethical fundamentalism does not permit people to determine right and wrong for themselves
Term
utilitarianism
Definition
a person must choose the action or follow the rule that provides the greatest good to society

critics argue that it is difficult to estimate the good that will result from different actions
Term
kantian ethics
Definition
- a person owes moral duties based on universal rules
- premise that people can use reasoning to reach decisions
-people should employ categorical imperative (golden rule)
Term
kantian ethics universal rules based on
Definition
consistency - all cases are treated alike with no exceptions

reversibility - the actor must abide by the rule he or she uses to judge the morality of someone else's conduct

if one makes an exception for themself that exception applies to everyone

- hard to reach a consensus as to what the universal rules should be
Term
rawls's social justice theory
Definition
- a person has a social contract with all others in society to obey moral rules that are necessary for people to live in peace and harmony
-fairness
-the least advantaged must receive special assistance
-veil of ignorance when chosing principles of justice

- criticism 1) establishing blind original position is impossible 2) many persons in society would choose not to maximize the benefit to the least advantaged persons
Term
ethical relativism
Definition
- a person must decide what is ethical based on their own feelings
- no universal ethical rules guide conduct
- some people think some things are ethical when they are not
Term
theories of social responsibility
Definition
maximizing profits

moral minimum

corporate citizenship

stakeholder interest
Term
moral minimum
Definition
- make profit avoid harm
- must avoid or correct social injury
- some laws enforce this
Term
corporate citizenship
Definition
- theory that a business has a responsiblity to do good
- helping solve social problems
- owe a duty to promote the same social goals as do individuals
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