Chapter 02 Business Ethics

consequences

the effects or results of what people do

duty

an ethical obligation that one individual has to others

egoism principle

the idea that the right thing for a person to do in any situation is the action that best serves that person's long-term interests

golden mean

the method of defining virtues as perfect balances between opposite and undesirable extremes

principle of duties

the idea that people should do what is ethically right purely because they have a moral obligation to do so

principle of rights

the idea that an action is considered moral when it respects the rights of others and immoral when it violates another's rights

principle of virtues

the idea that ethics is based on being a good person, on incorporating ideal character traits into one's life

respect for persons

the idea that it is wrong to use other people in ways that harm them for one's own benefit

right

a term used to describe how an individual is entitled to be treated by others

universality

the idea that people should act as they would want others to act in the same situation

utility principle

the idea that the morally right action is the one that produces the best consequences for everyone involved, not just for one

value system

a way of viewing ethical right and wrong, often unique to an individual, a culture, or a subculture

virtue

an ideal character trait that people should try to incorporate into their lives

hypothetical imperative

a statement about what a person would need to do to achieve a desired aim
(If you want to do X, then do Y)

categorical imperative

a statement about what a person needs to do because it is a rational moral obligation
(Samuel Kant developed this guideline to evaluate an action in terms of what would happen if everyone in the same situation acted the same way.)

deontology

Approach to ethics that judges the morality of an action based on the action's adherence to rules. Described as duty or obligation, because rules 'binds you to your duty'

morals

The part of human behavior that can be evaluated in terms of right or wrong.