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Introduction to Law-Chapter 3
Introduction to Law. Chapter Three. Essentials of the Legal Environment.
11
Law
Undergraduate 2
04/04/2012

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Term
ethics
Definition
moral principles and values applied to social behavior
Term
business ethics
Definition
ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting
Term
moral minimum
Definition
the minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law.
Term
stock buyback
Definition
the purchase of shares of a company's own stock by that company on the open market
Term
stock option
Definition
an agreement that grants the owner the option to buy a given number of shares of stock, usually within a set time period
Term
ethical reasoning
Definition
a reasoning process in which an individual links his or her moral convictions or ethical standards in the particular situation at hand
Term
categorical imperative
Definition
a concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. in deciding whether an action is right or wrong, or desirable or undesirable, a person should evaluate the action in terms of what would happen if everybody else in the same situation, or category, acted the same way.
Term
principe of rights
Definition
the principle that humans beings have certain fundamental rights (to life, liberty, and the pursuit of happiness, for example). those who adhere to this "rights theory" believe that a key factor in determining whether a business decision is ethical is how that decision affects the rights of various groups. these groups include the firm's owners, its employees, the consumers of its products or services, its suppliers, the community in which it does business, and society as a whole.
Term
utilitarianism
Definition
an approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it, rather than on the basis of any absolute ethical or moral values. in utilitarian reasoning, a "good" decision is one that results in the greatest good for the greatest number of people affected by the decision.
Term
cost-benefit analysis
Definition
a decision-making technique that involves weighing the costs of a given action against the benefits of that action.
Term
corporate social responsibility
Definition
the idea that corporations can and should act ethically and be accountable to society for their actions.
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