ADM 1100 Study Guide - Midterm Guide: Virtue Ethics, Business Ethics, Professional Ethics

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Ethics: derived from the greek ethics and ethos, which relate to the prevalent sentiment or character of the a people or community. Ethics: the study of moral beliefs about what is right or what is wrong. Social responsibility: a manager"s duty or obligation to m are decisions that promote the well-being of stakeholders and society as whole. Ethics and the law laws represent a minimum ethical standard. Ethics often represents a standard that exceeds the legal minimum. Ethical theories: theories attempt to explain people"s behaviour, don"t have to agree or dis agree, they are not mutually exclusive, these are not the only ethical theories. What makes something good or bad, right or wrong, is that it satisfies one"s desires, or meets one"s needs. Basic principle: self- interest of person doing, considering,or affected by the action one should chose the action which most realizes or conduces to one"s own self-interest.

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