BUL 4421 Study Guide - Final Guide: Ethical Dilemma, Situational Ethics, Business Ethics
Document Summary
Ethics- study and practice decisions about what is good or right. Ethical dilemma- problem about what a firm should do for which is no clear, right decision is available. Social responsibility of business- consists of the expectations that the community imposes on firms doing business inside its borders. These must be honored to a certain extent even when a firm wishes to ignore them. 2) provide future business managers, or practical steps, that provide a dependable stimulus to ethical reasoning in a business context. Values- positive abstractions that capture our sense of what is good or desirable. They are ideas that underlie conversations about business ethics. We derive our ethics from interplay of values. Values represent our understanding of the purposes we will fulfill by making particular decisions. How do we make ethical decisions: the golden rule, public disclosure test, universalization test. Ethical relativism- theory of ethics that denies existence of objective moral standards.
