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Chapter 3

BUS 223 Chapter Notes - Chapter 3: Virtue Ethics, Consequentialism, Egotism

Course Code
BUS 223
Haskovon Kriegstein

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BUS 223
Chapter 3 notes
March 8th, 2016
Introduction: Ethical Frameworks: Consequences, Principles, Character
- Ethics attempts to answer the question of how we should live, but it also give
reasons to support their answers.
- Ethical relativist: denies that there can be any rationally justified or objective
ethical judgements, when there are disagreements between people or cultures the
relativist concludes that there is no way to resolve that dispute and provide that one
side is more right than the other
- Utilitarianism: is an ethical tradition that directs us to decide based on overall
consequences of our acts (greatest number of good, for the greatest amount of
- Principle-based frameworks: directs us to act on the basis of moral principles
such as human rights
- Virtue ethics: directs us to consider the moral character of individuals and how
various character traits can contribute to, or obstruct, a happy and meaningful life
Utilitarianism: Making a decision based on Ethical consequences
- Consequentialist: An approach to ethics and social policy dictates that we should
act in ways that produce better consequences than the alternatives considered
o These Better consequences in terms of ethical values could be considered
those that promote: human well-being, health, happiness, dignity, integrity,
integrity, freedom and respect of all the people affected
o In business sense: the consequence which promotes the increase of your
financial well being, or the economies
- Utilitarianism also known as the greatest good for the greatest number
o According to this the consequence which achieves this is the ethically
responsible decision, and one that does not is ethically wrong
o Example: Child Labour being the greatest consequence, because they
wouldn’t be able to afford school regardless, plus they are supporting their
family, while providing for the economy
- Egoism: a consequentialist theory, but it focuses on the happiness of the individual
making the decision
o The greatest good for me
- Utilitarianism and business
o In classic free market economies, economic activity aims to satisfy consumer
demand therefore everybody is going to be happy
o Some say, there should be a free market to promote greater good, while
administrative side says there should be regulations to insure the greatest
good for everyone
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