ADMS 3660 Chapter Notes - Chapter 1-3: Golden Rule, Relativism, Financial Statement

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Chapter 1 Textbook:
Applied Ethics: The study of how ethical theories are put into practice.
Culture: A particular set of attitudes, beliefs, and practices that characterize a group of
individuals.
Ethical Dilemma: A situation in which there is no obvious right or wrong decision, but
rather a right or right answer.
Ethical Reasoning: Looking at the information available to us in resolving an ethical
dilemma and drawing conclusions based on that information in relation to our own
ethical standards.
Ethical Relativism: Concept that the traditions of your society, your personal opinions,
and the circumstances of the present moment define your ethical principles.
Ethics: The manner by which we try to live our lives according to a standard of “right” or
“wrong” behaviorin both how we think and behave toward others and how we would
like them to think and behave toward us.
The Golden Rule: Do unto others as you would have them do unto you.
Instrumental Value: The quality by which the pursuit of one value is a good way to
reach another value. For example, money is valued for what it can buy rather than for
itself.
Intrinsic Value: The quality by which a value is a good thing in itself and is pursued for
its own sake, whether anything comes from that pursuit or not.
Society: A structured community of people bound together by similar traditions and
customs.
Universal Ethics: Actions that are taken out of duty and obligation to a purely moral
ideal rather than based on the needs of the situation, since the universal principles are
seen to apply to everyone, everywhere, all the time.
Utilitarianism: Ethical choices that offer the greatest good for the greatest number of
people.
Value System: A set of personal principles formalized into a code of behavior.
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