Chapter 2 Business Law

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1
Ethics
How people should behave.
2
Ethics Decision
Any choice about how a person should behave that is based on a sense of right and wrong.
3
Life Principles
The rules by which you live your life.
4
Milton Friedman
argued that a corporate manager's primary responsibility is to the owners of the organization, that is, to shareholders.
5
Deontological
From the Greek word for obligation; the duty to do the right thing, regardless of the result
6
Kant's categorical imperative
An act is only ethical if it would be acceptable for everyone to do the same thing.
7
Mill and Utilitarianism
a correct decision is one that maximizes overall happiness and minimizes overall pain, thereby producing the greatest net benefit.
8
Life Prospects
The opportunities one has at birth, based on one's natural attributes and initial place in society.
9
Veil of Ignorance
The rules for society that we would not propose if we did not know how lucky we would be if we won the lottery
10
Different Principle
Rawls' suggestion that society should reward behavior that provides the most benefit to the community as a whole
11
Front Page Test
If your decision ended up on the front page would you be ok with that?
12
Moral Universalism
A belief that some acts are always right or wrong
13
Moral Relativism
A belief that a decision may be right even if it is not in keeping with our own ethical standards
14
Lincoln at War
Had to decide whether to fight for slavery or let the south win through votes.
15
Avoiding Ethic Traps
Slow Down, Do not trust your first instinct, remember your life principles
16
Kantian Evasion or paiter
A truthful statement that is nonetheless misleading
17
Corporate Social Responsibility
An Organization's obligation to contribute positively to the world around it
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