Business Law Chapter 2 Key Terms
Business Ethics: is the application of ethics to the special problems and opportunities experienced by businesspeople.
Ethical Dilemma: is a problem concerning what a firm should do for which no clear, right decision is available.
Ethical guidelines: practical steps, that provide a dependable stimulus to ethical reasoning in a business context.
Ethics: is the study and practice of decisions about what is good or right.
Social Responsibility of business consists of the expectations that the community imposes on firms doing business inside its borders.
Stakeholders: of a firm are the many groups of people affected by the firm's decisions.
Any given managerial decision affects, in varying degrees, the following stakeholders: Owners or Shareholders, Employees, Customers, Management, the general community where the firm operates, and future generations.
Values: are positive abstractions that capture our sense of what is good or desirable
WH process of Ethical decision making: the approach that offers future business owners ethical guidelines.