3. Business Ethics and Social Responsibility

Terms and Definitions

  • Ethics: The code of moral principles and values that governs the behaviours of a person or group with respect to what is right or wrong.
  • Business Ethics: The area of applied ethics that focuses on real-world situations and the context and the environment in which transactions occur.
  • Ethical Dilemma: A situation in which a difficult choice has to be made between two courses of action with ethical consequences.
  • Ethical Relativism: Holds that people set their own moral standards for judging their actions based on self-interest.
  • Rights: Legal rights are entitlements that are limited to a particular legal system and jurisdiction, while moral rights are universal and based on norms in every society
  • Normative Ethics: The field of ethics concerned with our asking how should and ought we live and act.
  • Virtue Ethics: Grounded in one’s character, focusing on what type of person one ought to be.



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Business Law and Ethics Canadian Edition Copyright © 2023 by Craig Ervine is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

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