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.
