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Business Ethics PHI 310
Quiz 1 Definitions
35
Business
Undergraduate 3
10/16/2011
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Term
I. Morality
 Definition
The standards that an individual or a group has about what is right and wrong or good and evil.
Term
I. Moral standards
 Definition
The norms about the kinds of actions believed to be morally right and wrong as well as the values placed on what we believe to be morally good and morally bad.
Term
I. Nonmoral standards
 Definition
The standards by which we judge what is good or bad and right or wrong in a nonmoral way.
Term
I. Normative study
 Definition
An investigation that attempts to reach conclusions about what things are good or bad or about what actions are right or wrong.
Term
I. Descriptive study
 Definition
An investigation that attempts to describe or explain the world without reaching any conclusions about whether the world is as it should be.
Term
I. Ethical or moral relativism
 Definition
The theory that there are no ethical standards that are absolutely true and that apply or should be applied to the companies and people of all societies.
Term
II. Ethic of care
 Definition
An ethic that emphasizes caring for the concrete well being of those near to us.
Term
II. Ethic of virtue
 Definition
An ethic based on evaluations of the moral character of persons or groups.
Term
II. Utilitarianism
 Definition
A general term for any view that holds that actions and policies should be evaluated on the basis of the benefits and costs they will impose on society.
Term
II. Cost-benefit analysis
 Definition
A type of analysis used to determine the desirability of investing in a project by calculating whether its present and future economic benefits outweigh its present and future economic costs.
Term
II. Non-economic goods
 Definition
Goods, such as life, love, freedom, equality, health, beauty, whose value is such that it cannot be measured in economic terms.
Term
II. Instrumental goods
 Definition
Things that are considered valuable because they lead to other good things.
Term
II. Intrinsic goods
 Definition
Things that are desirable independent of any other benefits they may produce.
Term
II. Justice
 Definition
Distributing benefits and burdens fairly among people.
Term
II. Rights
 Definition
Individual entitlements to freedom of choice and well-being.
Term
II. Negative rights
 Definition
Duties others have to not interfere in certain activities of the person who holds the right.
Term
II. Positive rights
 Definition
Duties of other agents (it is not always clear who) to provide the holder of the right with whatever he or she needs to freely pursue his or her interests.
Term
II. Categorical imperative
 Definition
IN Kant a moral principle that obligates everyone regardless of their desires and that is based on the idea that everyone should be treated as a free person equal to everyone else.
Term
II. Distributive justice
 Definition
Requires distributing society's benefits and burdens fairly.
Term
II. Retributive justice
 Definition
Requires fairness when blaming or punishing persons for doing wrong.
Term
II. Compensatory justice
 Definition
Requires restoring to a person what the person lost when he or she was wronged by someone.
Term
II. Puritan ethic
 Definition
The view that every individual has a religious obligation to work hard at his or her calling (the career to which god summons each individual).
Term
III. Lockean rights
 Definition
The right to life, liberty, and property.
Term
III. Invisible hand
 Definition
According to Adam Smith, the market competition that drives self-interested individuals to act in was that serve society.
Term
III. Social Darwinism
 Definition
Belief that economic competition produces human progress.
Term
III. Alienation
 Definition
In Marx's view, the condition of being separated or estranged from one's true nature or true human self.
Term
III. Immiseration of workers
 Definition
The combined effects of increased concentration, cyclic crises, rising unemployment, and declining relative compensation.
Term
III. Mixed economy
 Definition
An economy that retains a market and private property system but relies heavily on government policies to remedy their deficiencies.
Term
IV. Perfect competition
 Definition
A free market in which no buyer or seller has the poser to significantly affect the prices at which goods are being exchanged.
Term
IV. Pure monopoly
 Definition
A market in which a single firm is the only seller in the market and which new sellers are barred from entering.
Term
IV. Oligopoly
 Definition
A market shared by a relatively small number of large firms that together can exercise some influence on prices.
Term
IV. Imperfectly competitive markets
 Definition
Markets that lie somewhere on the spectrum between the two extremes of the perfectly competitive market with numerous sellers and the monopoly market with one dominant seller.
Term
IV. Horizontal merger
 Definition
The unification of two or more companies that were formerly competing in the same line of business.
Term
IV. Trying arrangements
 Definition
When a firm sells a buyer a certain good only on condition that the buyer agrees to purchase certain other goods from the firm.
Term
IV. Exclusive dealing arrangements
 Definition
When a firm sells to a retailer on condition that the retailer will not purchase any products from other companies and/r will not sell outside of a certain geographical area.
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