Ethical frameworks, stakeholder theory, CSR, ESG and whistleblowing.
40 cards · basic cards · AI-written, checked twice. Edit anything.
- What is utilitarianism in business ethics?
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An ethical framework that determines rightness by outcomes, seeking to maximize overall well-being and minimize harm for the greatest number.- What is deontological ethics?
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An ethical framework based on duties and rules, where actions are right or wrong based on adherence to moral rules, regardless of outcomes.- What is virtue ethics?
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An ethical framework focused on developing good character traits and moral virtues, rather than following rules or calculating outcomes.- What is rights-based ethics?
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An ethical framework that prioritizes fundamental human rights and ensures that business decisions respect and protect individual rights.- What is justice-based ethics?
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An ethical framework concerned with fairness, equitable distribution of resources and benefits, and equal treatment among all stakeholders.- What is care ethics?
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An ethical framework emphasizing relationships, interdependence, and attending to the needs of those affected by business decisions.- What is normative ethics?
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A branch of ethics that prescribes what people ought to do, establishing standards and principles for right and wrong conduct.- What is descriptive ethics?
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A branch of ethics that examines and documents what people actually believe about morality, without prescribing what they ought to do.- What is applied ethics?
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A branch of ethics that takes ethical theories and applies them to practical real-world issues and dilemmas in specific domains like business.- Define stakeholder theory
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A theory proposing that corporations have responsibilities to all stakeholders affected by their decisions, not only shareholders.- How does stakeholder theory differ from shareholder theory?
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Shareholder theory prioritizes only shareholders' interests, while stakeholder theory recognizes responsibilities to employees, customers, suppliers, community, and environment.- What are primary stakeholders?
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Stakeholders whose actions or welfare directly affect a company, including shareholders, employees, customers, and suppliers.- What are secondary stakeholders?
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Stakeholders who influence or are influenced by a company but lack direct business relationships, such as media, government, and interest groups.- What does stakeholder engagement involve?
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Actively involving stakeholders in dialogue, listening to their concerns, incorporating their perspectives into decision-making, and managing relationships transparently.- Who developed modern stakeholder theory?
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R. Edward Freeman, who argued that companies should consider all stakeholders, not just shareholders, in strategic decisions.
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