FHNW, Business Ethics, Chpt. 6 Exam Study Guide.

FHNW, Business Ethics, Chpt. 6 Exam Study Guide. Moral philosophy - answerrefers to the specific principles or values that people use to decide what is right or wrong. Moral philosophies are person-specific, whereas business ethics is based on decisions made by groups or when carrying out tasks to meet business objectives. Idealism - answeris a moral philosophy that places special value on ideas and ideals as products of the mind. There is a positive correlation between idealistic thinking and ethical decision making. Realism - answeris the view that an external world exists independent of our perceptions. Realists assume that humankind is not naturally benevolent and kind but instead is inherently selfcentered and competitive Monists - answerbelieve that only one thing is intrinsically good, and pluralists believe that two or more things are intrinsically good. hedonism - answerone's pleasure is the ultimate intrinsic good or moral end. Goodness theories - answertypically focus on the end result of actions and the goodness or happiness created by them. Obligation theories - answeremphasize the means and motives by which actions are justified. These obligation theories are teleology and deontology, respectively. Teleology - answerRefers to moral philosophies that assess the moral worth of a behavior by looking at its consequences, and thus moral philosophers today often refer to these theories as consequentialism. Egoism - answerdefines right or acceptable behavior in terms of the consequences for the individual. They believe in making decisions to maximize self-interest. Enlightened egoists - answertake a long-range perspective and allow for the well-being of others, although their own self-interest remains paramount. Utilitarianism - answerseeks the greatest good for the greatest number of people. Utilitarians look for the greatest total utility, or benefit, that can come of a decision using cost/benefit comparisons of all affected parties. Rule Utilitarianism - answerdetermines behavior on the basis of principles, or rules, designed to promote the greatest utility.