Test 1 Review in Business
Ethics and Management 2026
Bounded Rationality - ANSWER ✔✔A concept that describes the
limitations of decision-making processes due to constraints such as
limited information, cognitive limitations, and time restrictions.
Satisficing - ANSWER ✔✔A decision-making strategy that aims for a
satisfactory or adequate result, rather than the optimal solution.
Intuition - ANSWER ✔✔The ability to understand something
instinctively, without the need for conscious reasoning.
, Escalation of Commitment - ANSWER ✔✔The phenomenon where
individuals or groups continue to invest in a decision despite evidence
suggesting it may be a poor choice.
Ethics definition - ANSWER ✔✔A set of moral principles that govern
a person's behavior or the conducting of an activity.
Utilitarian Approach - ANSWER ✔✔An ethical decision-making model
that focuses on the outcomes or consequences of actions, aiming to
maximize overall happiness or utility.
Rights Approach - ANSWER ✔✔An ethical decision-making model
that emphasizes the rights of individuals and the importance of
respecting those rights in decision-making.
Justice Approach - ANSWER ✔✔An ethical decision-making model
that focuses on fairness and equality in the distribution of benefits and
burdens.
Six Pillars of Character - ANSWER ✔✔A framework for ethical
behavior consisting of trustworthiness, respect, responsibility, fairness,
caring, and citizenship.
Trustworthiness - ANSWER ✔✔The quality of being reliable and
deserving of trust.