Business Ethics Chapter 1 Question & Answer

To make an ethical decision, we must weigh the alternatives, reject those that are ethically inferior, and leave a selection of options that are ethically acceptable.

As in all decision-making, we must brainstorm the alternatives, including business as usual. Ethical theory helps us to look only at the ethically relevant alternatives.

Knowledge of ethical theory also functions as a filter that helps us to distinguish those facts that are ethically relevant to the case from the huge number of facts that are irrelevant.

A consequence-based approach tries to maximize either objective values or the happiness of everyone. The latter variant is utilitarianism. Another variant is ethical egoism, where the agent considers only her own self-interest.

The principle-based approach appeals to either duties, rights, or theories of justice.

Virtue ethics and care ethics use a character-based approach.

Ethical considerations are either identity-based, principle-based, or consequence-based. Ethical theory is a sort of prism which refracts an ethical decision into its component considerations.