Skip to ContentGo to accessibility pageKeyboard shortcuts menu
OpenStax Logo

business ethics
The area of applied ethics that focuses on real-world situations and the context and environment in which transactions occur.
corporate culture
The beliefs and behaviors that determine how a company’s employees and management interact inside an organization and also handle outside business transactions. Corporate culture develops organically over time from the cumulative traits of the leaders and the people that the company hires.
ethical dilemma
A situation in which a difficult choice has to be made between two courses of action with ethical consequences.
ethical relativism
Holds that people set their own moral standards for judging their actions, based on self-interest.
ethics
The code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong.
instrumental values
The preferred means of behavior used to obtain desired goals.
justice
Four major tenets: (1) All individuals should be treated equally; (2) Justice is served when all persons have equal opportunities and advantages; (3) Fair decision practices, procedures, and agreements among parties should be practiced; (4) Punishment is served to someone who inflicts harm.
moral entrepreneur
Someone who creates a new ethical norm.
normative ethics
The field of ethics concerned with our asking how should and ought we live and act.
rights
Legal rights are entitlements that are limited to a particular legal system and jurisdiction, while moral rights are universal and based on norms in every society.
servant leadership
Involves selflessly working with followers to achieve shared goals that improve collective, rather than individual, welfare.
stakeholder
Any group or individual who can affect or is affected by the achievement of an organization’s objectives. The use of the term stakeholder has become commonplace in organizations.
stakeholder management
The systematic identification, analysis, planning, and implementation of actions designed to engage with stakeholders
stewardship
Concerned with empowering followers to make decisions and gain control over their work.
terminal values
Desired goals, objectives, or end states that individuals wish to pursue.
virtue ethics
Grounded in one’s character, focusing on what type of person one ought to be.
Citation/Attribution

This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission.

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution License and you must attribute OpenStax.

Attribution information
  • If you are redistributing all or part of this book in a print format, then you must include on every physical page the following attribution:
    Access for free at https://openstax.org/books/principles-management/pages/1-introduction
  • If you are redistributing all or part of this book in a digital format, then you must include on every digital page view the following attribution:
    Access for free at https://openstax.org/books/principles-management/pages/1-introduction
Citation information

© Jan 9, 2024 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.