Terms Related to Ethics

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business ethics| a specialized study of the moral standards that apply to business policies, institutions, organizations, and behavior.| consistency requirement| the necessity of moral principles to be applied the same way to everyone in similar circumstances| ethical relativism| the theory that morality varies according to culture and/or time.| Ethics| the study of morality or the moral standards of a society or an individual.| law of agency| a law that specifies the duties of persons who agree to act on behalf of another party and who are authorized by agreement so to act.| moral reasoning| the reasoning process by which human behaviors, institutions, or policies are judged to be in or out accordance with moral standards.| moral responsibility| the idea that agents are culpable for acting or neglecting to act.| moral standards| norms about the kinds of actions believed to be morally right and wrong.| Morality| the standards that an individual or a group has about what is right and wrong or good and evil (also, the subject that ethics investigates).| nonmoral standards| standards by which we judge what is right/ wrong or good/bad in a nonmoral way.| prisoner’s dilemma| a situation where two parties must choose whether to cooperate or not; both gain when both cooperate, while if only one cooperates the other gains even more, and if both do not cooperate both lose.| | |

Negative utilitarianism| There is no duty to increase happiness or maximize benefits unless you have voluntarily agreed to do so.|

capitalist justice| the belief that benefits should be distributed according to the value of the contribution made by the individual to a group.| categorical
imperative| the requirement that I must act such that the maxim of my action could be made universal law (or the requirement that in acting I always treat others as ends in themselves and never as a means to an end).| compensatory justice| Fairness when...
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