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t. e. Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. [1]
Friedman doctrine. The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman which holds that the social responsibility of business is to increase its profits. [1] This shareholder primacy approach views shareholders as the economic engine of the organization and the ...
Behavioral ethics. Behavioral ethics is a field of social scientific research that seeks to understand how individuals behave when confronted with ethical dilemmas. [1][2] It refers to behavior that is judged within the context of social situations and compared to generally accepted behavioral norms. [3][4] Ethics, a subsidiary of philosophy ...
Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena. It can be summarised as the theoretical ethical prerequisites and foundations of economic systems. This principle can be traced back to the Greek philosopher Aristotle, whose Nicomachean Ethics describes ...
Moral disengagement. Moral disengagement is a meaning from Developmental psychology, educational psychology and social psychology for the process of convincing the self that ethical standards do not apply to oneself in a particular context. [1][2] This is done by separating moral reactions from inhumane conduct and disabling the mechanism of ...
e. In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. For example, when a corporation is insured, it may take on higher risk knowing that its insurance will pay the associated costs. A moral hazard may occur where the actions ...
Organizational ethics express the values of an organization to its employees and/or other entities irrespective of governmental and/or regulatory laws. Ethics are the principles and values used by an individual to govern their actions and decisions. [1] An organization forms when individuals with varied interests and different backgrounds unite ...
Dumping, also known as predatory pricing, is a commercial strategy for which a company sells a product at an aggressively low price in a competitive market at a loss.A company with large market share and the ability to temporarily sacrifice selling a product or service at below average cost can drive competitors out of the market, [1] after which the company would be free to raise prices for a ...