Ads
related to: ethical situations in business examples definition economics
Search results
Results From The WOW.Com Content Network
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.
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
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 associated with that risk, should things go wrong. For example, when a corporation is insured, it may take on higher risk knowing that its insurance will pay the
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
Business ethics examines the moral implications of business conduct and how ethical principles apply to corporations and organizations. [155] A key topic is corporate social responsibility, which is the responsibility of corporations to act in a manner that benefits society at large.
Economic justice is a component of social justice and welfare economics.It is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.
The study of ethical value is also included in value theory. In addition, values have been studied in various disciplines: anthropology, behavioral economics, business ethics, corporate governance, moral philosophy, political sciences, social psychology, sociology and theology.