In today’s fast-paced world, businesses are no longer separate from society and the environment—they are an integral part of moral and social responsibility. In the past, many businesses focused mainly on maximizing profits, often ignoring ethics and social values. However, in the modern era, organizations are expected to follow ethical behavior and sustainable practices. Business ethics refers to the principles of right and wrong that guide business conduct and decision-making.
In this article, you’ll find 20+ important vocabulary words related to business ethics that will help you understand key ethical concepts and terminology. Whether you are a student preparing for exams or a business owner aiming to build integrity in your organization, learning these terms can enhance your communication, professionalism, and moral judgment.
Below is a list of essential business ethics vocabulary words with their meanings and examples:
Business Ethics Vocabulary List
1. Amoral
Meaning: Not having or following any moral rules; neither moral nor immoral.
Example: A baby’s behavior is considered amoral because they have no understanding of right or wrong.
2. Business Ethics
Meaning: The application of moral principles and values to business behavior and decision-making.
Example: A company that refuses to bribe officials, even if it helps win a contract, is following business ethics.
3. Covert Ethics
Meaning: Ethical or unethical practices carried out secretly or without public awareness.
Example: A company’s covert unethical behavior was exposed when reports showed it was secretly polluting rivers.
4. Ethics
Meaning: A system of moral principles that govern the behavior of individuals or groups.
Example: Strong ethics guide employees to act honestly and fairly in all business transactions.
5. Immoral
Meaning: Behavior that goes against moral principles; morally wrong.
Example: Exploiting workers for personal gain is considered immoral.
6. Integration View
Meaning: The belief that business and ethics are interrelated; businesses have the right to earn profits but must do so ethically.
Example: The integration view suggests that a company should maximize profits without harming society or the environment.
7. Moral Standards
Meaning: A set of principles that define what is considered right or wrong behavior.
Example: Telling the truth even when it is difficult shows adherence to moral standards.
8. Separatist View
Meaning: The belief that business and ethics should remain separate; business should focus only on profit.
Example: A company following the separatist view may ignore social responsibility to prioritize financial gain.
9. Unitarian View
Meaning: The belief that business is an integral part of the moral and ethical system.
Example: Under the unitarian view, ethical conduct is seen as essential to long-term business success.
10. Applied Ethics
Meaning: The practical application of ethical principles to real-world issues and professional situations.
Example: Discussing whether companies should use animal testing is a part of applied ethics.
11. Egoism
Meaning: An ethical theory stating that self-interest forms the basis of morality.
Example: A manager who donates to charity only to boost his image is acting out of egoism.
12. Hypernorms
Meaning: Universal moral principles that apply to all individuals and societies, regardless of culture.
Example: Honesty and respect for human rights are examples of hypernorms.
13. Meta-Ethics
Meaning: The study of the nature, origin, and meaning of moral concepts and ethical language.
Example: Meta-ethics explores questions like “What does ‘good’ really mean?”
14. Virtue
Meaning: A desirable moral quality or excellence that individuals strive to develop.
Example: Integrity and kindness are virtues valued in both personal and professional life.
15. Corporate Governance
Meaning: A system of rules, practices, and processes by which a company is directed and controlled.
Example: Strong corporate governance ensures transparency and protects shareholders’ interests.
16. Beliefs
Meaning: Ideas or convictions that an individual accepts as true.
Example: An employee’s belief in fairness influences how they treat their coworkers.
17. Law
Meaning: A set of rules and regulations established by authority to maintain order and justice in society.
Example: Labor laws protect employees from unfair working conditions.
18. Norms
Meaning: Accepted standards or patterns of behavior shared by a group or society.
Example: It’s a norm in many companies to greet colleagues politely each morning.
19. Values
Meaning: Core beliefs that guide business actions, decisions, and organizational culture.
Example: Integrity and respect are key values for sustainable business growth.
20. Anthropocentrism
Meaning: The belief that humans are the most important beings and have dominance over nature.
Example: Anthropocentrism often leads to environmental exploitation for human benefit.
21. Axiological Approach
Meaning: An ethical approach that focuses on studying values such as moral, cultural, and aesthetic beliefs in decision-making.
Example: The axiological approach emphasizes honesty and responsibility as essential values in leadership.
22. CERES (Coalition for Environmentally Responsible Economies)
Meaning: An organization promoting sustainability and corporate environmental responsibility.
Example: Many global companies follow CERES guidelines to improve their environmental performance.
23. Greening
Meaning: The process of adopting environmentally friendly practices in business operations.
Example: Switching to biodegradable packaging is part of a company’s greening strategy.
Quiz Time: -
1. Which of the following best defines “Business Ethics”?
A. The science of earning maximum profit
B. Rules that guide right and wrong behavior in business
C. Marketing strategy for companies
D. Government regulations for business
2. A manager who donates to charity just to improve his public image is showing:
A. Egoism
B. Virtue
C. Amoral behavior
D. Hypernorm
3. Which view states that business and ethics should be treated as separate activities?
A. Integration View
B. Unitarian View
C. Separatist View
D. Applied View
4. Corporate Governance mainly deals with:
A. Employee holidays
B. How a company is directed and controlled
C. Pricing policies
D. Environmental pollution
5. Which of the following is considered a universal moral principle?
A. Profit maximization
B. Lying
C. Honesty
D. Tax evasion
Silent Facts: -
Did You Know? The term “ethics” comes from the Greek word ethos, meaning “character” or “custom.”
Keywords:
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