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Foreign Corrupt Practices Act
A U.S. law that makes it unlawful to bribe foreign government officials to assist in obtaining or retaining business.
Moral minimum
The lowest level of ethics that society will tolerate.
Pigovian tax
A tax levied on activity that generates negative externalities in order to correct an inefficient market outcome by being set equal to the social cost of the negative externalities.
Principle of rights
A principle that holds that the key factor in determining whether a business decision is ethical is how that decision affects the rights of others.
Stakeholders
A person, group or organization that can affect or be affected by the organization's actions, objectives and policies.
Deontology
A theory of ethics that states we are morally obligated to act in accordance with a certain set of principles and rules regardless of outcome.
Duty-based ethics
Ethics that are concerned with what people do, not with the consequences of their actions.
Categorical imperative
The principle that individuals should evaluate their actions in light of the consequences that would follow if everyone in society acted in the same way.
Outcome-based ethics
A theory of ethics that holds that whether an act is right or wrong depends only on the results of that act and that the more good consequences an act produces, the better or more right that act.
Utilitarianism
A model of ethics that holds that an action is morally correct when it produces the greatest amount of good for the greatest number of people.
