BUSINESS

ETHICS
REVIEWER
Jularbal, Alissa May M.
ABM 12 -A
TERMS TO UNDERSTAND!
1. Business

is a human-created activity in which economical resources or inputs, such as materials and

labor, are combined and produced to give goods, services, or outputs to clients.

2. Service Business

Customers are served through services rather than items.

3. Merchandising business

Customers can sell products that they purchase from other businesses.

4. Manufacturing Business

Basic resources are transformed into goods that are sold to customers.

5. Sole Proprietorship

Sole proprietorship, also known as single tradership, is a form of manufacturers and sell or
managed by one person in which there is no legal distinction between the owner and the
corporate body.

6. Partnership

The organization in which two or more individuals invest money and obligations of a business
venture; it refers to an agreement in which the participants agree to contribute and
responsibilities of a business enterprise.

7. Corporation

The emergence of a legal entity that is independent and separate from its owners and is
reliant on the corporate regulations of the state in which it is formed.

8. Ethics

Peoples' actions are guided by moral principles. A set of moral rules that regulate a
person's behavior or how an activity is carried out. Also included is the branch of knowledge
concerned with moral ideals.

9. Relative Poverty

is defined as a shortcoming or insufficiency of some kind, particularly related to other

people's living standards in the same society or culture.

10. Absolute Poverty

 characterized as: a status in which basic human necessities, such as food, safe drinking
water, sanitation facilities, health, shelter, education, and information, are severely limited. It
is influenced not only by wealth but also by the provision of facilities.

11. Poverty

is a state or condition in which a person or community lacks the financial resources and
essentials for a minimum standard of living.

12. Milton Friedman

was an American economist and statistician who received the 1976 Nobel Memorial Prize in
Economic Sciences for his research on consumption analysis, monetary history and theory and
the complexity of stabilization policy.

13. CSR

CORPORATE RESPONSIBILITIES, as defined by the World business council for

Sustainable Development (WBCSD), is a continuing commitment by business to behave ethically
and contribute to economic development while improving the quality of life of the workforce and
their families, the local community, and society at large and more companies are embracing CSR
because of profitability, and also because more managers now believe that being a better
corporate citizen is a source of competitive advantage.

14. Advertising

means of communication with the users of a product or service. Advertisements are

messages paid for by those who send them and are intended to inform or influence people who
receive them

15. Deceptive Ads

are those that makes false advertisement about or misrepresent the product.

16. Article 108 of the consumer act of the Philippines

declares that “The State shall protect the consumer from misleading advertisements and
fraudulent sales promotion practices”

17. Presidential Decree no. 442

(a decree instituting a labor code thereby revising and consolidating labor and social laws to
afford protection to labor, promote employment and human resources development, and ensure
industrial peace based on social justice) lays down the rights of workers in relation to wages,
rights to self-organization, collective bargaining, security of tenure, and just and humane
conditions of work.
18. Insider Trading

it is characterized as the buying or selling of shares of stock on the basis of information

known only to the trader (an “insider,” somebody belonging to the company, as opposed to the
public) or to a few persons.

19. Whistle Blowing

Is the act, for an employee (or former employee), of disclosing what he believes to be
unethical or illegal behavior to higher management (internal whistle-blowing) or to an external
authority or the public (external whistle blowing).

20. Accountability

Accountability is the process of explanation and justification.

21. Accountability Structure

Accountability is the ability to account for your actions and performance to your
stakeholders. Accountability includes the fact that persons (your stakeholders) are willing and
able to hold you accountable.

22. Fairness

It is the quality of making judgements that are free from discrimination.

23. Transparency

Transparency is an attribute of corporate culture that's revealed through the behaviors of

an organization's leaders, employees, and stakeholders. Transparency is essential to an ethical
climate in organizations and should be evident in communications, practices, policies, meetings,
and other interactions.

24. Technical Skills

encompasses the ability to apply specialized knowledge or expertise.

25. Human Skills

is the ability to understand, communicate with, motivate, and support other people, both
individually and in groups, which defines human skills.

26. Conceptual Skills

are the skills and the mental ability that managers must have to analyze and diagnose
complex situations.

27. Relational Intelligence

 We define relational intelligence as a combination of emotional and ethical intelligence, that
involves the ability to be aware of and understand own and others' emotions, values, interests
and demands, to discriminate among them, to critically reflect on them and to use this
information to guide one's action

28. Ethical Intelligence

is the ability to make ethical decisions when faced with moral challenges or dilemmas.

29. Women in Organization

Women will remain a distinct minority on boards for the foreseeable future, women continue
to be appointed to boards through their personal relationships as well as track records and
appropriate expertise.

30. Justice

the moral obligation to act on the basis of fair adjudication between competing claims. As
such, it is linked to fairness, entitlement and equality.

31. Competence

described as an experience acquired through the combination of knowledge and practice.

32. Professionalism

is commonly understood as an individual's adherence to a set of standards, code of conduct

or collection of qualities that characterize accepted practice.

33. Code of Ethics

is a guide of principles designed to help professionals conduct business honestly and with
integrity.

34. Corporate Culture

refers to the beliefs and behaviors that determine how a company's employees and
management interact and handle outside business transactions. Often, corporate culture is
implied, not expressly defined, and develops organically over time from the cumulative traits of
the people the company hires.

35. Metaphysics

the branch of philosophy that deals with the first principles of things, including abstract
concepts such as being, knowing, substance, cause, identity, time, and space.

36. Epistemology

Epistemology is the theory of knowledge. It is concerned with the mind's relation to reality.
37. Axiology

is the philosophical study of value. It includes questions about the nature and classification
of values and about what kinds of things have value.

38. Idealism

the practice of forming or pursuing ideals, especially unrealistically.

39. Realism

in philosophy, the viewpoint which accords to things which are known or perceived an
existence or nature which is independent of whether anyone is thinking about or perceiving
them.

40. Neo-theism

This would date to the time of Thomas Aquinas (1225-1274), and is also known as theistic
realism, whereby “God exists and can be known through faith and reason”

41. Pragmatism

is a philosophical movement that includes those who claim that an ideology or proposition is
true if it works satisfactorily.

42. Existentialism

a philosophical theory or approach which emphasizes the existence of the individual person
as a free and responsible agent determining their own development through acts of the will.

43. Analytic Philosophy

also called linguistic philosophy, a loosely related set of approaches to philosophical

problems, dominant in Anglo-American philosophy from the early 20th century, that emphasizes
the study of language and the logical analysis of concepts.

44. Plato

was an Athenian philosopher during the Classical period in Ancient Greece, founder of the
Platonist school of thought and the Academy, the first institution of higher learning in the
Western world.

45. Aristotle

was a Greek philosopher and polymath during the Classical period in Ancient Greece. Taught
by Plato, he was the founder of the Lyceum, the Peripatetic school of philosophy, and the
Aristotelian.

46. Immanuel Kant

 was a German philosopher and one of the central Enlightenment thinkers. Kant's
comprehensive and systematic works in epistemology, metaphysics, ethics, and aesthetics have
made him one of the most influential figures in modern Western philosophy.

47. Utilitarianism

is a family of normative ethical theories that prescribe actions that maximize happiness and
well-being for all affected individuals.

48. Augustine

Augustine of Hippo, also known as Saint Augustine, was a theologian, philosopher, and the
bishop of Hippo Regius in Numidia, Roman North Africa.

49. Thomas Aquinas

was an Italian Dominican friar, philosopher, Catholic priest, and Doctor of the Church. An
immensely influential philosopher, theologian, and jurist in the tradition of scholasticism, he is
also known within the latter as the Doctor Angelicus, the Doctor Communis, and the Doctor
Universalis.

50. Gawad Kalinga

is a Philippine poverty alleviation and nation-building movement known officially as the Gawad
Kalinga Community Development Foundation. Its mission is to end poverty for 5 million families
by 2024.