Business Ethics

GLOSSARY

Ad Valorem Tax: A type of indirect tax in which goods are taxed by their values. In the case of ad volorem tax, the tax amount is calculated as a proportion of the price of the goods. Value added tax (VAT) is an ad volorem tax.

Advanced Countries: Countries with high national and per capita income. These countries possess highly developed infrastructure and apply most updated and advanced technical know-how in their productive activities. A strong and well-organized financial structure is the characteristic of advanced countries.

Altruism: An ethical theory that states an action is morally right if the consequences of that action are more favourable than unfavourable to everyone except the individual performing the act.

Amoral: Beyond ...