refers to the specific principles or values that people use to decide what is right or wrong. a concept associated with values that can be quantified by monetary means. If an act produces more value than its effort costs, then it should be accepted as ethical. a moral philosophy that places special value on ideas and ideals as products of the mind. There is a positive correlation between idealistic thinking and ethical decision making. the view that an external world exists independent of our perceptions. Realists assume that humankind is not naturally benevolent and kind but instead is inherently self-centered and competitive. believe that only one thing is intrinsically good, and pluralists believe that two or more things are intrinsically good. take the position that no one thing is intrinsically good. typically focus on the end result of actions and the goodness or happiness created by them. emphasize the means and motives by which actions are justified. These obligation theories are teleology and deontology, respectively. defines right or acceptable behavior in terms of the consequences for the individual. They believe in making decisions to maximize selfinterest. seeks the greatest good for the greatest number of people. This philosophy looks for the greatest total utility, or benefit, that can come of a decision using cost/benefit comparisons of all affected parties. [ Choose ] Monists economic value orientation Utilitarianism Obligation theories Moral philosophy Realism Pluralists Goodness theories Idealism Egoism