Business Ethics - Key words Flashcards
(19 cards)
capitalism
the belief that making a profit is the most ethical course of action
shareholder
people who own shares in the company
corporate social responsibility
belief that businesses have a responsibility towards society as-well as their own interest
stakeholder
people who have an interest or are affected by the company
stockholder
people who own shares in the company
whistleblowing
when an employee discloses wrongdoing to the employer or the public
globalisation
the integration of economies industries, markets, cultures and policy making around the world
consumerism
a set of social beliefs that put a high value on acquiring material things
triple bottom line accounting
profit and loss should be measures in reference to people and the environment, not just money
the bottom line
phrase used to refer to the balance of financial profit or loss of an organisation
socialism
a system which advocates that the means of production, distribution and exchange should be owned or regulated by the community as a whole rather than private individuals
proletariat
working class people regarded collectively
bourgeoisie
the capitalist class who own most of society’s wealth and means of production
usury
the practise of lending money at unreasonably high rates of interest
common good
a state of affairs in which everyone can flourish most effectively
trade union
an organised association of workers in a trade, group or trades or profession, formed to protect and further their rights and interest
subsidiarity
the belief that decisions should be made at the lowest level compatible with efficiency
sustainability
the belief that we are responsible for maintaining earth and its resources for ourselves and future generations
free market economy
an economy in which prices, wages and so on are determined by the laws of supply and demand which minimal government interference
