Chapter 2 Flashcards
Business Ethics and Social Responsibility (41 cards)
Business Ethics
principles and standards that determine acceptable conduct in business.
Social Responsibility
a business’s obligation to maximize its positive impact and minimize its negative impact on society.
Ethical Issues
an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical.
Bribes
payments, gifts, or special favors intended to influence the outcome of a decision.
Plagrism
the act of taking someone else’s work and presenting it as your own without mentioning the source.
Oppurtunity
a set of conditions that limit barriers or provide rewards for ethical conduct.
Codes of Ethics
formalized rules and standards that describe what a company expects of its employees.
Whistleblowing
the act of an employee exposing an employer’s wrongdoing to outsiders, such as the media or government regulatory agencies.
Corporate Citizenship
the extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders.
environmental, social, and governance (ESG) framework
a framework that enables the evaluation of a firm’s efforts to operate sustainably, contribute to social causes, and engage in responsible and ethical conduct.
Consumerism
the activities that independent individuals, groups, and organizations undertake to protect their rights as consumers.
Right to Safety
A business must not knowlingly sell anything that could result in personal injury or harm to consumers
Sustainability
conducting activities in a way that allows for the long-term well-being of the natural environment, including all biological entities; involves the assessment and improvement of business strategies, economic sectors, work practices, technologies, and lifestyles so that they maintain the health of the natural environment.
Business Law
the guidelines, rules, and regulations that govern the conduct of business.
Lawsuits
where one individual or organization takes another to court using civil laws.
Jurisdiction
the legal power of a court, through a judge, to interpret and apply the law and make a binding decision in a particular case.
Trial court
when a court (acting through the judge or jury) must determine the facts of the case, decide which law or set of laws is pertinent to the case, and apply those laws to resolve the dispute.
Appellate Court
a court that deals solely with appeals relating to the interpretation of law.
Meditation
a method of outside resolution of labor and management differences in which the third party’s role is to suggest or propose a solution to the problem.
Abritration
settlement of a labor/management dispute by a third party whose solution is legally binding and enforceable.
Mini trial
a situation in which both parties agree to present a summarized version of their case to an independent third party; the third party advises them of the probable outcome if the case were to be tried.
Priviate court system
similar to arbitration in that an independent third party resolves the case after hearing both sides of the story.
Federal Trade Commisions (FTC)
the federal regulatory unit that most influences business activities related to questionable practices that create disputes between businesses and their customers.
Uniform Commercial Code
set of statutory laws covering several business law topics.
