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Flashcards in Chapter 3 Deck (26):

Component lifestyle

A lifestyle made up of a complex set of interests, needs, and choices.



The study of people's vital statistics, such as their age, gender, race and ethnicity and location.


Generation Z

Canadians born from the late 1990's onward


Generation Y

Canadians born between 1977 and 1997


Generation X

Canadians born between 1964 and about 1977


Baby boomers

Canadians born between 1946 and 1964



The fundamental belief that all citizens are equal regardless of their racial or ethnic backgrounds


Social responsibility

The concern of businesses for the welfare of society as a whole; consists of obligations beyond those required by law or contracts.



A set of economic policies that believes that the economy (and therefore social policy) should be market-driven, not government-driven



Individuals, groups or organizations to whom a business has a responsibility: employees, customers, suppliers, investors, and the general public.


Social investing

The practice of limiting investments to securities of companies that act in accordance with the investor's beliefs about ethical and social responsibility.


Corporate philanthropy

The practice of charitable giving by corporations, includes contributing cash, donating equipment and products, and supporting the volunteer efforts of company employees


Corporate governance

The way in which an organization is governed, directed and administered



A philosophy that focuses on the consequences of an action to determine whether it is right or wrong, and holds that an action that affects the majority adversely is morally wrong.


Canadian Charter of Rights & Freedoms

Legislation that guarantees the rights and freedoms of Canadians



What is considered fair according to the prevailing standards of society; in the 21st century
, an equitable distribution of the burdens and rewards that society has to offer


Preconventional ethics

A stage in the ethical development of individuals in which people behave in a childlike manner and make ethical decisions in a calculating, self-centered, selfish way, based on the possibility of immediate punishment or reward; also known as self-centered ethics


Conventional ethics

The second stage in the ethical development of individuals in which people move from an egocentric viewpoint to consider the expectations of an organization or society; also known as social ethics.


Post conventional ethics

The third stage in the ethical development of individuals in which people adhere to the ethical standards of a mature adult and are less concerned about how others view their behavior than about how they will judge themselves in the long run; also known as principaled ethics


Code of ethics

A set of guidelines prepared by a company to provide it's employees with the knowledge of what the company expects in terms of their responsibilities and behavior toward fellow employees, customers and suppliers.



An employee, a former employee, or any other member of an organization who reports misconduct by others in the organization to those who have the power to take corrective action


Strategic giving

The practice of tying philanthropy closely to the corporate mission or goals and targeting donations to regions where a company operates



A set of moral standards for judging whether something is right or wrong


Current social factors that have an impact on business

The business environment consists of social, demographic, economic, technological, and competitive trends. Social trends based on people's lifestyles (economics, interests and resources), women working has increased household incomes.


Businesses meet their responsibilities to stake holders

Businesses are responsible to employees, customers, investors, suppliers, governments and society. Companies are responsible to investors to earn a reasonable share for their owners. Government wants to know that the companies are following the rules and regulations and reporting their taxes properly.


Four trends in society

Baby boomers are retiring later for social interaction reasons or financial reasons; an increase in the expectation by stakeholders that businesses will be more socially responsible; the occupy movement that highlighted issues like corporate greed, political elitism, mass unemployment and financial and social inequities; and an increase of business ethics.