Chapter 4: Demonstrating Ethical Behavior and Social Responsiblity Flashcards Preview

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Flashcards in Chapter 4: Demonstrating Ethical Behavior and Social Responsiblity Deck (32):
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Ethics

Standards of moral behavior; that is, behavior that is accepted by society as right versus wrong

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Compliance-based ethics codes

Ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers

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Integrity based ethics codes

Ethical standards that define the organization's guiding values, create an environment that supports ethically sound behaviors, and stress a shared accountability among employees

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Whistleblowers

People who report illegal or unethical behavior

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Corporate social responsibility

A business's concern for the welfare of society

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Corporate philanthropy

Dimension of social responsibility that includes charitable donations

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Corporate responsibility

Dimension of social responsibility that includes everything from hiring minority workers to making safe products

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Corporate policy

Dimension of social responsibility that refers to the position a firm takes on social and political issues

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Insider trading

An unethical activity in which insiders use private company info to further their own fortunes or those of family and friends

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Social audit

A systematic evaluation of an organization's progress toward implementing programs that are socially responsible and responsive

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Tort

A wrongful act that causes injury to another person's body, property, or reputation

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Negligence

Behavior that causes unintentional harm or injury

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Product liability

Holds businesses accountable for harm that results from the production, design, sale, or use of products they market

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Strict product liability

Legal responsibility for harm or injury caused by a product regardless of fault

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Patents

Documents that give inventors exclusive rights to their inventions for 20 years

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Copyright

A document that protects a creator's rights to materials such as books, articles, photos, and cartoons

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Trademark

A legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors

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Uniform commercial code

A comprehensive commercial law adopted by every state in the U.S. that covers sales laws and other commercial laws

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Express warranties

Specific representations by the seller that buyers rely on regarding the goods they purchase

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Implied warranties

Guarantees legally imposed on the seller

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Negotiable instruments

Forms of commercial paper that are transferable among businesses and individuals and represent a promise to pay a specified amount

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Contract

A legally enforceable agreement between two or more parties

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Contract law

Sets of laws that specify what constitutes a legally enforceable agreement

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Consideration

Must be something of value; essential element of a contract

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Breach of contract

When one party fails to follow the terms of a contract

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Damages

The monetary settlement awarded to a person who is injured by a breach of contract

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Consumerism

A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to the sellers

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Taxes

How the government raises money

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Bankruptcy

The legal process by which a person, business, or entity unable to meet financial obligations is relieved of those obligations by a court that divides the assets among creditors, allowing creditors to get at least part of their money and freeing the debtor to begin anew

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Voluntary bankruptcy

Legal procedures initiated by a debtor

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Involuntary bankruptcy

Bankruptcy procedures filed by a debtor's creditors

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Deregulation

Government withdrawal of certain laws and regulations that seem to hinder competition