Unit 2 Definitions Flashcards
(28 cards)
Corruption
illegal practices that further one’s business
interests.
Child Labour
full-time employment of children for work otherwise done by adults.
Outsourcing
obtain (good/service) from an outside or foreign supplier, especially in place of an internal source
Cultural Relativism
Ethical behaviour is always determined by cultural context. No cultures ethics are superior
Utilitarian view of ethics
greatest good to the greatest number of people.
Moral-Rights view of ethics
respects and protects the fundamental rights of all
people
Internal Environment
Supervisory behaviour, peer group norms and behaviour, and policy statements and written rules.
Ethical Dilemma
An ethical dilemma describes a conflict between two courses of action. There is a conflict between values or principles.
Social Entrepreneurship
a unique form of entrepreneurship that seeks novel ways to
solve pressing social problems
Globalization
• The process of growing interdependence of these components in the global economy
• Expansion of business on an international scale
Protectionism
Practice of shielding country’s domestic industries from foreign competition by taxing imports
Multinational Corporation
extensive business operations in more than one foreign country ex walmart
Culture Shock
Confusion and discomfort a person experiences in an
unfamiliar culture.
Polycentric
an attitude that advocates adapting products, strategies, and management practices to each individual market or host country.
Sweatshops
A factory that violates labour laws usually 2 or more
Ethics
Code of moral principles.
Set standards of “good” or “bad” or “right” or “wrong” in one’s conduct.
Ethical Behaviour
What is accepted as good and right in the context of the governing moral code.
Cultural Universalism
behaviour unacceptable in one’s home environment should not be acceptable anywhere else.
Individualism view of ethics
primary commitment is to one’s long-term
self-interests
Justice view of ethics
fair and impartial treatment of people according
to legal rules and standards.
• Procedural justice – policies and rules fairly applied • Distributive justice – equal treatment for all people
• Interactional justice – people treated with dignity and respect
External Environment
Government laws and regulations, societal norms and values, and competitive climate in an industry.
Whistleblower
• Expose misdeeds of others to:
•Protect against wasteful, harmful, or illegal acts • Laws protecting whistleblowers vary
Corporate Social Responsibility
• Classical view—Management’s only responsibility is to maximize profits.
• Socioeconomic view—Management must be concerned for the broader social welfare, not just profits.
Global Management
management in organizations with business interest in more than one country
