Chapter 2: Business Ethics – Flashcards
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The application of moral standards to business situations.
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What is business ethics?
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The study of right and wrong and of morality of the choices individuals make. An ethical decision is one that is "right" according to some standard of behavior
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What is ethics?
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Individual Factors Social Factors Opportunity
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Factors of Ethical Behavior
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Presence of Opportunity Ethical Codes Enforcement
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Examples of Opportunity
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True: it is impossible to cover EVERYTHING in ethical codes
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True or False: Ethical Codes do not cover everything
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Informing the press or government officials about unethical practices within one's organization
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What is whistle-blowing?
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The recognition that business activities have an impact on society and the consideration of that impact in business decision making
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Define social responsibility
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BP cleaning up after the mess they created is _____
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Example of Social Responsibility
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Let the Buyer Beware
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What does Caveat Emptor means?
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The Great Depression
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When did the government really get involved?
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Management
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Who does social responsibility start with?
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True and it is worth it :)
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True or False: Social Responsibility costs money?
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You always have to treat it in a CONSISTENT MANNER as well as BEING FIRM.
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How should companies deal with violations of the ethical code (two words).
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Issues arise when a businessperson takes advantage of a situation for personal gain rather than for the employer's interest
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What is conflict of interest?
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The recognition that business activities have an impact on society and the consideration of that impact in business decision making
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What is social responsibility?
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Socioeconomic and Economic Views
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What are the two views of social responsibility?
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The concept that business should emphasize not only profits but also the impact of its decisions on society
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What emphasis does socioeconomic view portray?
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The view that society will benefit most when business is left alone to produce and market profitable products that society needs
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What emphasis does economic view portray?
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Production Exploitation of natural resources Internal, market-based decisions Economic return (profit) Firm's or manager's interest Minor role for government
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Economic Model Primary Emphasis
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Quality of life Conservation of natural resources Market-based decisions, with some community controls Balance of economic return and social return Firm's and community's interests Active government
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Socioeconomic Model Primary Emphasis
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A person who buys goods and services.
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What is consumerism?
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Equal Employment Opportunity Commission
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What does the EEOC stand for?
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EEOC enforces the federal law of prohibiting discrimination
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What do the EEOC do?
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The products for consumers purchase must be safe for their intended use, must include thorough and explicit directions for proper use, and must be tested by the manufacturer for product quality and reliability
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Right to Safety
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Consumers must have access to complete information about a product before they buy it.
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Right to be Informed
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Consumers must have a choice of products, offered by different manufacturers and sellers, to satisfy a particular need.
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Right to Choose
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Someone must be available who will listen and take appropriate action when customers complain.
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The Right to Be Heard
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People are entitled to be fully informed about their rights as consumers.
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The Right to Consumer Education
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Consumers are entitled to convenience, courtesy, and respon-siveness from manufacturers and sellers
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The Right to Courteous Service
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Workers with little education or vocational training and a long history of unemployment
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Hardcore Unemployment
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The contamination of water, air, or land through the actions of people in an industrialized society
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What is Pollution?
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The federal agency charged with enforcing laws affecting the environment
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What is the EPA?
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Superfund program is responsible for cleaning up some of the nation's most contaminated land and responding to environmental emergencies, oil spills and natural disasters. To protect public health and the environment, the Superfund program focuses on making a visible and lasting difference in communities, ensuring that people can live and work in healthy, vibrant places.
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What is a superfund
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Excessive noise can do physical harm
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What is noise pollution?
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Isolating the source of the noise Modifying machinery and equipment
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How do you reduce noise pollution?
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Developing a program of social responsibility Secure the commitment of top executives Plan the program Appoint top-level executive as director to implement the plan Prepare a social audit Funding the program Pass program costs on to consumers as higher prices Absorb the program costs as a business expense Seek tax reductions or other incentives
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Steps of Developing and Implementing Social Responsibility
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A comprehensive report of what the organization has done and is doing with regard to social issues that affect it
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What is a social audit?
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Fairness and Honesty
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What are ethical concerns
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Yes. Yes they are.
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Is false advertisements....are they unethical?
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True.
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True or False: Are bribes unethical?
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True.
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True or False: Those who are whistle blowers sometimes lose their job?
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Protects the whistle-blowers
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The Sarbanes-Oxley Act does what?
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No minimum wage No benefits No safety
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What was the labor like in the early 1900s?
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Customer Demand Costly Sue by the consumers and government
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Reasons to improve product safety
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Plans designed to increase the number of minority employees at all levels within an organization
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Affirmative Action Program
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National Alliance of Business (NAB) A joint business-government program to train the hard-core unemployed
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What is NAB?
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Fundamental issues are how to restore damaged or contaminated land and how to protect unpolluted land from future damage
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What are the fundamental issues of land pollution?
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Taxpayers
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Who pays for social responsibility?
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???
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Can the social responsibility be paid for through the government.
