Chapter 2 Business Ethics and Social Responsibility – Flashcards
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Business Ethics
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principles and standards that determine acceptable conduct in business
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social responsibility
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a business's obligation to maximize its positive impact and minimize its negative impact on society
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Codes of Ethics
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formalized rules and standards that describe what a company expects of its employees
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Whistleblowing
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the act of an employee exposing an employer's wrongdoing to outsiders such as media or government regulators
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Corporate Citizenship
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the extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities place on them by their stakeholders
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Economic Responsibilities
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Bottom of the pyramid, being profitable
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Legal Responsibilities
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3rd on pyramid- obeying the law
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Ethical Responsibilities
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being ethical, 2nd on pyramid
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Voluntary Responsibilities
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being a "good corporate citizen" contributing to the community and quality of life; top of pyramid
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Consumerism
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the activities that independent individuals, groups and organizations undertake to protect their rights as consumers
