Introduction to Business, Chapter 2, Business Ethics and Social Responsibility – Flashcards
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Ethics
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The study of right and wrong.
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Business Ethics
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The application of moral standards to business situations.
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Sweatshop
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A shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions.
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Code of Ethics
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A set of guidelines for maintaining ethics in the workplace.
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Social Responsibility
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The duty to do what is best for the good of society.
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Economic Model
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Society benefits most when the business is left alone to produce and market profitable products the society needs.
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Managerial Attitude
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The social responsibility is someone else's job; the firm's primary responsibility is to make a profit for its shareholders.
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Socioeconomic Model
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Business should emphasize not only profits but also the impact of its decisions on society.
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Four Types Ethical Issues
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Communications, Conflict of interest, Organizational relationships, and Fairness and honesty
