Law Chapter 5 – Flashcards
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Triple Bottom Line
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People, planets, profit
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Long run
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The maximization business ethics is only consistent with
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True
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Is colluding to set prices illegal?
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Moral minimum
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Compliance with the law
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Codes of Conduct
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Typically outline the company's policies on particular issues and indicate how employees are expected to act.
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National Labor Relations Board
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The federal agency that investigates unfair labor practices
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Ethical reasoning
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The application of morals and ethics to a situation
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Duty based ethics
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Every person has certain duties to others, including both humans and the planet.
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Outcome based ethics
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Focuses on the impacts of a decision on society or on key stakeholders.
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Principles of Rights
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Believe that a key factor in determining whether a business decision is ethical is how that decision affects the rights of others.
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Categorical Imperative
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In deciding whether an action is right or wrong, or desirable or undesirable, a person should evaluate the action in terms of what would happen if everybody else in the same situation, or category, acted the same way.
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Utlitarianism
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An approach to ethical reasoning in which ethically correct behavior is related to an evaluation of the consequences of a given action on those who will be affected by it. In utilitarian reasoning, a "good" decision is one that results in the greatest good for the greatest number of people affected by the decision.
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Cost Benefit Analysis
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Which involves an assessment of the negative and positive effects of alternative actions on these individuals.
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How businesses are treated under international law
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Business ethics does NOT focus on:
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Yes, federal labor laws protect employees right to engage in "concerted activities"
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Olivia makes a statement on her Twitter account that casts a negative light on her employer. Her manager fires her for violating her company's social media policy. Olivia claims that federal law prohibits her from being fired. Does she have a valid argument?
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False
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Religious ethical principles allow managers to make decisions with few possible negative consequences
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True
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The application of the principle of rights, or rights theory, often involves conflicting rights.
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Gary's fundamental rights
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Upper management wants to fire Gary because he is nonproductive. Using the utilitarian approach to business ethics, management would probably NOT consider
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False
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Corporate social responsibility is typically imposed on corporations by state laws.
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Because many corporate watch groups will discover and publicize the unethical behavior of your company's foreign suppliers
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Why is it important to monitor the employment practices of foreign suppliers?
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True
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Since the late 1970s, the Foreign Corrupt Practices Act has prohibited U.S. businesspersons from bribing foreign officials to secure beneficial contracts.
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True
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Under the Foreign Corrupt Practices Act, some payments to minor foreign government officials are allowed to accelerate the performance of administrative services.
