Study cards taken from "Business in Society" textbook recommended for TECEP exam
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| The level of wealth, disposable income, and standard of living of the society. | Affluence
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| The collection of private, commercially oriented (profit-oriented) organizations. | Business
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| Focus on demographics, lifestyles, and social values of the society. | Social Environment
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| Focus on the nature and direction of the economy within which the business operates. | Economic Environment
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| Focus on the processes by which laws get passed and officials get elected and all other aspects of the interaction between the firm, political processes, and government. | Political Environment
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| The total set of technology-based advancements taking place in society. | Technological Environment
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| A diffusion of power among society's many groups and organizations. Wide decentralization & diversity. | Pluralism
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| Relationships between business and stakeholders are: | Community, Government, Owner, Employee, Consumer
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| A society that is characterized by tens of thousands of special-interest groups, each pursuing its own focused agenda. | Special-Interest Society
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| A belief or attitude that each succeeding generation ought to have a standard of living higher than that of its predecessor. | Revolution of rising expectations.
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| A gap between society's expectations of social conditions and the current social realities. | Social Problem
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| The belief that someone is owed something just because he or she is a member of society. | Entitlement mentality
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| The ability or capacity to produce an effect or to bring influence to bear on a situation or people. | Business power
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| Levels of Business Power | Macro (the corporate system), Intermediate (several firms), Micro (single firm), Individual (single executive)
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| Spheres of Power | Economic, Social/Cultural, Individual, Technological, Environmental, Political
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| Iron Law of Responsibility | "In the long run, those who do not use power in a manner which society considers responsible will tend to lose it."
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| A set of two-way understandings that characterize the relationship between major institutions - in this case, business and society. | Social Contract
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| Issues of right, wrong, fairness, and justice. | Ethics
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| Individuals or groups with which business interacts who have a "stake", or vested interest, in the firm. | Stakeholders
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| Corporate Social Responsibility emphasizes: | obligation, accountability
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| Corporate Social Responsiveness emphasizes: | action, activity
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| Corporate Social Performance emphasizes: | outcomes, results
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| Contributions to charity and other worthy causes. | Philanthropy
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| The social responsibility of business encompasses the economic, legal, ethical, and discretionary (philanthropic) expectations that society has of organizations at a given point in time. | Corporate Social Responsibility
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| Business must be an economic institution - produce goods & services, sell them at fair prices, and make an adequate profit. | Economic responsibilities of business.
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| Abide by the basic notions of fair practices as established by our lawmakers. | Legal responsibility of business.
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| The full scope of norms, standards, values, and expectations that reflect what consumers, employees, shareholders, and the community regard as fair, just and consistent. | Ethical responsibilities of business.
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| The expectation that a business will "give back." | Philanthropic responsibility of business.
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| Four components of corporate social responsibility: | Economic, Legal, Ethical, Philanthropic
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| Arguments against corporate social responsibility: | Classical economics, business not equipped, dilutes business purpose, too much power already, and global competitiveness.
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| Arguments for corporate social responsibility: | Enlightened self-interest, warding off government, resources available, proacting vs. reacting, and public support.
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| Benefits of corporate citizenship: | Improved employee relations, improved customer relationships, improved business performance, and enhanced company marketing efforts.
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| Stages of corporate citizenship: | Elementary, Engaged, Innovative, Integrated, Transforming
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| Dimensions of corporate citizenship: | Citizenship concept, strategic intent, leadership, structure, issues management, stakeholder relationships, transparency.
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| "Triple Bottom Line" concept (John Elkington) | Three key spheres of sustainability: economic, social, and environmental.
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