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Chapter 4 - ITB
| Question | Answer |
|---|---|
| Social Responsibility | The duty of a business to contribute to the well-being of a community. |
| Environmental Protection | Social responsibility where a business is conscience of the environment and does things to improve it. Can you think of an example? |
| Conservation | Saving scarce natural resources. |
| Non-renewable Resources | A natural resource that cannot be replaced when used up. |
| Non-Renewable Resources | Gas, Oil, and Copper |
| Pollution | When the environment is tainted with the by-products of human actions. |
| Environmental Protection Agency | Federal government agency that has set standards for water and air quality. (EPA) |
| Workplace Diversity | Area where businesses are more sensitive with the roles of women, ethnic groups, and physically challenged and older workers. Can you think of an example? |
| Americans with Disabilities Act | Allowed for major improvements in accommodating workers who are physically challenged. (ADA) |
| Age Discrimination in Employment | Bars employers from using age as a basis for employment decisions, including hiring, promotions, or termination from a job. For people age 40 and over. |
| Job Safety | social responsibility that allows for businesses to provide a safe place. Can you think of an example? |
| Occupational Safety and Health Administration | Regulate safety standards of business workplace. (OSHA) |
| Employee Wellness | Allows for businesses to provide a healthier workplace for their workers. Can you think of an example? |
| Benefits of Social Responsibilities | 1) Improve company image 2) Improve quality of life in community 3) Increased awareness of social issues among workers 4) More productive workforce |
| Ethics | principles of morality or rules of conduct. |
| Business Ethics | Rules about how businesses and their employees ought to behave. |
| Ethical Behavior | Following and learning the business ethics. |
| Code of Ethics | A set of rules for guiding the actions of employees or members of an organization. Worded in acceptable behavior. |
| Ethical Guidelines | 1) Is the action legal? 2) Does the action violate professional or company standards? 3) Who is affected by the action and how? |
| Conflict of Interest | When an action by a company or individual results in unfair benefit. |
| Levels of Government | Federal, State, Local |
| Federal Government | To oversee the activities that involve 2 or more states or other countries. |
| Interstate Commerce | business dealings with more than one state. |
| State Government | regulates business actions within their own borders. |
| Intrastate Commerce | business dealings involving companies that do business in one state. |
| Local Governments | provide services needed for an orderly society within city or towns. |
| worker protection | established to provide a safe work environment |
| contract | an agreement to exchange goods or services for something of value, usually money. |
| Contract | Written or Unwritten |
| Elements of a Contract | Agreement, Competent parties, consideration, legality |
| Contract Agreement | An offer must be made, and an acceptance must occur. |
| Contract Competent Parties | Must be of legal age and must be mentally competent. |
| Contract Consideration | Something of measurable value must be exchanged by the parties involved. |
| Contract Legality | Must be a product or service that is legally sold; no fraud or deception exists in the agreement. |
| Intellectual Property | purely intangible, with no physical characteristics |
| intangible | unable to be touched |
| Patent | gives the inventor the sole right to make, use or sell the item for 20 years. |
| Copyright | protects the creative work of authors, composers, and artists. Lasts for the LIFE of the creator and extends 70 years after their death. |
| Trademark | a word, letter, or symbol linked with a specific company or product. |
| logo | symbol that represents a business or company |
| public utility | An organization that supplies a service or product vital to all people. |
| monopoly | When a business has control of the market for a product or service. |
| antitrust laws | Prevents false advertising, deceptive pricing, and misleading labeling. |
| Income tax | Taxes taken out on the income of individuals |
| Property tax | Taxes on real estate (cars, land, schools, library, parks). |
| Sales tax | Taxes on goods and services collected by the seller |
Created by:
mrspritchett