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Bus&Soc CH1

Bus&Soc 8th ed

TermDefinition
affluence the level of wealth, disposable income, and standard of living of the society
business the collection of private, commercially orient organizations, ranging in size from one-person proprietorships to corporate giants
business ethics ethical issues that arise in the commercial realm
business power the ability or capacity to produce an effect or to bring influence to bear on a situation or people
economic environment the nature and direction of the economy in which a business operates
entitlement mentality the general belief that someone is owed something just because she or he is a member of society
ethics issues of right, wrong, fairness, and justice
Iron Law of Responsibility the generated forces that work to balance power and responsibility
macroenvironment the total environment outside the firm
managerial approach managing in a rational, systematic, and administratively sound fashion
pluralism a diffusion of power among society's many groups and organizations
political environment 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
entitlement mentality the belief or attitude that each succeeding generation ought to have a standard of living higher than that of its predecessor
rights movement the growth of activism for rights of particular groups within society
social contract a set of two-way understandings that characterize the relationship between major institutions
social environment demographics, lifestyles, and social values of the society
social problem a gap between society's expectations of social conditions and the current social realities
society a community, a nation, or a broad grouping of people with common traditions, values, institutions, and collective activities and interests
special-interest society a society made characterized by multitudes of groups pursuing their own focused agenda
stakeholders individuals or groups with which the business interacts and who have a "stake," or vested interest, in the firm
sustainability the use of resources that can meet short and long-term human needs while preserving the environmental, economic, and social conditions
technological environment the total set of technology-based advancements taking place in society
victimization philosophy the growing concern that individuals or groups see themselves as having been victimized by society; a manifestation of the entitlement mentality
Created by: maclu24