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Ch 2: Business

Being Ethically and Socially Responsible

TermDefinition
ethics the study of right vs. wrong and how to make moral decisions
business ethics applying moral standards to business situations
conflict of interest occurs when business person places personal interest above company's
_____ and _____ should stay out of business deals payments and gifts
Federal Trade Commission takes action on using words or terms that could lead to false advertising and deception
The three factors that affect ethical behavior include.. individual, social, or 'opportunity' based
Sarbanes - Oxley Act of 2002 protects those who report misconduct and prohibits corporate, accounting fraud, corruption
code of ethics written set of rules to ensure ethical behavior within workplace
whistle blowing informing press or gov't officials about unethical behavior in one's organization
social responsibility recognizing that business decisions have an impact on society
caveat emptor 'let the buyer beware'
economic model the idea that society is better off when businesses are left alone to produce profitable products for consumers
socioeconomic model businesses should account for profit as well as society
consumerism all activities undertaken to protect rights of consumers
What basic rights do consumers have? right to safety, right to be informed, right to choose, right to be heard,
affirmative action designed to increase # of minorities in an organization
equal employment organization (EEOC) gov't agency which investigates complaints of employee discrimination and can sue firm
hard core unemployed workers with little education or vocational training
social audit comprehensive report of what an organisation has done and what it is doing with societal issues as well
Created by: nnaseem98
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