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Module 5
Legal Environment I
| Term | Definition |
|---|---|
| Ethics | morality as applied to any number of subjects, including journalism, business, and other professionals |
| Morality | the subject of a field of study of doing what is objectively right |
| C-suite | Top managers in a |
| Shareholders | Investors who own shares of a corporation |
| Directors | Leaders of a corporation who are elected by shareholders |
| Officers | The highest leaders of a corporation who are hired by directors. |
| Stakeholders | The range of people and institutions that a corporation should pay moral consideration to, and generally includes employees, suppliers, customers, and the community |
| Manager's Fiduciary Duty | The moral and legal duty of managers to directors and shareholders to act as a responsible agent. |
| Stakeholder theory | Corporations must pay attention to not only the bottom line but the impact on the community |
| Administrative Agencies | organizations of the government that make rules and regulations in specialized areas. |
| Commissioner | the head of an Administrative Agency |
| Antitrust | The body of laws that deal with breaking up businesses that grow too large and too powerful. |
| Monopoly | A business that takes over 70% of the market share |
| Sherman Act | The first law that declared every contract that sought to restrain trade to be illegal and provided for criminal penalties against those who intentionally restrain trade. |
| Clayton Act | A law that extends the protections of the Sherman act to "probable adverse impact" on trade. |