Business ethics and social responsibility Flashcards
why is it important to understand business ethics and social responsibility
because it makes you informed of you rights as a consumer, an employee and a citizen
what is ethics
its a set of moral principles by which people conduct themselves personally, socially or professionally
what is business ethics
a set of laws about how a business should conduct itself
for any business to be successful how should it operate (2)
legally and humanely
what are sweatshops (3)
they are factories that pay workers poorly, are unhealthy and treat workers badly
what is the occupational safety and health administration (OSHA)
a division of the department of labor that sets and enforces work related health and safety rules
what do other independent agencies do for legal responsibility (3)
-protect consumers
- monitor broadcast communications
-address discrimination in the workplace
how do most business police themselves
by distributing code of ethics
what is a code of ethics
its a set of strict guidelines for maintaining ethics in the workplace
what can unethical business practices do
can affect your business indirectly e.g. the amount you make in profits from one unhappy customer can translate into a lot more lost because of missed repeat business
what can treating employees unethically do
can lead to high turnover rate, which increases the cost of hiring and training new employees
when considering a questionable course of action what should you ask yourself? (3)
- is it against the law? does it violate company/professional policies?
- what if everyone did this? how would i feel if someone did this to me?
- am i sacrificing long term benefits for short term gains?
what can you do if you find yourself in an ethical dilemma (5)
- identify the ethical dilemma
- discover alternative actions
- decide who might be affected
- list the probable effects of the alternatives
- select the best alternative
what is social responsibility
it is the duty to do what is best for the good of society
what are the ethical obligations of a business (social responsibility) (4)
-provide safe products
-create jobs
-protect the environment
-contribute to the standard of living in society
what is a conflict of interest
its when a business is tempted to put profits before social welfare
what is the food and drug administration (FDA) (responsibility to consumers)
its a government agency that protects consumers from dangerous or falsely advertised products
what does the FDA govern
advertising and labeling of over the counter medicines
how do some companies use unethical means eliminate competition
they can conspire with other companies to control the market for a product (responsibility to customers)
what is the responsibility of businesses to employees (4)
- have a social responsibility to create jobs
- to provide employees with safe working conditions, equal treatment and fair pay
whats the equal pay act (passed in 1964) (responsibility to employees)
it requires that men and women be paid the same wages for doing equal work
what is the Americans with disabilities act (responsibility to employees
it bans discrimination against persons with physical or mental disability
if company’s dont treat their workers fairly what could happen (3)
- low morale
- poor productivity
- high turnover rate
businesses have responsibility to who (3)
-customers
-employees
-society
what is one way to show responsibility to society
the U.S. government in 1970 created the environment protection agency (EPA)- which is a federal agency that enforces rules that protect the environment and control pollution
