Business ethics key words Flashcards
What is an Employer?
A person or organisation that employs people.
What is a Employee?
Somebody that is employed by a person or organisation.
What are the proletariat?
For workers and local wages earners who depend on the bourgeoisie - higher wage earners for employment.
What are the bourgeoisie?
The middle class industrial owners who have the proletariat working for them.
What is whistleblowing?
Revealing to the public some sort of corruption of wrong doing in business.
What is a stakeholder?
The people who own the company and also ists employees, its consumers and the wider environment.
What is a stockholder?
A shareholder who has ownership of the business.
What is a consumer?
A person who purchases food, goods and services for personal use.
What is a profit margin?
A measure designed to gauge the health of a company. Usually the total subtracted form the costs of the business, A successful business will have a high profit margin.
What is micro ethics?
This deals with the smaller details that constitute to an overall ethical approach.
What is globalisation?
The integration of economics, cultures, governmental policies and political movements around the world.
What is an LEDC?
Less economically developed country. MEDC= More economically developed country.
What is social responsibility?
A belief that businesses have a responsibility towards society alongside their own interests,
What is renege?
To go back on a promise, undertaking or contract.
What is severance?
The action of ending a connection or relationship.
