Ch 2 Flashcards
Business integrity
Ability to act honestly ethically and in a socially responsible manner
Corporate governance
The way an org is governed requires balancing interests of all stakeholders
Ethics
Study of right and wrong and morality of individuals
Business ethics
Applications of ethics in business
Conflict of interest
Owner chooses to benefit themselves over employees
Transparency
free flow of information in and out of company’s
Social responsibility audits
Reports of what An organization is doing in regards to social issues that affect it
Pre conventional ethics
People behave in a childlike manner making decisions of off immediate reward or punishment
Conventional ethics
Second stage in ethics where u stop thinking egotistical and begin thinking about society expectations
Post conventional ethics
Final stage where ppl adhere to ethical standards and care less about what others think and more about themselves in the long run
Code of ethics
A written guide of acceptable /ethical guidelines made by an organization
Whistle blower
An employee who exposes unethical practices in business
Ethical dilemmas
Decisions where every alternative impacts various stake holders in unpleasant ways
Social responsibility
Admitting that business impacts society and taking that into account when making decisions
Economic model of social responsibility
The view that society benefits when business are left alone to produce marketable products
