Ch. 5 Flashcards
we define ethics as …
the standards of moral behaviour; that is, behaviour that is accepted by society as right versus wrong
list the three items on “the ethical schecklist”
is it legal? is it balanced? how will it make me feel about myself?
list the two major categories of ethics codes
compliance- based and integrity- based
compliance-based ethics codes emphasize …
preventing unlawful behaviour by increasing control and by penalizing wrongdoers
integrity- based ethics codes are ethical standards that …
define the organization’s guiding values, create an environment that supports ethically sound behaviour, and stress a shared accountability among employees
what is a whistleblower?
people who report illegal or unethical behaviour among employees
corporate social responsibility:
the concern businesses have for the welfare of society
strategic philanthropy involves …
companies making long-term commitments to one cause
the strategic approach to corporation requires that …
management’s primary orientation be toward the economic interests of shareholders
the pluralist approach to corporation recognizes the …
special responsibility of management to optimize profits, but not at the expense of employees, suppliers, and members of the community
list the four basic rights all customers have
the right to safety, to be informed, to choose, and be heard
insider trading involves …
using private company information to further their own fortunes or those of their family and friends
list the two responsibilities businesses have to employees
responsibility to create jobs if they want to grow and once they create jobs, they are obligated to ensure that hard work and talent are fairly rewarded
one of business’ responsibilities to society is to create …
new wealth, which is disbursed to employees, suppliers, shareholders and other stakeholders
a social audit is …
a systematic evaluation of an organization’s progress toward implementing programs that are socially responsible and responsive
the Triple Bottom Line focuses not just on … but also on …
the economic value corporations add, but also on the environmental and social value they add (and destroy)
Triple Bottom Line is used as a framework for …
measuring and reporting corporate performances against economic, social and environmental parameters
fair trade is a growing social movement dedicated to …
making sure that producers in developing countries are paid a fair price for the goods we consume
