Chapter 2 Flashcards
Ethics
a set of moral standards for judging whether something is right or wrong
Ethical Issue
a situation where someone must choose between a set of actions that may be ethical or unethical
Justice
fair/impartial distribution of the burdens & rewards that society has to offer
Utilitarianism
seeks the best consequence on an action taken by a person or organization
Deontology
people should meet their obligations & duties when analyzing an ethical dilemma
Code of Ethics
provides employees with the knowledge of what their expects in terms of responsibilities & behavior towards fellow employees, customers, & suppliers
Corporate Social Responsibility
a business’ concern for the welfare of society as a whole, obligations beyond those required by law/union contracts, voluntary
Profits
economic responsibility
Obey the Law
legal responsibility
Right, Just, & Fair
ethical responsibility
Good Corporate Citizen
philanthropic responsibility
Stakeholders
individuals/groups to whom businesses have a responsibility such as employees, consumers, the general public, and investors
Certified Benefit Corporations - B Corps
meet the highest standards of social & environmental performance, public transparency, & legal accountability & strive to use the power of business to solve social & environmental problems via an impact assessment that rates each company on a possible score of 200 points
Social Investing
investors limiting their investments to securities that coincide with their beliefs about ethical & social responsibility