Chapter 2 Flashcards
ethics
the study of right and wrong and of the morality of the choices individuals make
business ethics
the application of moral standards to business situations
social audit
a comprehensive report of what an organization has done and is doing regard to social issues that affect it
Sarbanes-Oxley Act of 2002
provides sweeping new legal protection for employees who report corporate miscoduct
code of ethics
a guide to acceptable and ethical behavior as defined by the orgization
whistle-blowing
informing the press or government officials about unethical practices within one’s organization
social responsibility
the recognition that business activities have an impact on society and the consideration of that impact in business decision making
caveat emptor
a Latin phrase meaning “let the buyer beware”
you get what you and you don’t get upset
economic model of social responsibility
the view that society will benefit most when business is left alone to produce and market profitable products that society needs
socioeconomic model of social responsibility
the concept that business should emphasize not only profits but also impact of its decisions on society
consumerism
all activities undertaken to protect the rights of consumers
minority
a racial, religious, political, national, or other group regarded as different from the larger group of which it is a part and that is often singled out for unfavorable treatment
affirmative action programs
a plan designed to increase the number of minority employees at all levels within an orginzation
Equal Employment Opportunity Commission (EEOC)
a government agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it
hard-core unemployed
workers with little education or vocation training and a long history of unemployment
