Chapter 2 Flashcards
Business Ethics
principles and standards that determine acceptable conduct in business.
Social Responsibility
a business’s obligation to maximize its positive impact and minimize its negative impact
Ethical Issue
an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical, or unethical.
Bribes
payments, gifts, or special favors that influence the outcome of a decision.
Plagiarism
the act of taking someone else’s work and presenting it as your own without mentioning the source.
Codes of Ethics
formalized rules and standards that describe what a company expects of its employees.
Whistleblowing
the act of an employee exposing an employer’s wrongdoing to outsider, such as the media or government regulatory agencies.
Corporate Citizenship
the extent to which the businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by stakeholders.
Consumerism
that activities that independent individuals, groups, and organizations undertake to protect their rights to consumers.
Sustainability
conducting activities in a way that allows for the long term wellbeing of the natural environment, including biological entities; involves the assessment and improvement of business strategies, economic sectors, work practices, technologies, and lifestyles so that they maintain the health of the natural environment.
Business Law
the rules and regulations that govern the conduct of business.
Lawsuit
where one individual or organization takes another to court using civil laws.
Jurisdiction
the legal power of a court, through a judge, to interpret and apply the law and make a binding decision in a particular case.
Trial Court
when. court (acting through a judge or jury) must determine the facts of the case, decide which law or set laws is pertinent to the case, and apply those laws to resolve the dispute.
Real Property
consists of real estate and everything permanently attached to it
