Chapter 2 Definitions Flashcards
Ethics
The study of right and wrong and the morality of the choices individuals make.
Business ethics
The application of moral standards to business situations.
Sarbanes-Oxley Act of 2002
Provides sweeping new legal protection for employees who report corporate misconduct.
Code of ethics
A guid to acceptable and ethical behavior as defined by the organization.
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 Lating phrase meaning “let the buyer beware”
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 the 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 program
A plan designed to increase the number of minority employees at all levels within an organization.
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 vocational training and a long history of unemployment.
National Alliance of Business (NAB)
A joint business-government program to train the hard-core unemployed.
