Chapter 27 Flashcards

1
Q

Social responsibility

A

When a business decision benefits stakeholders other than shareholders, e.g. a decision
to reduce pollution by using the latest and ‘greenest’ production equipment

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2
Q

Environment

A

The natural world including, e.q. pure air, clean water and undeveloped countryside.

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3
Q

Private costs

A

Costs paid for by the business from an activity.

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4
Q

Private benefits

A

Gains to a business from an activity.

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5
Q

External costs

A

Paid for by the rest of society, other than the business, as a result of a business activity.

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6
Q

External benefits

A

Gains to the rest of society, other than the business, resulting from a business activity.

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7
Q

Social costs

A

External costs + private costs.

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8
Q

Social benefits

A

External benefits + private benefits.

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9
Q

Sustainable
development

A

Development that does not put at risk the living standards of future generations.

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10
Q

Sustainable
production methods

A

Methods that cause minimum damage to the environment.

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11
Q

Pressure group

A

A group made up of people who want to change business (or government) decisions;
they take action such as organising consumer boycotts.

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12
Q

Consumer boycott

A

Deciding not to buy from businesses that do not act in a socially responsible way.

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13
Q

Ethical decisions

A

Decisions based on a moral code. Sometimes referred to as doing the right thing’

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