Chapter 3

Question 2

What are anchoring strategies?

Answer 2

In the ethical context, the process of making ethics a foundation (anchor) of your business so that decision makers act keeping in mind key ethical considerations.

Question 3

What are antitrust laws?

Answer 3

Prevent companies from abusing position or power in the market through exclusion or limitation of competitor access to the market.

Question 4

What is business ethics?

Answer 4

Conduct by which companies and their agents abide by the law and respect the rights of their stakeholders, particularly their customers, clients, employees, and the surrounding community and environment.

Question 5

What is a conflict of interest?

Answer 5

When an individual or organization has interests in multiple areas that come into conflict with each other.

Question 6

What is copyright?

Answer 6

Grants the creator of a work the exclusive right to reproduce the work, typically for a specified period of time.

Question 7

What is corporate social responsibility (CSR)?

Answer 7

Practice in which a business views itself within a broader context, as a member of society with certain implicit social obligations and responsibility for its own effects on environmental and social well-being.

Question 8

What is a design patent?

Answer 8

Protects product design.

Question 9

What is disclosure?

Answer 9

Sharing the needed facts and details about a subject in a transparent and truthful way.

Question 10

What is diversity?

Answer 10

Inclusion of many types of employees, regardless of differences (race, religion, gender, disability, LGTBQ, socioeconomic, cultural).

Question 11

What is environmental entrepreneurship?

Answer 11

Entrepreneurial ventures focused on identifying an environmental problem and creating a product or process to solve that problem.

Question 12

What are ethics?

Answer 12

Standards of behavior to which we hold ourselves in our personal and professional lives.

Question 13

What is fairness?

Answer 13

Impartial, unbiased compliance with rules and standards of what is right, just, and equitable.

Question 14

What is integrity?

Answer 14

Adherence to a code of moral values implying trustworthiness and incorruptibility because there is unity between what we say and what we do.

Question 15

What is intellectual property?

Answer 15

Legally protected result of creative work to turn a unique idea into a product or service.

Question 16

What is prejudice?

Answer 16

Way of thinking about or treating employees in a manner that favors or hinders one person or group over another, usually in a way considered to be unfair.

Question 17

What is social entrepreneurship?

Answer 17

Entrepreneurial ventures focused on identifying a societal problem and creating a product or process to solve that problem.

Question 18

What is sustainability?

Answer 18

Practice of preserving resources and operating in a way that is ecologically responsible in the long term.

Question 19

What is a trade secret?

Answer 19

Proprietary information, processes, or other internal knowledge that contribute to an organization’s competitive edge in a market.

Question 20

What is a trademark?

Answer 20

Registration that provides the owner the ability to use a name, symbol, jingle, or character in conjunction with a specific product or service, and prevents others from using those same symbols to sell their products.

Question 21

What is truthfulness?

Answer 21

Underlying facts, reality, and evidence on a matter.

Question 22

What is a utility patent?

Answer 22

Protects product ideas.