Just Wage Family Wage Living Wages Minimum Wage Real Wages Nominal Wages

Chapter 4 Flashcards by Yhelza Ocumas

Is a branch of philosophy that prescribes and guides acceptable
human conduct.

Ethics

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Is the study of morality (examines
what is morally right or wrong).

Ethics

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guides us to tell the truth, keep our promises, or help someone in need.

Ethics

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Rules and principles, and standards
of deciding what is morally right or
wrong when working.

Business Ethics

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It refers to the implementation of
appropriate business practices and
policies in the workplace

Business Ethics

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It is the study of ethics with a
particular focus on business.

Business Ethics

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simply a situation, a problem, or even an opportunity that requires thought, discussion, or investigation to make a decision.

Ethical issue

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Importance of business ethics

• Avoid legal and regulatory problems
• Attracts and retains a strong customer base
• Maintains a talented workforce
• Payoff in steady or increased revenues
• Increase trust in products and services
• Brand recognition and growth

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is a repeated, unwanted behavior of a sexual nature perpetrated upon an individual by another.

Sexual Harassment

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3 TYPES OF SEXUAL HARASSMENT

•Physical
•Verbal
•Non-Verbal

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To avoid sexual misconduct, a firm needs:

Statement of policy
Definition of sexual harassment
Non-retaliation policy
Specific procedures for prevention
Establish, enforce, and encourage victims to report
Establish a reporting procedure
Timely reporting requirements to the proper authorities

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characteristic of sexual harassment

The conduct was unwelcome
The conduct was severe, pervasive, and regarded by claimant as hostile/offensive
The conduct was such that a reasonable person would find it hostile or offensive

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types of wage

Just Wage
Family Wage
Living Wages
Minimum Wage
Real Wages
Nominal Wages

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defined as the remuneration which is enough to support the wage-earner in reasonable and frugal comfort.

just wage

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is the legitimate fruit of labor

just wage

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as an amount needed to support a thrifty and upright worker plus his family, and prescribed that it must be sufficient enough to allow the
worker to save and acquire property of
his own.( Pope Leo XIII)

just wage

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The amount of money that the worker needs to provide for the needs of
the family.

family wage

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Minimum hourly wage necessary for a person to achieve some specific
standard of living.

living wages

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The goal of a _________ is to allow employees to earn enough income for a
satisfactory standard of living and to prevent them from failing into poverty.

living wage

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Minimum rate of a
worker can legally be paid
as set by the statute or
government.

minimum wage

Measured in terms of actual
purchasing power
( Inflation).

real wages

show the value of
wages adjusted for inflation

real wages

Measured in terms of
money paid, not purchasing
power.

nominal wages

rate of employees are compensated

nominal wages

declared the policy of the state to rationalize the fixing of minimum wages and to promote productivity-improvement and gain-sharing scheme to ensure a decent standard for the workers and their families

wage rationalization act

republic act 6727 (wage rationalization act of 1989)

common issues on wages

* The minimum wage mandated by the government is not a guarantee of a just and fair wage. * Organizations and businesses usually conclude that they are legally and morally right when they fulfill their 'mutual agreement' with the employees. * Geographic differences hinder the formulation of a perfectly common definition of fair wage. * Wage indexation to cost of living, where wage is automatically adjusted with the increases of cost of living, is not usually met by majority of the employers. * Companies have different interpretations of the justifiable pay for certain job positions, skills and tasks. * The Law of Supply and Demand on labor. * Inflation Rate.

Factors to Consider in the Formulation of Fair Wages

1. External Market Factors 2. Laws and Regulations 3. Cost of Living 4. Prevailing Industry Rate 5. Organizational Factors 6. Job Factors 7. Individual Performances

the trend suggests that individual performances or productivity ratings affect the determination of wage/salary increases.

Individual Performances

the nature of the job itself entails the formulation of a just wage. Duties, responsibilities, and the skill requirements of the job are probably the most considerable determinants of fair wage.

Job Factors

assessment on what type of industry the organization operates, the size of the company and the organization's profitability to justify its ability to provide fair wages to its workers should be considered.

Organizational Factors

some claim that paying workers the average of what other companies are paying for the same job results in a fair wage.

Prevailing Industry Rate

the cost of living relates to basic maintenance needs and it must be seriously considered in the formulation of wages.

Cost of Living -

workers should be paid in accordance with laws and regulations issued by the government. It requires that employers pay at least the minimum wage.

Laws and Regulations

refers to the supply and demand for labor and so-called economic conditions and underemployment.

External Market Factors -

is the practice of offering something to gain an illicit advantage

bribery

is an act of extending goodwill to an individual in an effort to share something with particulars to others.

gift-giving

common forms of gift-giving

-samples -premiums -tie up promotions -allowance -tips -free goods -prizes -coupon -certificate

Providing customers with fair knowledge of what they are trying to achieve with their company mission and vision.

the morality of advertising

Companies need to show they have morals when advertising to consumers because that makes consumers’ feel like the company cares about what they need.

morality of advertising

Do not use false advertisement to entice people.

morality of advertising

Do not use offensive advertisement.

the morality of advertising

problem of fair pricing

1. The cost of the product is concealed. 2. Suggested Retail Price. 3. Promotional Pricing 4. Follow the leader pricing. 5. Price Gouging 6. Price Fixing

Is a about company’s activities or assets that would significantly affect company’s competitive advantage. (e.g. secret food recipes)

TRADE SECRETS

Is the process of making facts or information known to the public.

corporate disclosure

is the act of making its customers, investors, and any people involved in doing business with the company aware of pertinent information.

proper disclosure by corporations

liability occurs when the manufacturer or seller of a defective product allows that defective product to get into the hands of a consumer. When a manufacturer or seller misrepresents a product, that misrepresentation can be the basis for a product liability action.

PRODUCT MISREPRESENTATION

describes the concept in contract law that places the burden of due diligence on the buyer of a good or service. Buy at your own risk.

CAVEAT EMPTOR-