Chapter 4 Flashcards
a branch of philosophy that prescribes and guides acceptable human conduct. Is the study of morality(examines what is morally right or wrong). Ethics is what guides us to tell the truth, keep our promises, or help someone in need.
ETHICS
Rules and principles, and standards of deciding what is morally right or wrong when working. It refers to the implementation of appropriate business practices and policies in the workplace it is the study of ethics with a particular focus on business.
BUSINESS ETHICS
Importance of business ethics
• Avoid legal and regulatory problem
• 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
Is a repeated, unwanted behavior of a sexual nature perpetrated upon inn individual by another.
SEXUAL HARASSMENT
THREE TYPES OF HARASSMENT
•Physical.
•Verbal.
•Non-verbal
types of Wages
• Just Wage
• Family Wage
• Living Wages
• Minimum Wage
• Real Wages
• Nominal Wages
is defined as the remuneration which is enough to support the wage-earner in reasonable and frugal comfort.
Just Wage
The amount of money that the worker needs to provide for the needs of the family.
Family Wage
Minimum hourly wage necessary for a person to achieve some specific standard of living.
• The goal of this is too allow employees to earn enough income for a satisfactory standard of living and to prevent them from failing into poverty.
Living wages
Minimum rate of a worker can legally be paid as set by the statute or government.
MinimumWage
Measured in terms of actual purchasing power (Inflation).
Show the value of wages adjusted for inflation
Real Wages
• Measured in terms of money paid, not purchasing power.
• the rate of the employees are compensated.
NominalWages
Workers are entitled to the living wages
REPUBLIC ACT 6727 WAGE RATIONALIZATION ACT OF 1989
FACTORS TO CONSIDER IN THE FORMULATION OF FAIR WAGE
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
refers to the supply and demand for labor and so-called economic conditions and underemployment.
External Market Factors
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 Regulation
the cost of living relates to basic maintenance needs and it must be seriously considered in the formulation of wages.
Cost of Living
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
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
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
the trend suggests that individual performances or productivity ratings affect the determination of wage/salary increases
Individual Performances
the trend suggests that individual performances or productivity ratings affect the determination of wage/salary increases
Individual Performances
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
Providing customers with fair knowledge of what they are trying to achieve with their company mission and vision. Companies need to show they have morals when advertising to consumers because that makes consumers’ feel like the company cares about what they need. Do not use false advertisement to entice people.
Do not use offensive advertisement.
THE MORALITY OF ADVERTISING
THE PROBLEM OF FAIR PRICING
- The cost of the product is concealed.
- Suggested Retail Price.
- Promotional Pricing
- Follow the leader pricing.
- Price Gouging
- Price Fixing
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. Proper disclosure by corporations is the act of making its customers, investors, and any people involved in doing business with the company aware of pertinent information.
CORPORATE DISCLOSURE
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
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
