Chapter 8

Question 1

A set of moral standards for judging whether something is right or wrong

Answer 1

Ethics

Question 2

A situation where someone must choose between a set of actions that may be ethical or unethical

Answer 2

Ethical issue

Question 3

A philosophy that determines right from wrong by focusing on the consequences of an action and the notion that the action should lead to the greatest good for the greatest number of people possible

Answer 3

Utalitarianism

Question 4

The set of basic rights and freedoms that all humans should be guaranteed, including the right to life and liberty, freedom of thought and expression, and equality before the law

Answer 4

Human rights

Question 5

A set of laws that protect individuals

Answer 5

Legal rights

Question 6

A form of legal right that works to prevent governmental and private companies from taking actions that threaten an individual’s privacy

Answer 6

Right to privacy

Question 7

A set of guidelines prepared by a firm to provide its employees with the knowledge of what the firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and producers

Answer 7

Code of ethics

Question 8

an individual who owns equity in a business. Can include one individual in small private companies to thousands of owners in large companies with publicly traded stock.

Answer 8

Shareholder

Question 9

the individuals or groups to whom a business has a responsibility. Including its employees, customers, the general public, and its investors (the owners).

Answer 9

Stakeholders

Question 10

A private certification verifying that a business is socially and ecologically responsible

Answer 10

B Corp certification

Question 11

The practice of limiting investments to securities of companies that behave in accordance with the investor’s beliefs on ethical and social responsibility to encourage businesses to be more socially responsible

Answer 11

Social investing

Question 12

A framework that includes social, environmental, and financial aspects of doing business

Answer 12

Triple bottom line

Question 13

The typical production costs (raw materials, assets, etc.) associated with doing business

Answer 13

Economic costs

Question 14

The costs to environmental health and sustainability as a function of a company doing business

Answer 14

Environmental costs

Question 15

The costs to people (e.g., physical and mental health) as a function of a company doing business

Answer 15

social costs

Question 16

Policies that seek to increase the representation and engagement of historically underrepresented groups of people who are often grouped by race, gender, religion, sexual orientation, differential ability, or neurodivergence

Answer 16

DEI initiatives (diversity, equity, inclusion)

Question 17

The elements that differentiate people

Answer 17

Diversity

Question 18

A focus on providing equal access and opportunity to all individuals within an organization

Answer 18

Equity

Question 19

A focus on valuing and empowering all employees

Answer 19

Inclusion

Question 20

A group within a business that provides support systems, community, and programming to achieve DEI-related goals

Answer 20

ERG-employee resource group

Question 21

The process in which a firm offsets its carbon emissions from production by engaging in activities that remove carbon from the atmosphere

Answer 21

Carbon Neutral

Question 22

Marketing products or services as being more environmentally friendly than they actually are

Answer 22

Greenwashing

Question 23

An economy based on the 3Rs (reducing, reusing, recycling) so that there’s a continual cycle of using resources efficiently and in an environmentally friendly manner so that even waste gets reused

Answer 23

Circular economy

Question 24

A designation given to buildings, neighborhoods, and communities designed to maximize efficient, clean use of energy, resources, water, and more

Answer 24

LEED certification

Question 25

The act of using waste or leftover materials from one production process, combining the materials, and creating something of value

Answer 25

Upcycling