Chapter 8 Flashcards
A set of moral standards for judging whether something is right or wrong
Ethics
A situation where someone must choose between a set of actions that may be ethical or unethical
Ethical issue
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
Utalitarianism
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
Human rights
A set of laws that protect individuals
Legal rights
A form of legal right that works to prevent governmental and private companies from taking actions that threaten an individual’s privacy
Right to privacy
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
Code of ethics
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.
Shareholder
the individuals or groups to whom a business has a responsibility. Including its employees, customers, the general public, and its investors (the owners).
Stakeholders
A private certification verifying that a business is socially and ecologically responsible
B Corp certification
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
Social investing
A framework that includes social, environmental, and financial aspects of doing business
Triple bottom line
The typical production costs (raw materials, assets, etc.) associated with doing business
Economic costs
The costs to environmental health and sustainability as a function of a company doing business
Environmental costs
The costs to people (e.g., physical and mental health) as a function of a company doing business
social costs
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
DEI initiatives (diversity, equity, inclusion)
The elements that differentiate people
Diversity
A focus on providing equal access and opportunity to all individuals within an organization
Equity
A focus on valuing and empowering all employees
Inclusion
A group within a business that provides support systems, community, and programming to achieve DEI-related goals
ERG-employee resource group
The process in which a firm offsets its carbon emissions from production by engaging in activities that remove carbon from the atmosphere
Carbon Neutral
Marketing products or services as being more environmentally friendly than they actually are
Greenwashing
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
Circular economy
A designation given to buildings, neighborhoods, and communities designed to maximize efficient, clean use of energy, resources, water, and more
LEED certification
The act of using waste or leftover materials from one production process, combining the materials, and creating something of value
Upcycling
