Intro To Cdn Business And Society

Question 1

What is integrity in business?

Answer 1

a corporations behavior and its adherence to moral guide lines acceptable to society such as honesty, fairness and justice.

Question 1

Who are stakeholders?

Answer 1

an individual, or group who can influence and or is influenced by the achievement of an organizations purpose.

Question 2

Ethics of business?

Answer 2

The rules, standards codes, or principles that provide guidance for moral behavior in managerial decision making relating to the operation of the corporation and business’s relationship with society

Question 4

Corporate Social Responsibility (CSR)

Answer 4

A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates

Question 5

Corporate Sustainability (CS)

Answer 5

Corporate Sustainability is a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments.

Question 5

Triple-P bottom line (3P)

Answer 5

an evaluation of the corporations performance according to profits, people and planet

Question 6

Triple bottom line (3E)

Answer 6

is the evaluation of a corporations performance according to the economic, social or ethical, and environmental value the business adds or destroys.

Question 7

3 Main approaches to ethical thinking?

Answer 7

1. Deontological ethics
2. Teleological ethics
3. Virtue ethics

Question 8

Corporate citizenship

Answer 8

The extent to which businesses are socially responsible for meeting legal, ethical and economic responsibilities placed on them by shareholders.

Question 9

Teleological ethics

Answer 9

An approach to ethics that focuses on outcomes, or results of actions.

Question 10

Deontological ethics

Answer 10

rule based approach to ethics that determines goodness or rightness form examining the acts, rather than from the consequences or the acts.

Question 11

Virtue ethics

Answer 11

Emphasizes the individual’s character or identity, and focuses on being instead of doing.

Question 13

Economic system

Answer 13

An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.

Question 14

Capitalism

Answer 14

A system of economics based on the private ownership of capital and production inputs, and on the production of goods and services for profit.

Question 15

Free enterprise system

Answer 15

An economic system where few restrictions are placed on business activities and ownership. In this system, governments generally have minimal ownership of enterprises in the market place.

Question 16

Laissez-faire capitalism (allow to do capitalism)

Answer 16

An economic theory from the 18th century that is strongly opposed to any government intervention in business affairs.. Government is strictly limited to providing essential services such as police and fire protection.

Question 17

Responsible enterprise system

Answer 17

a economic system operating as a free enterprise system but incorporating the element of accountability.

Question 17

Three stakeholders that are primarily responsible for the operations and morality of Canadian business

Answer 17

1. Owners
2. Boars of directors
3. Managers

Question 18

Stakeholder capitalism

Answer 18

an economic system in which a corporation accepts broader obligations beyond financial ones for shareholders.

Question 19

Boards of directors

Answer 19

Elected by shareholders

Must fulfill legal and fiduciary obligations

Question 20

Owners

Answer 20

Direct ownership (e.g., shareholders); or
Indirect ownership (e.g., mutual fund holders)

Question 21

Managers

Answer 21

Hired by boards of directors

Oversee operations of corporation

Question 22

8 Factors influencing attitudes toward business

Answer 22

1. Standard of living
2. Decentralized decision making
3. Allocation of resources
4. Self-interest
5. Inequities in society
6. Business cycle
7. Unemployment
8. Innovation

Question 24

Standard of living

Answer 24

The level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area

Question 25

Decentralized Decision Making

Answer 25

is any process where the decision-making authority is distributed throughout a larger group

Question 26

Allocation of Resources

Answer 26

is a process and strategy involving a company deciding where scarce resources should be used in the production of goods or services.

Question 27

Self-interest

Answer 27

concern only for getting what you want or need and not about what happens to other people

Question 28

Inequities in society

Answer 28

is the existence of unequal opportunities and rewards for different social positions or statuses within a group or society

Question 29

Business cycle

Answer 29

The fluctuations in economic activity that an economy experiences over a period of time. A business cycle is basically defined in terms of periods of expansion or recession.

Question 29

Integration of business and society

Answer 29

Business needs society and society needs business

Question 30

Unemployment

Answer 30

occurs when business lays off or fails to hire employees as business activity declines.