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13 terms

Ethics and Social Responsibility Vocab.

Chapter 2 vocab for Ethics and Social Responsibility.
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Ethical
pertaining to or dealing with morals or the principles of morality; pertaining to right and wrong in conduct.
business ethics
the study and examination of moral and social responsibility in relation to business practices and decision-making in business
Corporate social responsibility
he approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions.
Stakeholders
a person or group that has an investment, share, or interest in something, as a business or industry.
ethical decision
Choosing the right thing to do, instead of the wrong thing to do.
ethical lapse
a mistake or error in judgement that produces a harmful outcome
Conflicts of interest
A situation that has the potential to undermine the impartiality of a person because of the possibility of a clash between the person's self-interest and professional interest or public interest.
insider trading
the illegal buying and selling of securities by persons acting on privileged information.
whistle blower
a person who informs on another or makes public disclosure of corruption or wrongdoing.
code of conduct
a set of conventional principles and expectations that are considered binding on any person who is a member of a particular group
Corporate social responsibility
A company's sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources. See also corporate citizenship.
fiduciary responsibility
a person who has a duty to act primarily for another's benefit, as a trustee. Also, pertaining to the good faith and confidence involved in such a relationship.
sustainability
the ability to be sustained, supported, upheld, or confirmed.