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Arts and Humanities
Business 101 Chapter 4
Demanding Ethical & Socially Responsible Behavior
Terms in this set (20)
How do we restore trust in the free market system?
Punish those who have broken the law; make accounting records more transparent; consider what is ethical, not just what is legal
What is a Ponzi Scheme?
A fraud by paying returns to existing investors from funds contributed by new investors.
What are Ethics?
The standards of moral behavior.
These are accepted by society as right versus wrong.
What are the right basic moral values?
Integrity, respect for human life, self-control, honesty, courage, and self-sacrifice
What are the wrong basic moral values?
Cheating, cowardice, cruelty
What is the most common form of cheating in schools?
When facing Ethical Dilemmas what three questions should you ask yourself?
Is it legal? Is it balanced? How will it make me feel about myself?
How do ethics differ from legality?
Ethics reflect people's proper relationships with one another. Legality is narrower in that it refers to laws we have written to protect ourselves from fraud, theft, and violence
What is Compliance-Based Ethics Code?
Emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers
What is Integrity-Based Ethics Code?
Defines the organizations guiding values, create an environment that supports ethically sound behavior and stress a shared accountability
What is a whistle-blower?
Insiders who report illegal or unethical behavior
What is Corporate Social Responsibility(CSR)?
The concern businesses have for the welfare of society.
What is CSR based on?
Commitment to integrity, fairness, and respect
What is Corporate Philanthropy?
What is Corporate Social Initiatives?
Enhanced forms of corporate philanthropy
What is Corporate Responsibility?
Includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment
What is Corporate Policy?
The position a firm takes on social and political issues
What is Insider Trading?
Insiders using private company information to further their own fortunes or those of their family and friends
What are the 5 types of social audit watchdogs?
Socially conscious investors, Socially conscious research organizations, Environmentalists, Union officials, Customers
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