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Foundations of Business Chapter 2 Vocab Review

Terms in this set (30)

affirmative action program
A plan designed to increase the number of minority employees at all levels within an organization. It encompass all areas of human resources management, including recruiting, hiring, training, promotion, and pay.
Business ethics
An application of moral standards to business situations.
caveat emptor
A Latin phrase meaning "let the buyer beware."
Code of ethics
A guide to acceptable and ethical behavior as defined by the organization.
Consumerism
All activities undertaken to protect the rights of consumers.
Consumers
will probably pay in large part for cleaning up our environment through increased taxes or increased product cost.
Corporate Citizenship
adopting a strategic approach to fulfilling economic, ethical, environmental, and social responsibilities in order to take care of all stakeholders
Customers
expect a firm's products to be safe, reliable, and reasonably priced
economic model of social responsibility
places emphasis on a business' profits but also and providing products and services that society needs
Environmental Protection Agency
was created by the government to develop new improved ways to clean and improve the environment. It also has
Environmentalists
tend to believe that the proper treatment and disposal of industrial waste is the responsibility of businesses
Equal Employment Opportunity Commission
has the power to investigate complaints of discrimination and to sue firms that practice discrimination
Ethical concerns
these are situations such as waste produced by businesses and society, pollution, and disasters such as oil spills that can harm wildlife that businesses must be aware of an have a plan of action to remedy
Ethics
the study of right and wrong and of the morality of the choices individuals make
Gain commitment of top executives, Plan, Appointment of a director, Conduct a social audit
the steps a business must take to implement a program of social responsibility
Green marketing
the process of creating, making, delivering, and promoting products that are environmentally safe.
hard-core unemployed
Workers with little education or vocational training and a long history of unemployment.
Minority
A racial, religious, political, national, or other group regarded as different from the larger group of which it is a part.
Opportunity factor
One of the factors that influences ethical decision making because of the amount of freedom given to employees
Opportunity, individual factors, and social factors
three sets of factors that influence the standards of behavior in an organization
Pollution
The contamination of water, air, or land.
Sarbanes-Oxley Act
Provides legal protection for employees who report corporate misconduct.
Six basic rights of consumers
the right to safety, the right to be informed, the right to choose, the right to be heard, the right to consumer education, and the right to service.
Social audit
a report of what an organization has done and is doing in regards to social issues that affect it
Social responsibility
is costly but provides tremendous benefits to society and the business, it should start with Management and the recognition that business activities have an impact on society and the consideration of that impact in making business decisions
socioeconomic model of social responsibility
The concept that business should emphasize not only profits but also the impact of its decisions on society
The Government, Trade Associations and Businesses
the three major entities that establish guidelines for defining ethical behavior
trade association
an organization that works and operates within a specific industry
Unethical action
when company executives are aware of the financial problems the company is facing and yet failed to reveal this information to the public. When a business person accepts gifts or bribes from a customer in order to do business.
Whistle-blowing
Informing the press or government officials about unethical practices within one's organization.
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