Business: Chapter 2

  1. Ethics
    the study of right and wrong and of the morality of the choices individuals make
  2. Business Ethics
    the application of moral standards to business situations
  3. Sarbanes-Oxley Act of 2002
    provides sweeping new legal protection for employees who report corporate misconduct
  4. Code of Ethics
    a guide to acceptable and ethical behavior as defined by the organization
  5. Whistle-Blowing
    informing the press or government officials about unethical practices within one's organization
  6. Social Responsibility
    the recognition that business activities have an impact on society and the consideration of that impact in business decision making
  7. Caveat Emptor
    a latin phrase meaning "let the buyer beware"
  8. Economic Model of Social Responsibility
    the view that society will benefit most when business is left alone to produce and market profitable products that society needs
  9. Socioeconomic Model of Social Responsibility
    the concept that business should emphasize not only profits but also the impact of it's decisions on society
  10. Consumerism
    all activities undertaken to protect the rights of consumers
  11. Minority
    a racial, religious, political, national, or other group regarded as different from the larger group of which it is a part and that is often singled out of unfavorable treatment
  12. Affirmative Action Program
    a plan designed to increase the number of minority employees at all levels within an organization
  13. Equal Employment Opportunity Commission (EEOC)
    a government agency with power to investigate complaints of employment discrimination and power to sue firms that practice it
  14. Hard-Core Unemployed
    workers with little education or vocational training and a long history of unemployment
  15. National Alliance of Business (NAB)
    a joint business-government program to train the hard-core unemployed
  16. Pollution
    the contamination of water, air, or land through the actions of people in an industrialized society
  17. Social Audit
    a comprehensive report of what an organization has done and is doing with regard to social issues that affect it
Card Set
Business: Chapter 2
Business: Chapter 2