Ethical Behavior and Social Responsibility

A set of vocabulary flashcards related to ethical behavior and social responsibility in business.

Ethics

The moral principles or values that generally govern the conduct of an individual.

Social Responsibility

The obligation of an organization to serve its own interest and those of its stakeholders, consisting of obligations beyond those required by law or union contract.

Code of Ethics

Formal codes that set standards for ethical conduct and address issues such as discrimination, forced labor, and working conditions.

Ethics Training

Programs designed to help individuals understand the ethical aspects of decision-making and to incorporate high ethical standards into daily behavior.

Corporate Social Responsibility

A concept that encompasses ethical, legal, economic, and philanthropic responsibilities of a company.

Stakeholders

Individuals or groups that have an interest in the decisions and activities of a business, including investors, the general public, customers, and employees.

Ethical Dilemma

A situation in which a difficult choice must be made between two or more conflicting ethical principles.

Philanthropic Responsibility

The responsibility of a business to be a good citizen and contribute to the community's welfare.

Unethical Behavior

Actions that do not conform to agreed-upon standards of behavior or ethical principles.

Lead by Example

A principle that emphasizes the importance of top management demonstrating ethical behavior to set the tone for the organization.