Business Ethics and Corporate Social Responsibility (CSR)

These flashcards cover key concepts and terminology from the lecture notes on Business Ethics and CSR.

Ethics

Responsibility to each other for human well-being; making responsible choices about how we should act/live.

Social Justice

How we live fairly together as a society.

Business Ethics

Responsible/ethical decisions while conducting business.

Moral Imagination

The ability to explore different courses of action considering ethical implications.

Deontology

Ethical theory that emphasizes duties and rules.

Utilitarianism

Ethical theory that focuses on the best outcomes for the greatest number of people.

Virtue Ethics

Ethical theory that emphasizes moral character.

CSR Approach 1: Profit First

This approach prioritizes profit while adhering to legal standards.

CSR Approach 3: Strategic/Shared Value CSR

This approach integrates profit and responsibility, embedding social and environmental goals in the business model.

Circular Economy

An economic system aimed at minimizing waste and making the most of resources.

Stakeholder Theory

The theory that considers the interests of all stakeholders in a corporation.

Greenwashing

Deceptive marketing used to promote environmental benefits that are exaggerated or false.

Sustainable HRM

People management that aligns human resources with social and environmental goals.

Corporate Governance

A system of rules and practices that directs and controls a company.

Value Chain Analysis

An analysis of all activities and processes, including ESG factors, that create value for customers.