Business Ethics and Social Responsibility

A set of flashcards based on lecture notes about business ethics and social responsibility, covering key terms and definitions.

Ethics

Moral principles that govern a person's behavior or the conducting of an activity.

Morals

A lesson concerning what is right or prudent, often based on religion or culture.

Mores

Standards or sets of rules about what is right versus what is wrong, used by individuals in a culture.

Assumptions

Things that are accepted as true or certain to happen, without proof.

Shareholder

A person who owns stock in a company.

Stakeholder

Someone impacted by a business, including employees, managers, and customers.

Corporate Social Responsibility (CSR)

Management’s acceptance of its obligation to consider profit equal to qualitative indicators like employee and consumer satisfaction.

Consumer Rights

Rights that protect consumers, including the right to be heard, safe, informed, and to choose.

Ethical Climate

The overall environment in an organization concerning ethics and morals, shaped by factors like mission statements.

Social Responsibility

The obligation of management to evaluate firm performance by considering various qualitative indicators.