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What is utilitarianism?
advocates actions that foster happiness and opposes actions that cause unhappiness. Ethical actions bring the greatest good to the greatest number of people.
What is the rights theory?
says every human being has rights, government is obligated to protect them, and they are not culture-specific.
What does the theory of justice describe?
describes a society of free citizens having equal basic rights and who cooperate within an egalitarian economic system that embodies distributive justice.
What does cultural relativism say?
says the morality of an act depends on how the act is perceived within that specific culture at the time of the act. In essence, “When in Rome do as the Romans do.”The conflict of relative development concept considers whether a practice would be acceptable in a manager’s home country if it were in a similar stage of development.
What does the conflict of relative development concept consider?
The conflict of relative development concept considers whether a practice would be acceptable in a manager’s home country if it were in a similar stage of development.
What is an ethical dilemma?
An ethical dilemma is a situation in which a person faces conflicting moral choices, making it difficult to determine the right course of action. It often involves a conflict between personal values and professional responsibilities.
What does a code of ethics do?
A code of ethics provides guidelines for acceptable behavior and decision-making within an organization, outlining the values and principles that govern the conduct of its members.
What did Adam Smith and Milton Freedman believe?
believed companies fulfill their social responsibility and provide the greatest well-being to society by maximizing shareholder value in free, competitive markets.
Companies today view corporate social responsibility as…
the belief that a company should incorporate social objectives within its goals and policies and contribute positively to society.
What is the stakeholder theory?
A company’s success is linked to addressing the interests of all stakeholders, including employees, customers, suppliers, and the community, rather than solely focusing on shareholder profits.
What are certified B corps?
Companies that meet high standards of social and environmental performance, accountability, and transparency.
What is a circular economy?
Designs products and components that can be reused, disassembled, and upgraded to minimize waste.
What is greenwashing?
Misleading customers to seem more sustainable.
What does the Foreign Corrupt Practice Act do?
Forbids US companies, subsidiaries, or citizens from bribing government officials or political candidates worldwide. Its authority can extend over firms with seemingly little connection to the United States.
Cultural knowledge helps managers avoid what?
Ethnocentricity
What is the difference of manners and customs?
Manners are appropriate behaviors, speech, and dress in a culture, whereas customs are appropriate behaviors in specific circumstances. Knowing these can improve performance and help avoid sending unintended messages.
What are cultural values?
Values are ideas, beliefs, and customs to which people are emotionally attached. Attitudes are people’s positive or negative evaluations, feelings, and tendencies toward objects or concepts. A culture’s values and attitudes are important because they affect work ethic and material desires.
How does religion come into play in the business world?
Human values often originate in religious beliefs. Different religions take different views of work, savings, and material goods. Beliefs can influence competitiveness, economic development, and business strategies.Â
When does cultural change occur?
Cultural change occurs when people integrate the gestures, material objects, traditions, or concepts of another culture through cultural diffusion. Companies might change culture when they import new products, policies, and practices into a country.
What is cultural diffusion?
Cultural Diffusion is the process by which knowledge, innovation, language, or cultural characteristics are spread within or between cultures or communities.
What is a political system?
A political system includes the structures, processes, and activities by which a nation governs itself.
What happens in a totalitarian system?
In a totalitarian system individuals govern without the support of the people, tightly control people’s lives, and do not tolerate opposing viewpoints.
What is theocratic totalitarianism?
Theocratic totalitarianism means that order is kept with laws based on religious and totalitarian beliefs.
What is secular totalitarianism?
In secular totalitarianism political leaders rely on military and bureaucratic power for control.
What happens in a democratic system?
In a democratic system, leaders are elected by the people or by their representatives. Representative democracies strive to provide freedom of expression, periodic elections, civil and property rights, minority rights, and nonpolitical bureaucracies.
What happens in a centrally planned economy?
In a centrally planned economy, the government owns land, factories, and other economic resources and plans nearly all economic activities. Economic and social equality are paramount and the needs of the group are above those of the individual.
What happens in a mixed economy?
In a mixed economy, land, factories, and other economic resources are split between private and government ownership. Efficiency is strived for but society is protected from unchecked greed.
What happens in a market economy?
In a market economy, private individuals or businesses own most of the land, factories, and other economic resources. Government is restrained and prices are set by supply and demand. Economic freedom tends to correlate with high standards of living.
What is a common law legal system?
Common law is a legal system based on a country’s legal history (tradition), past cases tried in the courts (precedent), and how laws are applied in specific situations (usage).
What is civil law?
Civil law is a system based on a detailed set of written rules and statutes that constitute a legal code, from which flows all obligations, responsibilities, and privileges.
What is theocratic law?
Theocratic law is a system based on religious teachings.
What is intellectual property?
Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
What are product liability laws?
Product liability is a doctrine that gives plaintiffs a cause of action if they encounter a defective consumer item. This doctrine can fall under negligence, but it is generally associated with strict liability, meaning that defendants can be held liable regardless of their intent or knowledge.
What is economic development?
Economic development refers to an increase in the economic well-being, quality of life, and general welfare of a nation’s people.
What are three measures of economic development?
One measure of economic development is national production, including gross national product and gross domestic product.
Another method is purchasing power parity, the relative ability of two countries’ currencies to buy the same “basket” of goods in those two countries.
A third method is the human development index, or the extent to which a people’s needs are satisfied and addressed equally across the population.
What is political risk?
Political risk is the likelihood of political action that will positively or negatively affect a business.
Macro risk vs micro risk:
Macro risk threatens all companies alike whereas micro risk threatens one industry or group of companies.
What are three sources of political risk?
Three sources of political risk are conflict and violence, property seizure, and government policies.
Property seizure can take the form of…
Property seizure can take the form of confiscation (without compensation), expropriation (with compensation), or nationalization (takeover of an entire industry).
How can companies manage political risk?
Managers can reduce the effects of political risk through adaptation (incorporating risk into business strategies), information gathering (monitoring local political events), and political influence (such as by lobbying local political leaders).
Firms can also manage political risk to some extent by ensuring that their actions do not harm international relations.
Supporting economic development efforts of international organizations, such as the United Nations, can also help mitigate political risk.
What is economic transition?
the process whereby a nation changes its fundamental economic organization and creates new free-market institutions.
What are obstacles to economic transition?
Obstacles to economic transition include a lack of managerial expertise, a shortage of capital, and cultural differences between transition economies and western nations.
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