FB- Chapter 2: Ethics and Social Responsibility

Ethics

the study of right and wrong and of the morality of the choices individuals make

business ethics

the application of moral standards to business situations

plagiarism

knowingly taking someone else's words, ideas, or other original material without acknowledging the source

Sarbanes-Oxley Act of 2002

provides sweeping new legal protection for employees who report corporate misconduct

code of ethics

a guide to acceptable and ethical behavior as defined by the organization

whistle-blowing

informing the press or government officials about unethical practices within one's organization

social responsibility

the recognition that business activities have an impact on society and the consideration of that impact in business decision making

corporate citizenship

adopting a strategic approach to fulfilling economic, ethical, environmental, and social responsibilities

caveat emptor

a Latin phrase meaning "let the buyer beware"

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

socioeconomic model of social responsibility

the concept that business should emphasize not only profits but also the impact of its decisions on society

consumerism

all activities undertaken to protect the rights of consumers

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 for unfavorable treatment

affirmative action program

a plan designed to increase the number of minority employees at all levels within an organization

Equal Employment Opportunity Commission (EEOC)

a government agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it

hard-core unemployed

workers with little education or vocational training and a long history of unemployment

pollution

the contamination of water, air, or land through the actions of people in an industrialized society

recycling

converting used materials into new products or components for new products in order to prevent their unnecessary disposal

green marketing

the process of creating, making, delivering, and promoting products that are environmentally safe

social audit

a comprehensive report of what an organization has done and is doing with regard to social issues that affect it