Business Ethics and Social Responsibility

These flashcards cover key terms and definitions related to business ethics and social responsibility as discussed in the lecture.

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, dealing with personal conduct.

Mores

The means individuals in a culture use to adhere to their morals; a standard about what is right versus what is wrong.

Assumptions

A thing accepted as true or certain to happen, without proof, e.g., assumptions about the market.

Shareholder

Someone who owns stock in a company.

Stakeholder

Someone impacted by the ebbs and flows of a business, including employees, managers, and customers.

Corporate Social Responsibility

Management’s acceptance of its obligation to consider profit equal to other qualitative indicators such as employee satisfaction and societal well-being.

Ethical Leadership

Leading a company by adhering to ethical standards and promoting ethical practices among employees.

Social Audit

A means for organizations to measure their social performance and contributions to the economy and society.

Consumer Rights

Rights that consumers have to be safe, informed, heard, and to choose among products and services.

Workplace Safety

A set of regulations managed mostly at the provincial level to ensure the safety of employees in their work environment.

Equal Opportunity

Providing equal employment opportunities without discrimination based on age, gender, sexual orientation, or disabilities.