Chapter 4: Ethics and corporate Social responsibility

Ethics

The ability to know right from wrong and to know when you are practicing one instead of the other.

Business Ethics

Acting ethically in commercial settings by being honest, doing no harm, competing fairly, and prioritizing company and worker interests over personal gain.

Ethical Issues

Difficult social questions involving controversy over the right thing to do.

Ethical Dilemmas

Situations where the right course of action is unclear or carries potential negative consequences for those involved.

Conflict of Interest

A situation where individuals must choose between personal interests and the interests of others or the organization.

Whistleblowers

People who report illegal or unethical behavior within an organization.

Corporate Social Responsibility (CSR)

The approach an organization takes to balance responsibilities toward different stakeholders when making decisions.

Stakeholders

The groups affected by a corporation's actions, including owners, employees, customers, communities, and suppliers.

Federal Minimum Wage

$\$7.25$ per hour.

Kennedy's Consumer Right to Safety

The right to safe products, which obligates companies to perform safety testing.

Kennedy's Consumer Right to be Informed

The right of consumers to know product details through labels and tags.

Kennedy's Consumer Right to Choose

The right of consumers to know their options and decide what to buy.

Kennedy's Consumer Right to be Heard

The right and ability of consumers to contact companies with complaints or concerns.

Corporate Philanthropy

Charitable donations made directly by a corporation.

Corporate Social Initiatives

Enhanced forms of corporate philanthropy involving long-term commitments to social goals.