Unit 4 Key Terms AFM 132

Corporate philanthropy

When a company donates money, time, or skills to causes.

Corporate Social Responsibility (CSR)

A company's actions to take care of people and communities around them.

Ethical dilemma

A tough problem where choices may all have downsides.

Ethics

Principles that guide how people make decisions about right and wrong.

Fair trade

Ensures producers in developing countries are paid fairly for their goods.

Laws

Rules set by governments that people and companies must follow.

Social audit

A check-up on how well a company is meeting its social responsibility goals.

Sustainable development

Business practices that meet today's needs without harming future generations.

Triple Bottom Line (TBL)

A way for companies to report on results in three areas: people (social), planet (environment), and profit (financial).

Whistleblowers

People who report illegal or unethical behavior.

CSR extends beyond profits — companies are accountable to all stakeholders, balancing economic goals with ethical, social, and environmental responsibilities. t/ f

TRUE