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Flashcards covering key concepts from Business Ethics and Social Responsibility lecture notes.
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Child Labor
Employment of children, often due to poverty.
Hazardous Child Labor
Work that is dangerous, such as operating heavy machinery.
Contractualization
Hiring workers temporarily without full benefits.
Agency Relationship
The relationship between a principal (owner) and an agent (employee/manager).
Principal
The owner in the agency relationship.
Agent
The employee or manager in the agency relationship.
Fiduciary Duties
Duties that include loyalty, care, and candor towards the principal.
Duty of Loyalty
The obligation to act in the best interest of the company.
Duty of Care
The obligation to avoid negligence and protect company resources.
Duty of Candor
The obligation to be honest and transparent.
Right to Safety
Consumer right to protection from harmful products.
Right to Be Heard
Consumer right to complain.
Right to Redress
Consumer right to compensation for damages.
Right to Consumer Education
Consumer entitlement to knowledge about products.
Minimum Wage
The legally required pay for employees.
Living Wage
A wage sufficient to cover basic needs.
Just Wage
Fair pay based on skills and effort.
Labor Union
An organization that protects workers' rights.
Economic Strike
A strike aimed at securing better wages.
Unfair Labor Practice Strikes
Against illegal actions
Sympathy Strike
Supporting other workers
General Strike
Strike that protest nationwide
Collective Bargaining
Negotiation between workers and employers.
Democratization of Power
Balanced authority
Corporate Social Responsibility (CSR)
The business responsibility to society, also known as corporate citizenship.
Triple Bottom Line
The three pillars of CSR: People, Planet, Profit.
Stakeholders
Individuals or groups affected by business decisions, including employees and customers.
Stockholders
Owners of the company
Shared Value (CSV)
Business approach that seeks profit while addressing social issues.
CSR Practices
Responsible sourcing
Anti corruption
Environmental sustainability
Four types of CSR
Economic
Legal
Ethical
Philanthropic
Philanthropy
Short-term donations aimed towards social good.
Eco-efficiency
Reducing environmental impact while maintaining profitability.
Role of Business in Society
The obligation of businesses to create jobs, help communities, and act ethically.
Market foothold
Initial goal of the business
Salvage value
Product retains value overtime