Business Ethics and Social Responsibility _ 1

Flashcards to help you review the key concepts of business ethics and social responsibility.

__ is a set of principle that guide people’s behaviour and judgement.

A set of principles that guide people’s behaviour and judgement.

__ states people should have certain values like honesty, cooperation and respect.

Principle which states people should have certain values like honesty, cooperation and respect.

__ promotes the greatest good to oneself.

Principle which promotes the greatest good to oneself.

__ focuses on the greatest good for the greatest number of people.

Principle which focuses on the greatest good for the greatest number of people.

__ states that ethical behavior is based on person's own and other relevant people's opinions and viewpoints.

Principle which states that ethical behavior is based on person's own and other relevant people's opinions and viewpoints.

__ states that morality depends on the maturity of a person with good moral character.

Principle which states that morality depends on the maturity of a person with good moral character.

__ is a corporation's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing.

A corporation's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing.

__ refers to legal and ethical standards to uphold social welfare.

Legal and ethical standards to uphold social welfare.

The elements of CSR include __, __, __, and __ responsibilities.

Economic, Legal, Ethical, Philanthropic

The most basic responsibility of a business organization is to __.

Maximize its profitability not only to attend to the interests of its shareholders but also to contribute to the progress of the economy.

In terms of legal responsibilities, an organization should __.

Organization should comply with local and international laws that apply to its business operations.

In terms of philanthropic responsibilities, this refers to __.

Initiation of voluntary activities such as donations.

The Intersecting Circles Model includes the following: __, __, __, and __.

Ethical, Philanthropic, Economic, Legal

The Concentric Circles Model includes the following: __, __, __, and __.

Philanthropic, Ethical, Legal, Economic

The triple bottom line includes __, __, and __.

Profits, People, Planet

A __ means an individual or a group that, in the context of a specific situation, is either harmed by, or benefits from, the corporation, or whose rights the corporation should respect.

An individual or a group that, in the context of a specific situation, is either harmed by, or benefits from, the corporation, or whose rights the corporation should respect.

Stakeholder theory are categorized into three: __, __, and __.

Normative, Descriptive, and Instrumental