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Busi 10013 Exam 1

Ethics
The study of right and wrong and of the morality of the choices individuals make. An ethical decision or action is one that is “right” according to some standard of behavior
Business Ethics
The application of moral standards to business situations.
Sarbanes-Oxley Act of 2002
provides sweeping new legal protection for those who report corporate misconduct. “The act adopts though new provisions to deter and punish corporate and accounting fraud and corruption, ensure justice for wrongdoers, and protect the interests of workers and shareholders”– George Bush
Code of Ethics
A written guide to acceptable and ethical behavior as defined by and organization; it outlines uniform policies, standards, and punishments for violations.
Whistle-Blowing
Informing the press or government officials about unethical practices within one’s organization
Social Responsibility
The recognition that business activities have an impact on society and the consideration of that impact in business decision making.
Caveat Emptor
“Let the buyer beware”
Economic Model of Social Responsibility
The view that society will benefit most when business is left alone to produce and market profitable products that society needs.
Socioeconomic Model of Social Responsibility
The concept that business should emphasize not only profits but also the impact of decisions on society.
Consumerism
All activities undertaken to protect the rights of consumers
Minority
A racial, religious, political, national, or other group regarded as different from the larger group of which it is apart and that is often singled out for unfavorable treatment.
Affirmative Action Program
A plan designed to increase the number of minority employees at all levels within an organization
Equal Employment Opportunity Commission (EEOC)
A government agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it.
Hard-core unemployed
Workers with little education or vocational training and a long history of unemployment.
Pollution
The contamination of water, air, or land through the actions of people in an industrialized society.
Social Audit
A comprehensive report of what an organization has done and is doing with regard to social issues that affect it.
Discuss the factors that affect the level of ethical behavior in organizations
Individual, social and opportunity factors all affect the level of ethical behavior in an organization.
Individual Factors
Include knowledge level, moral value and attitudes, and personal goals
Social Factors
Include cultural norms and the actions and values of co-workers and significant others
Opportunity Factors
Refer to the amount of leeway that exists in an organization for employees to behave unethically if they choose to do so
T/F The field of business ethics applies moral standards to business situations
True
T/F Business ethics rarely involves the application of moral standards to the business activity of a normal company
False
The economic model of social responsibility emphasizes the effect of business decisions on society
False
Consumerism consists of all activities undertaken to protect the right of consumers
True
Manufacturers are not required by law to inform consumers about the potential dangers of using their products
False
Affirmative-action plans encompass all areas of human resources management, including recruiting, hiring, training, promotion, and pay.
True
Hard-core unemployed workers are those with little education or vocational training
True
The EPA was created by the government to develop new improved ways to clean and improve the environment
True
Consumers will probably pay in large part for cleaning up our environment through increased taxes or increased product cost
False
A key step in developing and implementing a social responsibility program is the environmental audit.
True
Consumers expect a firm’s products to _______
Be safe, reliable, and reasonably priced
What are 3 sets of factors that influence the standards of behavior in an organization?
Opportunity, Individual factors, social factors
_____ is costly but provides tremendous benefits to society and the business.
Social Responsibility
Where does ‘Social Responsibility’ of business have to begin?
Management
Primary emphasis in the economic model of social responsibility is on _____.
Production

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