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Introduction to Business, Chapter 2, Business Ethics and Social Responsibility

Ethics
The study of right and wrong.
Business Ethics
The application of moral standards to business situations.
Sweatshop
A shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions.
Code of Ethics
A set of guidelines for maintaining ethics in the workplace.
Social Responsibility
The duty to do what is best for the good of society.
Economic Model
Society benefits most when the business is left alone to produce and market profitable products the society needs.
Managerial Attitude
The social responsibility is someone else’s job; the firm’s primary responsibility is to make a profit for its shareholders.
Socioeconomic Model
Business should emphasize not only profits but also the impact of its decisions on society.
Four Types Ethical Issues
Communications, Conflict of interest, Organizational relationships, and Fairness and honesty

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