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Intro to Bus Ch. 2

Vocabulary Words

TermDefinition
Ethics the study of right and wrong and of the morality of the choices individuals make
Business Ethics the application of moral standards to business situations
Sarbanes-Oxley Act of 2002 provides sweeping new legal protection for employees who report corporate misconduct
Code of Ethics a guide to acceptable and ethical behavior as defined by the organization
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 a Latin phrase meaning "let the buyers 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 its 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 a part 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 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
National Alliance of Business a joint business-government program to train the hard-core unemployed
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.
Created by: kristithompson
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