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SBM - Chapter 2

Vocab from SBM Chapter 2

QuestionAnswer
Integrity A general sense of honesty and reliability that is expressed in a strong commitment to doing the right thing, regardless of the circumstances.
Stakeholders Individuals or groups that either can affect or are affected by the performance of the company.
Social responsibilities A company’s ethical obligations to the community
Government regulations Encompass workplace safety, equal employment opportunities, fair pay, clean air, and safe products
Legitimacy lies Misrepresent the facts or create false impressions to mislead others intentionally and earn their confidence. (book examples)
PRO factors Emphasize that they can promote firm performance when customers are satisfied with them.
Intellectual property Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents, copyrights, trademarks, design rights, and trade secrets.
Ethical imperialism The belief that the ethical standards of one’s own country can be applied universally.
Ethical relativism The belief that ethical standards are subject to local interpretation.
Underlying values Beliefs that provide a foundation for ethical behavior in an individual or a firm.
Code of ethics Formally established standards of employee behavior communicated by a business owner.
Social Entrepreneurship Entrepreneurial activity that provides innovative solutions for social issues.
Sustainable small businesses A profitable company that responds to customers’ needs while showing reasonable concern for the environment.
Environmentalism The effort to protect and preserve the environment.
Created by: melinda_rangel
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