Chapter 2, Problem 1RQ
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Terms in this set [76]
Ethics are
Individual standards or moral values regarding what is right and wrong or good and bad
Business ethics are
Ethical or unethical behaviours by a manager or employee of a business
It is important to make a distinction between _____ and ____ behaviours
Unethical and ethical
A given behaviour may be:
- ethical and illegal
- unethical and legal
- unethical and illegal
What is the philosophy of jeitinho mean
To find a way
What shapes our lives and contributes to our ethical beliefs?
School, peers, the media, parents, other adults
People can rationalize almost any behaviour as ____
Ethical
Managerial ethics is:
The standards of behaviour that guide individual managers in their work.
There are three broad categories of managerial ethics:
-Behaviour toward employees
-behaviour toward organization
-behaviour toward other economic agents
What is PIPEDA? Personal Information Protection and Electronics Documents Act?
It requires organizations to obtain consent before they collect use or disclose information about individuals.
What is conflict of interest?
Occurs when an activity benefits the employee at the expense of the employer.
What are other economic agents?
Customers, competitors, stockholders, suppliers, dealers, and unions
What are the three steps in the three step model to assess unethical behaviour?
- Gather the relevant factual information
- Determine the most appropriate moral values
- make an ethical judgement based on the rightness or wrongness of the proposed activity or policy
What are the four commonly used ethical norms we can apply to make an ethical decision?
Utility, Rights, Justice, and Caring
______ . Does a particular act optimize what is best for those who are affected by it?
Utility
_____. Does it respect the rights of the individuals involved?
Rights
_____. Is it consistent with what we regard to be fair?
Justice
_____. Is it consistent with peoples responsibilities to each other?
Caring
What three general factors have been identified as important in understanding why unethical behaviour occurs?
Pressure, opportunity, and rationalization
How do organizations reduce the chance of unethical behaviour?
They should demonstrate top management commitment to ethical standards, adopt written codes of ethics, and provide ethics training for employees.
A written code of ethics formally acknowledges that a company intends to do business in an _____ manner
Ethical
How many of Canada's largest corporations have codes of ethics?
About 2/3
If _________ are to be effective there must be a control system and consistent enforcement when unethical behaviour occurs
Codes of ethics
More and more firms are doing what to ensure ethical behaviour?
Providing ethics training
What is corporate social responsibility?
The idea that a business should balance its commitments to individuals and groups that are directly affected by the organizations activities.
Business firms that want to meet rigorous standards for social and environmental responsibility can be certified by ______
B Corp
What do critics of business sponsored social programs argue?
That companies lack the expertise needed. They believe that technical experts, not businesses, should decide how best to clean up a polluted river, for example.
If a business qualifies, they are certified as a
B Corp by the non profit B lab.
How many B Corp companies are in Canada?
About 175
One view called __________ is that a company's only responsibility is to make as much money as possible for its shareholders as long as the company doesn't break any laws.
Managerial capitalism
What is the fair trade movement?
A movement designed to help workers in developing countries receive fair payments for their work.
What is an example of social responsibility in action?
The fair trade movement
What is the fair trade movement motivated by?
That workers are not being treated fairly in developing countries, that they are not receiving fair payment, and that illegal child labour is being used to produce products
What helps companies understand, manage, and communicate the social value of their activities for stakeholders?
The Social Return in investment
What is Fairtrade labelling organizations international? [Flo]
A global non profit network of fair trade groups that work with cooperatives that represent producers of products such as coffee and chocolate. They establish standards for the producers products and operations and enforce child labour laws.
Organizational stakeholders are
Groups, individuals, and organizations that are directly affected by the practices of an organization and that therefore have a stake in its performance.
Companies that strive to be socially responsible usually focus on the following stakeholders:
Customers, employees, investors, suppliers and local communities and a concern for the natural environment.
What are the three key areas regarding the social responsibility of business toward customers?
Consumer rights, unfair pricing, and ethics in advertising
What is consumerism?
A movement dedicated to protecting the rights of consumers in their dealings with businesses.
Consumers have the following rights:
-The right to sage products
-The right to be informed about all relevant aspects of a product
-The right to be heard
-The right to choose what they buy
-The right to be educated about purchases
-The right to courteous
service
Truth in advertising means
Claims must be demonstrably true
Stealth advertising occurs when
Companies pay individuals to extol the virtues of their products to other individuals
Morally Objectionable Advertising involves
Portrayals of individuals or products that offend customers sense of decency.
Advertising of counterfeit brands is a problem for many different product lines including:
Perfume, luggage, pharmaceuticals, designer clothing, shoes, cigarettes, watches, sports memorabilia, golf clubs, and fine wines
Socially responsible companies hire and promote workers without regard to
Race, sex, or other irrelevant factors, they also do not tolerate sexual harassment, they emphasize employees mental health, promote a work life balance among employees, and pay a living wage
Progressive companies go beyond legal requirements and hire
Hardcore unemployed, those who have disabilities
Businesses have a social responsibility to the privacy of their employees true or false
True
What is a whistle blower
An individual who calls attention to an unethical, illegal, or socially irresponsible practice on the part of a business or other organization.
One study of whistle blowers found that
About half of them eventually get fired and about half of those who get fired subsequently lose their homes and/or families
Federal legislation to protect whistle blowers was introduced into Canada in
2003
Financial mismanagement can take many forms including
Improper financial management, misrepresentation of finances, cheque kiting, and insider trading.
What does cheque kiting involve?
Writing a cheque from one account, depositing it in a second account, and then immediately spending money from the second account while the money from the first account is still in transit. A cheque from the second account can also be used to replenish the money in the first account, and the process starts all over again.
What is insider trading?
The use of confidential information to gain from the purchase of or sale of stock.
Why is it hard to prove insider trading?
Evidence is often circumstantial
What is pollution?
The introduction of harmful substances into the environment
Controlling ______ is a significant social responsibility challenge for business firms.
Pollution
When does air pollution result?
When a combination of factors lowers air quality.
What is a carbon tax?
a tax on fossil fuels, especially those used by motor vehicles, intended to reduce the emission of carbon dioxide. Businesses can also buy carbon credits if they go above their limit of carbon use from the government.
What is recycling?
The reconversion of waste materials into useful products.
Under the Canadian and Ontario Environmental Protections Act land pollution liability can run as high as _______ per day.
$2 million
What is greenwashing?
Claiming that a product has environmental benefits when they don't
What does CSR mean?
corporate social responsibility
What are the four approaches to social responsibility?
Lowest level of responsibility-
Obstructionist stance
Defensive stance
Accommodative stance
Proactive stance
Highest level of responsibility-
Businesses that take an ______ to social responsibility do as little as possible to solve social or environmental problems.
Obstructionist Stance
An organization adopting a ________ will do everything required of it legally but nothing more.
Defensive stance
A firm that adopts an ________ meets its legal and ethical requirements but also goes further in certain cases.
Accommodative stance
Firms that adopt a _________ take heart the arguments in favour of CSR. They view themselves as good citizens of society and they proactively seek opportunities to contribute.
Proactive stance
The management of social responsibility programs can be done at both ____ and _____ levels.
Formal and informal
At the _______ top management states strong support for CSR and makes it a factor in strategic planning. Without the support of top management no program can succeed.
Formal level
All of the organization's formal activities are summarized in a _________ which is a systematic analysis of how a firm is using funds earmarked for its social responsibility goals and how effective these expenditures have been
Social audit
What is social audit?
A systematic analysis of how a firm is using funds earmarked for social responsibility goals and how effective these expenditures have been.
What is sustainable development?
Activities that meet current needs but will not put future generations at a disadvantage when they try to meet their needs.
The ________ list of the most sustainable corporations in the world is based on factors like energy productivity [the ratio of sales to energy consumption] and water productivity [sales to water usage]
Global 100
At the ________ the culture of the organization is very important in either inhibiting or facilitating social responsibility activities. Although members of the organization may not actually talk much about the culture it can have a strong influence on their attitudes and behaviour, including their view of social responsibility.
Informal level
Whistle blowing behaviour is another facet of _________ that can enhance social responsibility.
Informal activities
What is a big issue facing small businesses and social responsibility?
Finances- can't afford to be socially responsible
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Suppose the following graph shows Tanzania’s production possibilities frontier [PPF] for cashew nuts and mangoes. Assume that the output per hour of work is 8 bushels of cashew nuts or 2 bushels of mangoes and that Tanzania has 1,000 hours of labor. Without trade, Tanzania evenly splits its labor hours between cashews and mangoes and produces and consumes at point A. With trade, is Tanzania producing on its PPF? With trade, is Tanzania consuming on its PPF?
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