Business Essentials Ch. 2

Accomodative Stance

approach to social responsibility by which a company, if specifically asked to do so, exceeds legal minimums in its commitments to groups and individuals in its social environment

Business Ethics

ethical or unethical behaviors by employees in the context of their jobs

Collusion

illegal agreement between two or more companies to commit a wrongful act

Consumerism

form of social activism dedicated to protecting the rights of consumers in their dealings with businesses

Defensive Stance

approach to social responsibility by which a company meets only minimum legal requirements in its commitments to groups and individuals in its social environment

Ethical Behavior

behavior conforming to generally accepted social norms concerning beneficial and harmful actions

Ethics

beliefs about what is right and wrong or good and bad in actions that affect others

Insider Trading

illegal practice of using special knowledge about a firm for profit or gain

Managerial Ethics

standards of behavior that guide individual managers in their work

Obstructionist Stance

approach to social responsibility that involves doing as little as possible and may involve attempts to deny or cover up violations

Organizational Stakeholders

those groups, individuals, and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance.

Proactive Stance

approach to social responsibility by which a company actively seeks opportunities to contribute to the well-being of groups and individuals in its social environment

Social Audit

systematic analysis of a firm's success in using funds earmarked for meetings its social responsibility goals

Social Responsibility

the attempt of a business to balance its commitments to groups and individuals in its environment, including customers, other businesses, employees, investors, and local communities

Unethical Behavior

behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions

Whistle-Blower

employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them