Chapter 4 Business Ethics & Social Responsibility

Vocabulary

Ethics – (answer)

Conflict of Interest – (answer)

Business Ethics – (answer)

FDA – (answer)

Sweatshops – (answer)

OSHA – (answer)

Code of Ethics – (answer)

Equal Pay Act – (answer)

Social Responsibility – (answer)

EPA – (answer)

Learning Objectives

  1. Explain business ethics.
  2. Give reasons why ethical behavior is good for business.
  3. Define social responsibility.
  4. Describe the social responsibilities of businesses.

Assignment

Read Chapter 4.

Define Vocabulary & Complete Chapter Notes (100 points)

Why Is This Important?

Understanding business ethics and social responsibility informs you of your rights as a consumer, employee, and citizen.

What Is Ethics?

Ethics is the(define) personally, socially, or professionally.

Business Ethics is (define).

Legal Responsibility

In order for any business to be successful, it must (answer).

The US government has (answer) to protect society.

(answer) – a Department of Labor that sets and enforces work-related health and safety rules.

Independent agencies protect (answer), monitor broadcast communications, and address (answer) in the workplace.

Businesses that fail to follow laws are subject to (answer), (answer), and new regulations.

Code Of Ethics

A set of (answer) for maintaining (answer).

(answer) have their own code of ethics. Examples: (answer)

Can cover everything from employee behavior to environmental safety.

Ethics as Good Business

(answer) business practices (answer) your business.

(answer)of government regulations may incur (answer) or (answer).

Violation of a company’s(answer) might get you (answer)or you may (answer).

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Cheating customers or poor customer service impacts business by (answer)

Treating employees poorly results in lose of workers and time wasted training new employees.

Important Ethical Questions

Ethics involves an (answer)– between buyer and seller, employer and employee, business and government, and business and society.

When considering a questionable course of action, you have to ask yourself these important questions:

•(answer)? Does it violate company or professional policies?

•(answer)? How would I feel if someone did this to me?

•Am I sacrificing (answer)?

Making Decisions on Ethical Issues

Making ethical decisions is not a quick task but (answer).

Sort of like the (answer).

Steps for making ethical decisions:

  1. (answer) the ethical dilemma.
  2. (answer)a alternative action.
  3. Decide (answer).
  4. (answer) the probable (answer) of the alternatives.
  5. (answer).

Social Responsibility

Social responsibility is the (answer).

The social responsibility of business takes into consideration (answer).

Businesses have an ethical obligation to (answer),(answer), (answer), and contribute to the overall (answer)in society.

An ethical question in business occurs (answer).

Responsibility To Customers

(answer) are a business’s (answer)responsibility.

Businesses should offer a (answer), (answer)product or service at a (answer).

The (answer) (FDA) protects consumers from dangerous or falsely advertised products.

Responsibility To Employees

Businesses have a social responsibility to (answer).

Businesses encourage (answer) to tackle societal problems.

Businesses provide (answer) for people who haven’t been successful in the workplace. (job placement programs)

The government has also (answer) in the workplace. Example: Equal Pay Act & Disabilities Act

Responsibility To Society

Businesses have (answer).

The (answer) (EPA) enforces rules that protect the environment and control pollution.

More businesses today consider their social responsibility to be more important than ever.