Week 5 Addendum (Students' Midterm Exam Review) (1)

Week 5 Addendum (Students' Midterm Exam Review) (1) - BA...

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BA 385: Business Environment _______________________________________ Addendum Week 5 Midterm Exam Review Some Broad Concepts _______________________________________ 1. The foundation principle for this course: Business has a responsibility to society. a. See Chapter 2: Corporate Citizenship: Social Responsibility, Responsiveness, and Performance. b. A definition of corporate social responsibility (CSR): “The social responsibility of business encompasses the economic, legal, ethical, and discretionary (philanthropic) expectations that society has of organizations.” 2. What makes it the foundation principle? a. Businesses do not exist in a vacuum. 1) Businesses exist within society and receive benefits from society. What does society provide to businesses? 2) To corporations, society provides the right to sell shares to the public, freedom from personal liability for the corporation’s debts, and an opportunity for great personal wealth for the owners. 3) Society also provides them with the context in which they operate, including: a) An infrastructure—roads, a power grid, rivers, etc ., b) An educated workforce, c) Possibilities for externalizing other costs (superfunds for environmental recovery, bailouts, etc.), d) .
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BA 385: Business Environment b. Out of this reality arises an obligation imposed by society. c. The best businesses pursue compliance with the social contract by seeking organizational sustainability. d. Those seeking organizational sustainability acknowledge the purpose of business to be the following: 1) For a business to be fully sustainable, it needs . . .
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