Business 101 exam 2

Business 101 exam 2 - Corporate executives are considered...

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Business 101- Exam 2 Study Guide  * Corporate executives are considered agents of the owners * Role of the government is to protect other stakeholders Definitions Product Liability- legal responsibility of the firm for injury caused by the use of the product Consumer Movement- balanced the power between consumers and companies Consumerism - quality products, recalls, code of conducts, consumer affairs departments Product Dumping- distribution of products in one country that are banned in another Employment at Will- you can quit at anytime and your employer can hire/fire you at will- US employment legal doctrine (1888) (majority of states) Title VII Civil Rights Act 1964 - protects individuals from discrimination in hiring/firing, promoting, compensation, except in situations where there is a bone in qualification requirement. (Gender, race, religion, nationality, age and disability. In government jobs employees are protected from sexual orientation discrimination.) Mutual Interdependence- companies and their communities need each other Civic Engagement- active involvement of companies and individuals to change and improve communities Collaborative Partnership- voluntary partnership of companies, communities and government toward a specific goal. Affirmative Action- goals and timetables to gain a more diverse workforce. Instituted quotas to make a diverse workforce. Purpose was to reduce job discrimination. Fair Labor Standard Act - sets minimum wage and protects child labor laws National Labor Relations Act - protects the right to assemble and organize strike OSHA - gives the right to know about the environment you are working in; gives safe environment standards Corporate Social Responsibility- when businesses interact with their multiple stakeholders, accountability for their actions, balance of responsibility and accountability. Social Contract- an implied understanding between an organization and its stakeholders on how they will act towards one another. (customs and values of the community) Five Consumer Rights
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1. Right to be informed 2. Right to safety of product/ service 3. Right to choice 4. Right to be heard 5. Right to privacy Consumer Protection Laws- goals of government to protect consumers and make sure their right are protected Protecting consumers from public hazards Promotion of competitive pricing Consumer choice Protection of consumer privacy Right to Complain 6 Federal Protection Agencies 1.     Federal Trade Commission- competitive pricing, deceptive practices, packaging and labeling, privacy. 2.    Food and Drug Commission- safety and effectiveness of labeling foods and drugs, toxic chemical research. 3.
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Business 101 exam 2 - Corporate executives are considered...

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