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Ch. 4-7 Vocab - Michael Niese Ethics Laws Consumer Bill of...

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Michael Niese Chapter 4 and 7 Vocabulary Ethics Moral principles and values that govern the actions and decisions of an individual or a group Laws Society’s standards and values that are enforceable in the courts Consumer Bill of Rights Codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard Business Cultures Comprise the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings Economic Espionage Collection of trade secrets or proprietary information about a company’s competitors Corporate Culture Reflects shared values, beliefs, and purpose of employees that affect individual and group behavior Code of Ethics Formal statement of ethical principles and rules of conduct Moral Idealism Moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome Utilitarianism Moral philosophy that focuses on the “the greatest good for the greatest number” Social Responsibility Idea that organizations are part of a larger society and are accountable to that society for their actions Profit Responsibility Companies have a simple duty: to maximize profits for their owners or stockholders Stakeholder Responsibility Focuses on obligations an organization has to those who can affect achievement of its objectives Societal Responsibility
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