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Chapter 8-1managment - Chapter 8 VOCABULARY Business Ethics...

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Chapter 8 VOCABULARY: Business Ethics - rules about how businesses and their employees ought to behave Bribes - payments “up front” to influence a transaction Kickbacks - occur when someone who has won a contract or made a sale through favorable treatment gives back part of the profits from the transaction to the party providing the favor Sweatshops - third worlds working environments with low wages, long hours, unhealthy conditions and often child forced labor Whistleblowers - individuals who report to the press, government or other parties outside the firm illegal activity occurring in a firm, may find their careers and jobs threatened Ethics: Decision Making Model: Fiduciary Principle - act in the best interests of the company and its investors Property Principle - respect property and the rights of those who own it Reliability Principle - keeps promises, agreements, contracts and other commitments Transparency Principle - conduct business in a truthful and open manner Dignity Principle - respect the dignity of all people Fairness Principle
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