5.6 Conclusion
Reflection Activity
Returning to the situation Abe is in at the beginning of the chapter, what advice would you provide to Abe now that you have read the chapter?
Should Abe help Martin make the photocopies?
Quick Quiz
Questions
- How are individual business ethics formed?
- What is utilitarianism?
- How can you recognize unethical activities?
- What are the four components of social responsibility?
- Give an example of legal but irresponsible behaviour.
- How do businesses carry out their social responsibilities to consumers?
- What is corporate philanthropy?
- Is a company’s only responsibility to its investors to make a profit? Why or why not?
- Describe strategic giving.
- What role do employees have in improving their job security?
- How do multinational corporations demonstrate social responsibility in a foreign country?
Glossary
Business ethics are how we ought to conduct business fairly using real-world situations. Ethical leadership is organizing morals in relation to organizational alignment.
Corporate Social Responsibility (CSR) – a form of self-regulation where firms take action and make initiatives to help people and the environment.
Code of ethics – provides employees with the knowledge of what their firm expects in terms of their responsibilities and behaviour toward fellow employees, customers, and suppliers.
Corporate philanthropy includes cash contributions, donations of equipment and products, and support for the volunteer efforts of company employees.
Deontology – means that a person will follow his or her obligations to another individual or society because upholding one’s duty is what is considered ethically correct.
Ethics – is a set of moral standards for judging whether something is right or wrong.
Ethical issue – is a situation where someone must choose between a set of actions that may be ethical or unethical.
human rights implies that certain rights—to life, to freedom, to the pursuit of happiness—are bestowed at birth and cannot be arbitrarily taken away.
Justice – an ethical concept of what is fair according to the prevailing standards of society.
Utilitarianism – an ethical concept is that people should act and decisions should be made to reflect the greater good for the greatest number of people.
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