Chapter 4: Business Ethics & Social Responsibility: Semester 1

1

Introduction to BusinessChapter 4

Vocabulary

This is prepared for the Business student by a student in your business classes.

Tyler S. 11-5-08

Teacher Malone

Chapter 4: Business Ethics & Social Responsibility: Semester 1

2

Ethics

• A set of moral principles by which people conduct themselves personally, socially, or professionally.

Chapter 4: Business Ethics & Social Responsibility: Semester 1

3

Business Ethics

• Set of guidelines about how a business should conduct itself.

• Focuses on decisions considered good or bad, correct or incorrect.

Chapter 4: Business Ethics & Social Responsibility: Semester 1

4

Sweatshops

• Factories that – Have unsafe working conditions– pay poorly, – treat workers badly

Chapter 4: Business Ethics & Social Responsibility: Semester 1

5

Occupational Safety and Health Administration (OSHA)

• A division of the United States Department of Labor that sets and enforces work-related health and safety rules. OSHA is an independent agency set up to protect society.

Chapter 4: Business Ethics & Social Responsibility: Semester 1

6

Code of Ethics

• A strict of guidelines in a profession or company for upholding ethical behavior in a workplace.

• Business police themselves by distributing code of ethics.

• Doctors, lawyers, journalists, teachers have their own code of ethics.

• Covers everything from employee behavior to environmental safety.

Chapter 4: Business Ethics & Social Responsibility: Semester 1

7

Social Responsibility

• The obligation to do what is best for the welfare of society.

Chapter 4: Business Ethics & Social Responsibility: Semester 1

8

Conflict of Interest

• When a business puts profits before the interests of society.

Chapter 4: Business Ethics & Social Responsibility: Semester 1

9

Food and Drug Administration (FDA)

• A governmental agency

• protects consumers from dangerous or falsely advertised products

• For example, pain medicines

Chapter 4: Business Ethics & Social Responsibility: Semester 1

10

Equal Pay Act

• A federal law requires both men and women get paid the same wages for doing equal work

• Passed in 1964

Chapter 4: Business Ethics & Social Responsibility: Semester 1

11

Environmental Protection Agency (EPA)

• Created in 1970

• A federal government agency

• Enforces rules that protect the environment and controls air pollution