Chapter 3

What are Kennedy's 4 Consumer Right's?

Right to.... 1) ...safe products 2) ...be informed about a product 3) ...chose what to buy 4) ...be heard

What are the 5 categories of ethics problems?

1) Issues of Honesty vs. Integrity: about the balance between the two 2) Conflicts of Interest (ethical): is when an individual must chose between actions that promote their personal interests over the interest of others or taking actions that done (ex: insider trading=acting on information not available to the general public) 3) Conflicts of Loyalty (payment): Knowing information others don't (ex: friend being fired) 4) Bribes vs. Gifts: is determined by- cost of item, timing of the gift, the type of gift, and the connection between the giver and receiver 5) Whistle Blowing: when an individual exposes illegal/unethical behavior in an organization

What is Corporate Insider-Trading?

Acting on non-public information, because you area company insider

What is Corporate Policy?

It dictates how the company wants to behave Covers many areas like overtime, pay, and taking employees out to lunch (etc.)

What is Corporate Social Responsibility and who does it impact?

It refers to the approach that an organization takes in balancing its responsibility towards different stakeholders when making legal, economic, ethical, and social decision: -Owners -Workers -Managers -Employees -Supplies -Communities -Customers

What is the difference between an Ethical Issue and an Ethical Dilemma?

Ethical Issues: are the difficult social questions that involve some level of controversy over what is the right thing to do (ex: environmental protection) Ethical Dilemmas: are situations in which it is difficult for an individual to make decisions either because the right course of action is unclear or carries potential negative consequences for the person(s) involved

What is philanthropy?

When many large companies support various charities