Chapter 2 Business Essentials

Which of the following should be the first step in assessing ethical behavior in a certain situation?

Seek the advice of managers

What term refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment

Social responsibility

When a multinational organization supports its commitment to stakeholders, which stakeholders are they the most concerned with?

The stakeholders where most sales are made

What is the term for an employee who discovers an illegal or unethical activity and tries to put an end to it by speaking up?

Whistle-blower

What is the name of the concept that expanded the role of business in protecting and enhancing the general welfare of society?

Accountability

What category of ethics related to matters such as hiring, firing, working conditions, privacy, and respect?

Behavior towards employees

Which ethical norm considers wether a particular act optimizes the benefits to those who are affected by it?

Caring

What is the result of two or more firms collaborating on a wrongful act, such as price-fixing?

Collusion

When a firm modify as a production process to limit the consumption of valuable resources, and promotes the product produced as environmentally friendly, what business practice are they engaging in?

Green marketing

When evaluating a decision based on the ethical norm of rights, a manager is most likely to consider what question?

Is the decision consistent with what we regard as fair

Standards that help to shape behaviors towards employees, the organization, and other economic agents are.

managerial ethics