Business and Society Concepts

Cost-benefit analysis alone cannot guarantee ethical decision-making. Other factors, such as values and principles, are crucial.

Bribery is a significant ethical issue, but other issues like discrimination, environmental impact, and data privacy are equally prevalent in business.

The Business Roundtable identifies five key stakeholders: customers, employees, shareholders, suppliers, and the community (including the environment).

Shareholders exercise their stakeholder power mainly through voting at the company's annual meeting.

Corporate governance defines how responsibilities for decision-making are distributed within a business.

HR can incorporate ethics into its processes by ensuring fairness in recruitment and selection. Unethical practices include using candidate information for other purposes or hiring based on discriminatory factors.

The unit of measurement for greenhouse gas emissions, typically used to quantify carbon dioxide emissions.

The University of San Diego's decision to focus investments in companies that positively impact society rather than solely on financial returns.

The goal of reducing greenhouse gas emissions to a level that balances the amount emitted with the amount removed from the atmosphere.

Despite the significant expense associated with paying living wages, numerous companies have successfully demonstrated the ability to remain profitable while ensuring their employees earn a living wage.

The two most prevalent greenhouse gases contributing to climate change are carbon dioxide (CO2) and methane.

In the United States, private companies operate prisons for profit, creating a multi-billion dollar industry.

The Paris Agreement lacks a formal enforcement mechanism, meaning countries that fail to meet their goals face no specific penalties.

Salaried employees are not necessarily paid more than hourly employees. Their compensation structure and potential for bonuses and benefits can vary.

Socially responsible investing (SRI) aims to generate both financial and social returns. It focuses on companies with ethical practices and sustainable operations. Investment funds specializing in SRI are growing rapidly, indicating their increasing popularity.

False. Companies in the US don't have a mandated number of paid holidays for all employees.

Mylan, the manufacturer of EpiPens, faced criticism for significantly raising their price for this life-saving allergy treatment. This price increase was deemed controversial and drew attention to the issue of drug pricing in the US.

False. Minimum wage workers are more likely to be adults with families, as they often struggle to make ends meet.

ESG stands for Environmental, Social, and Governance. These are important factors that investors consider beyond just financial returns.

False. The Global Compact encourages companies to adopt socially responsible practices, but it's a voluntary initiative. The principles are not overly demanding, making participation appealing to many companies.

The Sustainable Development Goals (SDGs) are a set of 17 global goals adopted by the United Nations in 2015. They aim to achieve a more sustainable future by addressing social, economic, and environmental challenges. The deadline for achieving these goals is 2030.

The United Nations established the 17 Sustainable Development Goals (SDGs) with a deadline of 2030 to achieve a sustainable future for the planet and its people.

The five types of stakeholder power are: economic, information, legal, political, and voting. Economic power involves control over resources, information power is the control of vital information, legal power is based on laws and regulations, political power relies on government influence, and voting power is exercised through shareholder voting.

Signing your name before completing a form encourages more honest data because individuals are more likely to feel accountable for their answers when they've already committed to the form by signing.

Ethical theories, unlike some people might believe, do place value on human life. Different ethical theories prioritize different aspects of human life, like happiness, rights, or principles.

A concern with utilitarianism is that it could disregard the rights of minority groups when maximizing overall happiness. While it aims to benefit the majority, it might overlook the needs of smaller, less powerful groups.

The veil of ignorance suggests making decisions without considering personal biases or circumstances. Therefore, when dividing pizza, you should aim for equal slices, regardless of individual hunger levels or preferences.

The Paris Agreement is an international agreement to combat climate change, and countries that fail to meet their goals face no formal penalties. While there are no direct consequences, there are social and political pressures to meet their commitments.

Focusing purely on compliance means following legal requirements and ensuring the business operates within the law, irrespective of other ethical considerations.

The Golden Rule, 'treat others as you want to be treated,' assumes that everyone shares the same preferences and values. However, this isn't always true. Different people have different needs and desires, and what might be considered 'good' treatment for one person might not be for another.

A capitalist economy prioritizes efficiency, innovation, and investment as key drivers of economic growth.

False. According to the GBES State of Ethics & Compliance in the Workplace (2023), about 10% of employees feel pressured to compromise their ethics at work.

Aristotle's Golden Mean concept promotes finding the appropriate balance between excess and deficiency in any given situation. It suggests that moral behavior lies in the middle ground, avoiding extremes.

The federal government sets a limit on the value of gifts that can be given to government officials to avoid bribery, with a maximum allowance of $20.

A thought experiment where individuals make decisions without knowing their own social position, background, or personal characteristics. This helps ensure fairness and impartiality in decision-making.

Favoritism shown to relatives or friends in professional situations, especially when it comes to hiring or promotions. While not always unethical, it can raise concerns about fairness and equal opportunities.

According to PricewaterhouseCoopers (PwC), approximately 40% of CEOs have been fired due to issues related to leadership and adhering to ethical norms.

Organizational culture, especially the behavior of peers and coworkers, has a stronger influence on employee behavior compared to formal codes of ethics or personal values.

Employee mistreatment, which can encompass issues like discrimination, bullying, and unfair treatment, is one of the most prevalent ethical issues in business.