Podcast
Questions and Answers
Match the following ethical theories with their definitions:
Match the following ethical theories with their definitions:
Utilitarianism = acting based on moral rules and duties Deontology = acting to maximize overall happiness and well-being Virtue ethics = acting with moral character and virtues = following moral principles and duties
Match the following types of social responsibility with their descriptions:
Match the following types of social responsibility with their descriptions:
Economic responsibility = complying with laws and regulations Legal responsibility = generating profits and creating economic value for stakeholders Ethical responsibility = going beyond legal requirements to act in a morally right manner Philanthropic responsibility = contributing to the well-being of society through charitable donations and volunteering
Match the following CSR initiatives with their benefits:
Match the following CSR initiatives with their benefits:
Sustainability = improved stakeholder relationships Diversity = enhanced reputation Community development = increased employee engagement = programs and practices that promote social and environmental responsibility
Match the following ethical issues in business with their descriptions:
Match the following ethical issues in business with their descriptions:
Match the following steps in ethical decision-making with their descriptions:
Match the following steps in ethical decision-making with their descriptions:
Match the following types of social responsibility with their importance:
Match the following types of social responsibility with their importance:
Match the following ethical theories with their applications:
Match the following ethical theories with their applications:
Match the following CSR benefits with their descriptions:
Match the following CSR benefits with their descriptions:
Match the following ethical issues in business with their consequences:
Match the following ethical issues in business with their consequences:
Match the following steps in ethical decision-making with their importance:
Match the following steps in ethical decision-making with their importance:
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Study Notes
Definition and Importance
- Social responsibility refers to the obligation of an organization to act in a manner that benefits society as a whole, beyond its own interests.
- Ethics involves the principles and values that guide an organization's behavior and decision-making.
Types of Social Responsibility
- Economic responsibility: generating profits and creating economic value for stakeholders.
- Legal responsibility: complying with laws and regulations.
- Ethical responsibility: going beyond legal requirements to act in a morally right manner.
- Philanthropic responsibility: contributing to the well-being of society through charitable donations and volunteering.
Ethical Theories
- Utilitarianism: acting to maximize overall happiness and well-being.
- Deontology: acting based on moral rules and duties.
- Virtue ethics: acting with moral character and virtues.
Ethical Decision-Making
- Stakeholder analysis: identifying and considering the interests of all stakeholders affected by a decision.
- Cost-benefit analysis: weighing the potential benefits and drawbacks of a decision.
- Moral principles: applying principles such as respect, fairness, and honesty to guide decision-making.
Corporate Social Responsibility (CSR)
- CSR initiatives: programs and practices that promote social and environmental responsibility, such as sustainability, diversity, and community development.
- CSR benefits: enhanced reputation, improved stakeholder relationships, and increased employee engagement.
Ethical Issues in Business
- Conflict of interest: when personal interests conflict with organizational interests.
- Whistleblowing: reporting unethical or illegal behavior within an organization.
- Discrimination and harassment: unfair treatment based on characteristics such as race, gender, or age.
- Environmental degradation: harm to the environment through business practices.
Ethical Leadership
- Role modeling: leaders demonstrating ethical behavior and setting an example for others.
- Ethical culture: creating a culture that promotes ethical values and behavior.
- Accountability: holding leaders and employees accountable for ethical lapses.
Definition and Importance
- Social responsibility involves acting in a way that benefits society as a whole, beyond an organization's own interests.
- Ethics guide an organization's behavior and decision-making with principles and values.
Types of Social Responsibility
- Economic responsibility: generating profits and creating economic value for stakeholders.
- Legal responsibility: complying with laws and regulations.
- Ethical responsibility: going beyond legal requirements to act in a morally right manner.
- Philanthropic responsibility: contributing to societal well-being through charitable donations and volunteering.
Ethical Theories
- Utilitarianism: maximizing overall happiness and well-being.
- Deontology: acting based on moral rules and duties.
- Virtue ethics: acting with moral character and virtues.
Ethical Decision-Making
- Stakeholder analysis: identifying and considering the interests of all affected stakeholders.
- Cost-benefit analysis: weighing the potential benefits and drawbacks of a decision.
- Moral principles: applying principles such as respect, fairness, and honesty to guide decision-making.
Corporate Social Responsibility (CSR)
- CSR initiatives: programs and practices promoting social and environmental responsibility.
- CSR benefits: enhanced reputation, improved stakeholder relationships, and increased employee engagement.
Ethical Issues in Business
- Conflict of interest: personal interests conflicting with organizational interests.
- Whistleblowing: reporting unethical or illegal behavior within an organization.
- Discrimination and harassment: unfair treatment based on characteristics such as race, gender, or age.
- Environmental degradation: harm to the environment through business practices.
Ethical Leadership
- Role modeling: leaders demonstrating ethical behavior and setting an example for others.
- Ethical culture: creating a culture that promotes ethical values and behavior.
- Accountability: holding leaders and employees accountable for ethical lapses.
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