Podcast
Questions and Answers
What are the three major factors associated with corporate social responsibility?
What are the three major factors associated with corporate social responsibility?
When companies follow the key factors of corporate social responsibility, a _________ usually results, thus ___________
When companies follow the key factors of corporate social responsibility, a _________ usually results, thus ___________
positive public image; attracting more customers
What is sustainability?
What is sustainability?
A product's or company's ability to exist without causing harm to the environment
What might happen if Martha were to add recycling containers inside her store?
What might happen if Martha were to add recycling containers inside her store?
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What questions should individuals ask themselves when faced with an ethical dilemma? (Select all that apply)
What questions should individuals ask themselves when faced with an ethical dilemma? (Select all that apply)
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How do Vision Spring and Warby Parker participate in corporate social responsibility?
How do Vision Spring and Warby Parker participate in corporate social responsibility?
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The ethical standard of providing stylish eyewear at reasonable prices is an example of what?
The ethical standard of providing stylish eyewear at reasonable prices is an example of what?
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What does economics study?
What does economics study?
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What is scarcity?
What is scarcity?
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What is supply?
What is supply?
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What is demand?
What is demand?
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Study Notes
Corporate Social Responsibility (CSR)
- Three key factors include maximizing positive societal impact, minimizing negative societal impact, and prioritizing organizational profit.
- Following CSR principles leads to a positive public image, which can attract more customers.
Sustainability
- Refers to a company's or product's ability to exist and operate without harming the environment.
Ethical Practices in Business
- Implementing recycling containers might incur additional costs for a business but can enhance customer satisfaction and future profitability.
- Individuals should evaluate ethical dilemmas by asking themselves about legality, fairness, potential guilt, and whether they would accept similar treatment.
Corporate Ethics Examples
- Vision Spring and Warby Parker engage in corporate social responsibility through the establishment of a code of ethics.
- Integrity-based ethics code is characterized by promoting stylish eyewear at reasonable prices and fostering an ethically sound workplace.
Economics Fundamentals
- Economics studies the production, distribution, and consumption of scarce goods and resources, exploring how societies manage limited resources.
Scarcity
- Plays a critical role in the dynamics of supply and demand; as scarcity increases, sellers are inclined to charge higher prices for limited products.
Supply and Demand
- Supply refers to sellers' willingness and ability to provide goods and services across various price points.
- Demand indicates buyers' willingness and ability to purchase goods and services at different prices.
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Description
This quiz focuses on key concepts related to corporate social responsibility (CSR). It includes major factors that contribute to positive societal impacts, the importance of a good public image, and the benefits of CSR for organizations. Test your knowledge and understanding of CSR concepts through these flashcards.
