Corporate Social Responsibility Flashcards

Questions and Answers

What are the three major factors associated with corporate social responsibility?

Maximizing positive societal impact (correct)

Minimizing negative societal impact (correct)

Reducing company size

Acting in the organization's best interest in returning a profit (correct)

When companies follow the key factors of corporate social responsibility, a _ usually results, thus ___

positive public image; attracting more customers

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?

It could cost her more money and time but result in more satisfied customers and future profitability Signup and view all the answers

What questions should individuals ask themselves when faced with an ethical dilemma? (Select all that apply)

Will the outcome of my decision make me feel guilty? Signup and view all the answers

How do Vision Spring and Warby Parker participate in corporate social responsibility?

By establishing a code of ethics Signup and view all the answers

The ethical standard of providing stylish eyewear at reasonable prices is an example of what?

Integrity-based ethics code Signup and view all the answers

What does economics study?

The production, distribution, and consumption of scarce goods and resources Signup and view all the answers

What is scarcity?

It affects the forces of supply and demand; the more scarce a product is, the more a seller will want to charge for it Signup and view all the answers

What is supply?

The expression of how willing and able sellers are to provide goods and services at different prices Signup and view all the answers

What is demand?

The expression of how willing and able buyers are to purchase goods and services at different prices Signup and view all the answers

Study Notes

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.

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.

Corporate Social Responsibility Flashcards

Questions and Answers

What are the three major factors associated with corporate social responsibility?