Ethics and Social Responsibility Chapter 2
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Questions and Answers

What does the Rights Theory primarily focus on in business ethics?

  • Individual entitlements and freedoms (correct)
  • Cultural norms and practices
  • Maximizing overall happiness and welfare
  • Fair distribution of resources

Which of the following is a common source of unethical behavior in businesses?

  • Robust ethical training programs
  • Inadequate internal controls (correct)
  • Strict adherence to industry regulations
  • High employee engagement

What is a key characteristic of a circular economy?

  • Resources are used and discarded immediately
  • Linear consumption patterns
  • Maximizing short-term profits
  • Emphasis on recycling and reuse (correct)

What aspect of corporate social responsibility involves balancing shareholder interests with societal needs?

<p>Stakeholder Theory (C)</p> Signup and view all the answers

Which type of funding focuses on ethical business practices concerning environmental, social, and governance aspects?

<p>Environmental, Social, and Governance Funds (A)</p> Signup and view all the answers

Which ethical theory emphasizes the greatest good for the greatest number?

<p>Utilitarianism (B)</p> Signup and view all the answers

What is a significant challenge related to corporate social responsibility?

<p>Balancing short-term profits with long-term sustainability (C)</p> Signup and view all the answers

Which of the following best describes greenwashing?

<p>Marketing strategies that mislead consumers about environmental benefits (B)</p> Signup and view all the answers

What is the main focus of stakeholder theory in business ethics?

<p>Considering the interests of all parties affected by business decisions (C)</p> Signup and view all the answers

Which global issue is primarily addressed by the Foreign Corrupt Practices Act?

<p>Bribery and corruption in foreign transactions (C)</p> Signup and view all the answers

Utilitarianism is primarily concerned with individual rights in ethical decision-making.

<p>False (B)</p> Signup and view all the answers

Greenwashing refers to deceptive marketing practices that mislead consumers about the environmental benefits of a product.

<p>True (A)</p> Signup and view all the answers

A circular economy emphasizes a linear approach to resource management.

<p>False (B)</p> Signup and view all the answers

Corporate social responsibility includes the business's obligation to consider the impact of its actions on both internal and external stakeholders.

<p>True (A)</p> Signup and view all the answers

Diversity, equity, and inclusion are solely concerned with internal workforce dynamics in an organization.

<p>False (B)</p> Signup and view all the answers

What concept emphasizes the importance of businesses responsibly addressing the interests of both individuals and society?

<p>Stakeholder Theory (C)</p> Signup and view all the answers

Which ethical theory focuses on fair distribution of benefits and burdens among individuals?

<p>Justice Theory (C)</p> Signup and view all the answers

What is a major consequence of engaging in greenwashing as a marketing strategy?

<p>Legal Sanctions (C)</p> Signup and view all the answers

Which of the following practices violates ethical standards related to corporate governance?

<p>Bribery and Corruption (C)</p> Signup and view all the answers

What does a linear economy primarily focus on in terms of resource management?

<p>Consumption and Disposal (A)</p> Signup and view all the answers

Flashcards

Utilitarianism

An ethical theory that focuses on maximizing overall happiness or well-being. It suggests that the best action is the one that produces the greatest good for the greatest number of people.

Rights Theory

An ethical theory that emphasizes individual rights and freedoms. It suggests that individuals have inherent moral rights that should be protected, regardless of the consequences.

Justice Theory

An ethical theory that emphasizes fairness and equality. It suggests that everyone should be treated fairly and have equal opportunities.

Cultural Relativism

The idea that ethical standards are relative to a particular culture or society. What is considered ethical in one culture may be unethical in another.

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Corporate Social Responsibility

A company's obligation to consider the social and environmental consequences of its actions and to operate in a way that benefits society as a whole.

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Stakeholder Theory

The idea that a company's responsibilities extend beyond just making profits to include considering the interests of all stakeholders, including employees, customers, suppliers, communities, and the environment.

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Circular Economy

A business model that aims to minimize waste and maximize resource efficiency by keeping resources in use for as long as possible. It involves reducing, reusing, and recycling materials to create a closed-loop system.

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Greenwashing

The practice of making unsubstantiated or misleading claims about a company's environmental or social responsibility to deceive consumers. It's often used as a marketing tactic to promote products or services as environmentally friendly.

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What is a Circular Economy?

A business model that aims to minimize waste and maximize resource efficiency by keeping resources in use for as long as possible.

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What is Greenwashing?

The practice of making unsubstantiated or misleading claims about a company's environmental or social responsibility to deceive consumers.

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What is Stakeholder Theory?

The idea that a company's responsibilities extend beyond just making profits to include considering the interests of all stakeholders, including employees, customers, suppliers, communities, and the environment.

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What is Utilitarianism?

The ethical theory that focuses on maximizing overall happiness or well-being. It suggests that the best action is the one that produces the greatest good for the greatest number of people.

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What is Justice Theory?

The ethical theory that emphasizes fairness and equality. It suggests that everyone should be treated fairly and have equal opportunities.

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What is Corporate Social Responsibility?

It's a company's commitment to operate in a way that benefits society and the environment. This includes considering the impact of their actions beyond just maximizing profit.

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Study Notes

Chapter 2: Ethics, Social Responsibility, Sustainability

  • Ethics Theories: Utilitarianism, Rights Theory, Justice Theory, Cultural Relativism
  • Business Ethics:
    • Resolving Ethical Dilemmas
    • Codes of Ethics
    • Sources of Unethical Behavior
  • Corporate Social Responsibility:
    • Efficiency and Profits as Social Responsibility
    • Business Responsibilities to Society
    • Stakeholder Theory: Internal and external stakeholders
  • Sustainability:
    • Carbon Footprints and Climate Change
    • A Circular Economy (vs a Linear Economy)
    • Greenwashing
  • Environmental, Social, and Governance (ESG) Funds
  • Additional Key Global Issues:
    • Bribery and Corruption: Foreign Corrupt Practices Act
    • Working Conditions and Human Rights
    • Diversity, Equity, and Inclusion

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Description

Explore the concepts of ethics, social responsibility, and sustainability in business. This quiz covers ethical theories, corporate social responsibility, and the importance of environmental, social, and governance (ESG) practices. Test your knowledge on resolving ethical dilemmas and understanding the impacts of business on society.

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