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Questions and Answers
Match the types of social responsibility with their descriptions:
Match the types of social responsibility with their descriptions:
Economic responsibility = Complying with laws and regulations Legal responsibility = Generating profits and creating value for stakeholders Ethical responsibility = Doing what is right and just, beyond legal requirements Philanthropic responsibility = Contributing to the well-being of society through charitable acts
Match the importance of ethics in business with their descriptions:
Match the importance of ethics in business with their descriptions:
Builds trust and credibility = Guides decision-making Enhances reputation = Promotes fairness and justice Guides decision-making = Builds trust and credibility Encourages accountability = Enhances reputation
Match the ethical theories with their descriptions:
Match the ethical theories with their descriptions:
Utilitarianism = Actions that reflect the character and moral virtues of the individual or organization Deontology = Actions that are morally right, regardless of their consequences Virtue Ethics = Actions that promote the greatest good for the greatest number of people Ethics of Care = Actions that prioritize the well-being and care of others
Match the ethical issues in business with their descriptions:
Match the ethical issues in business with their descriptions:
Match the methods of implementing social responsibility and ethics with their descriptions:
Match the methods of implementing social responsibility and ethics with their descriptions:
Match the definitions with their corresponding terms:
Match the definitions with their corresponding terms:
Match the ethical theories with their corresponding principles:
Match the ethical theories with their corresponding principles:
Match the ethical issues in business with their corresponding consequences:
Match the ethical issues in business with their corresponding consequences:
Match the implementing social responsibility and ethics methods with their corresponding benefits:
Match the implementing social responsibility and ethics methods with their corresponding benefits:
Match the social responsibility types with their corresponding actions:
Match the social responsibility types with their corresponding actions:
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Study Notes
Social Responsibility
- Definition: The obligation of an organization to act in a way that benefits society as a whole, including stakeholders, customers, employees, and the environment.
- Types of social responsibility:
- Economic responsibility: generating profits and creating value for stakeholders
- Legal responsibility: complying with laws and regulations
- Ethical responsibility: doing what is right and just, beyond legal requirements
- Philanthropic responsibility: contributing to the well-being of society through charitable acts
Ethics
- Definition: The principles of conduct that govern an individual's or organization's behavior
- Importance of ethics:
- Builds trust and credibility
- Enhances reputation
- Guides decision-making
- Promotes fairness and justice
- Encourages accountability
Ethical Theories
- Utilitarianism: actions that promote the greatest good for the greatest number of people
- Deontology: actions that are morally right, regardless of their consequences
- Virtue Ethics: actions that reflect the character and moral virtues of the individual or organization
- Ethics of Care: actions that prioritize the well-being and care of others
Ethical Issues in Business
- Conflict of interest: when personal interests conflict with professional responsibilities
- Insider trading: using confidential information for personal gain
- Discrimination: unfair treatment of individuals or groups based on certain characteristics
- Environmental degradation: harm caused to the environment through business practices
- Corporate governance: the system of rules and practices that guide a company's operations
Implementing Social Responsibility and Ethics
- Establish a code of conduct or ethics policy
- Provide training and education on ethical principles
- Encourage whistleblower reporting
- Conduct regular audits and assessments
- Develop a culture of transparency and accountability
Social Responsibility
- Social responsibility is the obligation of an organization to act in a way that benefits society as a whole, including stakeholders, customers, employees, and the environment.
- There are four types of social responsibility:
- Economic responsibility: generating profits and creating value for stakeholders
- Legal responsibility: complying with laws and regulations
- Ethical responsibility: doing what is right and just, beyond legal requirements
- Philanthropic responsibility: contributing to the well-being of society through charitable acts
Ethics
- Ethics refers to the principles of conduct that govern an individual's or organization's behavior.
- The importance of ethics lies in:
- Building trust and credibility
- Enhancing reputation
- Guiding decision-making
- Promoting fairness and justice
- Encouraging accountability
Ethical Theories
- Utilitarianism: this theory prioritizes actions that promote the greatest good for the greatest number of people.
- Deontology: this theory emphasizes actions that are morally right, regardless of their consequences.
- Virtue Ethics: this theory focuses on actions that reflect the character and moral virtues of the individual or organization.
- Ethics of Care: this theory prioritizes the well-being and care of others.
Ethical Issues in Business
- Conflict of interest occurs when personal interests conflict with professional responsibilities.
- Insider trading involves using confidential information for personal gain.
- Discrimination refers to unfair treatment of individuals or groups based on certain characteristics.
- Environmental degradation is the harm caused to the environment through business practices.
- Corporate governance refers to the system of rules and practices that guide a company's operations.
Implementing Social Responsibility and Ethics
- Establishing a code of conduct or ethics policy helps guide behavior.
- Providing training and education on ethical principles promotes awareness and understanding.
- Encouraging whistleblower reporting helps identify and address ethical issues.
- Conducting regular audits and assessments ensures accountability and transparency.
- Developing a culture of transparency and accountability promotes a sense of responsibility.
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