conducting business ethically and responsibly - terms

Business essentials -- part 2 -- terms

ethics -- beliefs about what is right and wrong or good and bad in actions affect others
ethical behavior-- behavior conforming to generally accepted social norms concerning beneficial and harmful actions
unethical behavior -- behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
business ethics -- ethical or unethical behaviors by manager or employer of an organization
managerial ethics -- standards of behavior and that guide individual managers in their work
social responsibility -- the attempt of the business to balance its commitments to groups and individuals in its environment, including customers, and other businesses, employees, investors, and local communities
organizational stakeholder -- those groups, individuals, and organizations that are directly affected by the practices of an organization into therefore have a stake in its performance
consumerism -- form of social activism dedicated to protecting the rights of consumers and their dealings with businesses
collusion -- illegal agreement between two or more companies to commit a wrongful act
whistleblower -- employee who detects and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them
check kiting -- illegal practice of writing checks against money that has not yet been credited at the bank on which checks are drawn
insider trading -- illegal practice of using special knowledge about a firm for profit or gain
obstructionist stance -- approach to social responsibility that involves doing as little as possible and may involve attempts to deny or coverup violations
defensive stance -- approach to social responsibility by which a company meets only minimum legal requirements in its commitments to groups and individuals in its social environment
accommodative stance -- approach to social responsibility by which accompany, if specifically asked to do so, exceeds legal minimums in its commitments to groups and individuals in its social environment
proactive stance -- approach to social responsibility by which accompany actively seek opportunities to contribute to the well-being of groups and individuals and its social environment
social audit -- a systematic analysis of a firm's success in using funds earmarked for meeting its social responsibility goals