Business Ethics ch 3

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The iron law of responsibility says that:

A: In the long run, those who do not use power responsibly will lose it.

B: In the short run, sacrifice social goals for economic goals.

C: Law is most important, more than social or economic responsibility.

D: In the long run, economic responsibility leads to social responsibility

A: In the long run, those who do not use power responsibly will lose it.

Corporations have a role in establishing their community’s __________________ _______________.

Economic Growth

Which of the following companies is being the most socially responsible?

Company trying its best to operate in a way which will help local students get education and jobs.

Modern corporations should be socially responsible because they…………

Create jobs, influencing the lives of employees.

All of the following are examples of the phases of Corporate Social Responsibility except:

Corporate Charity Principle.

Reason(s) for adopting an enlightened self-interest approach is(are)

A. Reasonable short-run costs are incurred, but socially responsible activities are promoted.

B. The public’s attitude toward the company is positive in the long run.

C. The stockholders’ pressures for short-run profits are satisfied.

D.All of the above

D. All of the above

Scholars have found what?

A positive association between social and financial performance.

When undertaking social initiatives, a company …….

May sacrifice short-term profits.

The costs of corporate social responsibility may ultimately be passed on to the ………

Consumer through high prices.

A social enterprise ………..

Adopts social benefit as its core mission.

Corporate power refers to the……….

Compatibility of corporations to influence government, the economy, and society, based on their organizational resources.

What does the iron law of responsibility say?

That in the long run, those who do not use power in ways that societee considers responsible will tend to lose it.

What is CSR (Corporate Social Responsibility)?

Means that a corporation should act in a way that enhances societee and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment.

Frederick provides expanded framework for understanding the evolution of CSR concept. What are the 4 phrases?

Corporate social stewardship, corporate social responsiveness, Corporate/business ethics common corporate/global citizenship

What is inlightened self interest?

Means firm leadership can see it is in the company’s self interest in the long term to provide true value to its customers, to help its employees grow and behave responsibly

What term refers to an organization that uses business strategies for the purpose of improving human and environmental well being?

Social enterprise

What are individuals who act boldly to pursue opportunities, a tracks of poor, and build new organizations?

Social entrepreneurship

What is the benefit corporation AKA the B Corporation?

A type of corporation that seeks to blend its social objectives with financial goals

What doesn’t mean bottom of the Pyramid?

It’s the world’s poorest; Also refers to creative business actions to develop products and services that meet the needs of the world’s poor.

Microfinance occurs when……..

Financial organizations provide loans to low income clients or solidarity lending groups who traditionally lacks access to banking or related services.

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