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30 Cards in this Set
- Front
- Back
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Ethics
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Beliefs about what's right and wrong
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Ethical Behavior
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Behavior conforming to individual beliefs and social norms about what's right and good
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Unethical Behavior
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Behavior conforming to individual beliefs and social norms about what is defined as wrong and bad
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Business Ethics
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The ethical or unethical behaviors by employees in the context of their jobs
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Sources of Personal Codes of Ethics
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Childhood responses to adult behavior 2) influence of peers 3) experiences in adulthood 4) developed morals and values
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Managerial Ethics
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The standards of behavior that guide individual managers in their work
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Behavior affected by Ethics
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Employees
The Organization Other Economic Agents |
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Social Responsibility
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The oveall way in which a business attempts to balance its commitments to relevant groups and individuals (stakeholders) in its social environment
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Organizational Stakeholders
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Groups, individuals, and organizations that are directly affected by the practices of an organization and, therefor, have a stake in its performance
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Concept of Accountability
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The expectation of an expanded role for business in protecting and enhancing the general welfare of society
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Responsibility Toward the Environment
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Controlling air, water and land pollution
Properly disposing of toxic waste Engaging in recycling |
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Collusion
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Form of unfair pricing:
When two or more firms agree to collaborate on such wrongful acts as price fixing |
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Price Gouging
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Form of unfair pricing:
Responding to increased demand with overly steep (and often unwarranted) price increases |
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Obstructionist Stance
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A company does as little as possible and may attempt to deny or cover up violations
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Defensive Stance
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A company does everything required of it legally but no more.
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Accomodative Stance
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A company meets its legal and ethical requirements and also goes further in certain cases
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Proactive Stance
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A company actively seeks to contribute to the wellbeing of groups and individuals in its social environment
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Small Business
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A business that is independent (not part of a larger business) and has relatively little influence in its market
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Entrepreneurship
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The process of seeking business opportunities under conditions of risk
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Entrepreneur
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One who accepts the risks and opportunites of creating, operation and growing a new business
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Small business owner
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Does not always have growth of the business as a primary entrepreneurial goal
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Business Plan should Address
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Goals and Objectives
Strategies that will be used to obtain them Implementation of the chosen strategies |
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Advantages of Sole Prop.
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Freedom
Simple to Form Low start-up Tax benefits Formation of coops |
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Disadvantages of Sole Prop.
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Unlimited Liability!
Limited resources Limited fundraising capability Lack of continuity |
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Advantages of Partnerships
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More talent and money
More fund raising capability Relatively easy to form Liited liabilty for limited partners Tax benefits |
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Disadvantages of Partnerships
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Unlimited liability for general partner
Disagreements among partners Lack of continuity |
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Advantages of Corporations
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Limited Liability
Continuity Stronger fund raising capability |
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Disadvantages of Corporations
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Double taxation of dividends
Fluid Control Complicated and expensive to form |
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Strategic Alliance
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Two or more organizations collaborate on a project for mutual gain
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Joint Venture
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Partners share ownership of a new enterprise
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