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24 Cards in this Set

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  • Back

Business

Thecollection of private, commercially oriented organizations ranging in size from sole proprietorshipsto corporate giants

Society

A community, a nation, or a broadgroup of people withcommon traditions, values, institutions, and collective activities andinterests.

Business and societyinterrelate in a macroenvironment as stakeholders

A macroenvironment is the completesocietal context in which the organization resides.

Social

Demographics, lifestyles, social values

Economic

Nature and directions of the economy in which business operates

Political

Processes for passing of law and elections of officials. Interactions between firms, politics, and gov't.

Technological

Changes in technological advancements taking place in society

Pluralism

Adiffusion of power among a society’s many groups. Involves decentralization anddiversity of power concentration.

Business Power

The ability or capacity to produce an effect or to bring influenceto bear on a situation or people

Iron Law of Responsibility

In thelong run, those who do not usepower in a manner society considersresponsible willtend to lose it.

Ethics

Refersto issues of right, wrong, fairness, and justice

Business Ethics

Focuses on ethical issues thatarisein the commercial realm.

Sustainability

Sustainabledevelopment meetsthe needs of the present without compromising the ability of future generationsto meet their own needs.

Stakeholders

Individualsor groups with which businessinteractsandwho havea vestedinterestin the firm.

Special-Interest Society

A pluralistic society

Affluence

The level of wealth disposable income, ad standard of living of the society.

Revolution of Rising Expectations

A belief or an attitude that each succeeding generation ought to have a standard of living higher than that of its predecessor.

Social Problem

A gap between society's expectations of social conditions and the current social realities.

Entitlement Mentality

The general belief that someone is owed something just because she or he is a member of society.

Right Movement

The revolution of rising expectations, the entitlement mentality and all of the factors discussed has led to this.

Victimization Philosophy

Peo;le start perceiving that they are being unfairly "hurt" by society's institutions.

Social Contract

Two-way understandings that characterize the relationship between major institutions (between business and society)

Education

Has grown with the standard of living

Macroenvironment

Society at the broadest level