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24 Cards in this Set

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


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.


Demographics, lifestyles, social values


Nature and directions of the economy in which business operates


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


Changes in technological advancements taking place in society


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.


Refersto issues of right, wrong, fairness, and justice

Business Ethics

Focuses on ethical issues thatarisein the commercial realm.


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


Individualsor groups with which businessinteractsandwho havea vestedinterestin the firm.

Special-Interest Society

A pluralistic society


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)


Has grown with the standard of living


Society at the broadest level