Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
34 Cards in this Set
- Front
- Back
B-corp
|
companies that are certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency (ex. Ben and Jerry’s)
|
|
Behavioral economics
|
assumes that humans may not act rationally because of genetics, learned behavior, and heuristics or rules of thumb
|
|
bimodal wealth distribution
|
occurs when the middle class shrinks, resulting in highly concentrated wealth amongst the rich and large numbers of poor people with very few resources
|
|
code of ethics or code of conduct
|
company statement and/or guidelines describing acceptable behavior for employees, it may also contain rules for behavior in certain scenarios or situations
|
|
conflict of interest
|
when an individual must choose whether to advance his or her own interests, those of the organization, or those of some other group
|
|
consumerism
|
the belief that consumers, rather than the interests of producers, should dictate the economic structure of a society; the theory that an increasing consumption of goods is economically desirable and equates personal happiness with the purchase and consumption of material possessions
|
|
core human values
|
according to Donaldson, these are values that should inform any company’s actions: they include respect for human dignity, respect for basic rights, and good citizenship
|
|
country common values
|
values that are specific to groups, sects, regions, or countries that express actions, behavior, and intent
|
|
cultural relativism
|
the concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures
|
|
culture
|
everything in our surroundings that is made by people—both tangible items and intangible things like concepts and values; includes language, law, politics, technology, education, social organizations, general values, and ethical standards
|
|
dumping
|
the practice of charging high prices for products in domestic markets while selling the same products in foreign markets at low prices, often below cost
|
|
failure to report
|
provision in some university honor codes that says that failing to report an Honor Code violation is itself an Honor Code violation (lying to cover up another person’s violation)
|
|
Foxconn
|
electronics manufacturing company in China that supplies product to Apple and other major consumer electronics companies worldwide. Foxconn is accused of unsafe and unethical labor practices
|
|
Framing effect
|
concept of behavioral economics that the way something is presented to a consumer can affect choice
|
|
global common values
|
values that are shared across most cultures
|
|
honor code
|
code of conduct at some universities that prohibit and define penalties for cheating, lying, plagiarism, and other forms of academic misconduct
|
|
human rights
|
the concept of an inherent dignity with equal and inalienable rights as the foundation of freedom, justice and peace in the world
|
|
international monetary fund
|
organization dedicated to the concept that the primary responsibility for the regulation of monetary relationships among national economies should rest in an extra-national body
|
|
John Keynes
|
economist who argued that the state could stimulate economic growth and improve stability in the private sector through such means as controlling interest rates, taxation and public projects
|
|
laissez fare
|
theory that assumes the market, through its own inherent mechanisms, will keep commerce in equilibrium
|
|
Milton Friedman
|
economist whose ideas were guiding principles for government policy making in the U.S., and increasingly throughout the world, starting in the second half of the 20th century; believed in deregulation and that the system could reach equilibrium without government intervention
|
|
multinational company
|
public companies that operate on a global scale without significant ties to any one nation or region
|
|
outsourcing
|
the practice of hiring another company to perform some part of your value chain activities, such as manufacturing
|
|
Plagiarism
|
taking credit for someone else’s ideas by using them without citing the original source
|
|
rational economics
|
based upon the assumption that people are predictable and will maximize the utility of their choices relative to their needs and wants
|
|
relativism
|
holds that definitions of ethical behavior are derived subjectively from the experiences of individuals and groups, and varies from place to place and culture to culture
|
|
risk compartmentalization
|
situation where various profit centers within corporations become unaware of the overall consequences of their actions.
|
|
self-reference criterion
|
an implied perspective of ethical superiority based on the idea that “we” differ from “them”
|
|
shared value
|
concept advanced by Porter and Kramer that companies can and should address societal needs at the same time as creating economic value
|
|
socialism
|
economic theories advocating the creation of a society in which wealth and power are shared and distributed evenly based on the amount of work expended in production
|
|
sustainable development
|
a systematic approach to achieving human development in such a way that the earth’s resources are preserved for future generations
|
|
“when in Rome, do as the Romans”
|
Saying used to explain the practice of following local customs in the international business environment without questioning whether they are ethical or measure up to home standards
|
|
whistleblower bounty program
|
Federal program that rewards whistleblowers in cases of government fraud by paying up to 30% of the recovered money or fine to the whistleblower
|
|
whistleblower protection
|
Federal laws that prohibit employers from taking or threatening to take retaliatory action against employees who report wrongdoing in their companies such as fraud or safety violations. Employers may not fire, demote, harass, or threaten the employee who reports the wrongdoing
|