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Business Ethics

Key Terms

Business EthicsKey Terms
acculturation
the cultural transmission and socialization process that stems from cultural exchange
consumerism
a lifestyle characterized by the acquisition of goods and services
enculturation
the process by which humans learn the rules, customs, skills, and values to participate in a society
humanistic business model
a business model for balancing profitability and responsibility fairly, especially with regard to stakeholders
localization
the process of adapting a product for non-native environments and languages, especially in other nations and cultures
mercantilism
the economic theory that global wealth is static and prosperity comes from the accumulation of wealth through extraction of resources or trade
moral agency
the self-awareness, freedom, and ability to make choices based on one’s perception of right and wrong
universal values
ethical principles that apply everywhere despite differences in time, geography, and culture
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