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Introduction to Business

Key Terms

Introduction to BusinessKey Terms
code of ethics
A set of guidelines prepared by a firm to provide its employees with the knowledge of what the firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers.
corporate philanthropy
The practice of charitable giving by corporations; includes contributing cash, donating equipment and products, and supporting the volunteer efforts of company employees.
corporate social responsibility (CSR)
The concern of businesses for the welfare of society as a whole; consists of obligations beyond those required by law or contracts.
deontology
A philosophy in which a person will follow his or her obligations to an individual or society because upholding one's duty is what is ethically correct.
ethical issue
A situation where a person must choose from a set of actions that may be ethical or unethical.
ethics
A set of moral standards for judging whether something is right or wrong.
justice
What is considered fair according to the prevailing standards of society; an equitable distribution of the burdens and rewards that society has to offer.
social investing
The practice of limiting investments to securities of companies that behave in accordance with the investor’s beliefs about ethical and social responsibility to encourage businesses to be more socially responsible.
stakeholders
Individuals or groups to whom a business has a responsibility; include employees, customers, the general public, and investors.
strategic giving
The practice of tying philanthropy and corporate social responsibility efforts closely to a company’s mission or goals and targeting donations to the communities where a company does business.
utilitarianism
A philosophy that focuses on the consequences of an action to determine whether it is right or wrong; holds that an action that affects the majority adversely is morally wrong.
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