BU111 Study Guide - Final Guide: Golden Horseshoe, Pollution Prevention, Clean Technology
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BU111 Full Course Notes
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Document Summary
Ethics: individual standards/beliefs regarding what is right or wrong, good and bad. Business/managerial ethics: standards of behaviour that guide individual managers in their work. Behaviour towards employees: hiring and firing, wages, working conditions, privacy and respect. Behaviour towards organization: conflict of interest , confidentiality, honesty. Behaviour towards other economic agents: relationship with customers, competitors, stockholders, suppliers, dealers, and unions; ethical ambiguity in every activity (advertising, financial disclosure, bargaining) Corporate social responsibility: how a business defines ethical conduct at organization level. Business tries to balance commitments to organizational stakeholders. E. g. stakeholder management becomes difficult b/c employees want higher wages but businesses want higher profits to pay higher wages, profits go down. Utilitarian approach: generates most good for most people. Fairness/justice approach: equitable distribution of burdens and rewards (e. g. tax collection everyone gives a little but gets a little back) Caring approach: consistent with people"s responsibilities to each other.
