BUSN 1101 Chapter Notes - Chapter 4: North American Free Trade Agreement, Federal Trade Commission, Genetically Modified Organism

• School: Northeastern University
• Department: Business Administration
• Course: BUSN 1101
• Professor: Shimer William

Document Summary

Use of child slave labor in the cocoa industry. Often earn less than the poverty level, these farmers (even with child and slave labor: unstable commodity. Compounded by unpredictable natural conditions (drought), which they have no control. Business ethics: ethical or unethical behaviors by employees in context of their jobs. Societies generally adopt formal laws that reflect prevailing ethical standards or social norms. People are willing to take advantage of potentially ambiguous situations and even create them. Managerial ethics: standards of behavior that guide individual managers in their work. Conflict of interest when an activity may benefit the individual to the detriment of his or her employer. Primary agents of interest customers, competitors, stockholders, suppliers, dealers, and unions: room for ethical ambiguity in every activity advertising, financial disclosure, ordering and purchasing, bargaining and negotiation, and other business relationships. Global variations in business practices are also an issue: think: bribes, sometimes called expediting payments.