COMM 216 - FINAL EXAM STUDY GUIDE
Integrity - Answers - Business integrity is the appropriateness of a corporations
behaviours, and how it adheres to guidelines acceptable to society - such as honesty,
fairness, and justice
Ethics of Business - Answers - Rules, standards, codes, or principles that provide
guidance
for morally appropriate behaviour in managerial decision making related to
society.
Stakeholder - Answers - an individual or group who can influence and/or is influenced
by the achievement of an organizations purpose.
Corporate Social Responsibility (CSR) - Answers - the way a corporation achieves a
balance among its economic, social, and environmental responsibilities in its operations
so as to address shareholder and other stake holder expectations.
Corporate sustainability - Answers - Corporate activities demonstrating the inclusion of
social and environmental as well as economic responsibilities in business
operations as they impact all stakeholders presently and in the future.
Triple-E Bottom Line - Answers - Evaluates a corporation's performance according to a
summary of the economic, social, and environmental value the corporation adds
or destroys.
Corporate Citizenship - Answers - Occurs when a corporation demonstrates that it
considers
its complete impact on society and the environment as well as economic
influence.
Responsible Corporation - Answers - A business undertaking that responds to social,
ethical,
and environmental in addition to its economic obligations.
Social Contract - Answers - A set of two-way understandings that characterize the
relationship between two major institutions.
Name the 3 main approaches to ethnical thinking - Answers - Deontological
Teleological
Virtue Ethnics
, What kind of business system is Canada in... - Answers - capitalism (constantly
changing to match consumers demands)
Who are the 3 most important stakeholders in the operation of a corporation? - Answers
- Owners
Board of Director
Managers
Right of private property - Answers - the legal right to own and use economic goods, for
example land and buildings
Intellectual Property - Answers - An umbrella term for patents, copyrights, trademarks,
industrial designs, integrated circuit topographies, and plant breeders' rights.
individualism - Answers - The view that the individual, and no society or a collective, is
the
paramount decision maker in society; assumes that the individual is inherently
decent and rational.
Economic Freedoms - Answers - Exist when the business system operates with few
restrictions on its activities.
Equity of Opportunity - Answers - the assumption that all individuals or groups have an
even chance to responding to some condition in society.
Competition - Answers - The condition in a market system in which many rival sellers
seek to
provide goods and services to many buyers.
Oligopoly - Answers - A type of competition where the few sellers in an industry behave
similarly.
profits - Answers - Excess of revenues over expenses; closely associated with
competition.
Work Ethic - Answers - Code of values, or a body of moral principles, claiming that work
is
desirable, a natural activity, and is good in and of itself.
Consumer Sovereignty - Answers - The assumption existing in an economy that
consumers
have and exercise power over producers through the decisions they make in
purchasing the goods and services provided by corporations.
Integrity - Answers - Business integrity is the appropriateness of a corporations
behaviours, and how it adheres to guidelines acceptable to society - such as honesty,
fairness, and justice
Ethics of Business - Answers - Rules, standards, codes, or principles that provide
guidance
for morally appropriate behaviour in managerial decision making related to
society.
Stakeholder - Answers - an individual or group who can influence and/or is influenced
by the achievement of an organizations purpose.
Corporate Social Responsibility (CSR) - Answers - the way a corporation achieves a
balance among its economic, social, and environmental responsibilities in its operations
so as to address shareholder and other stake holder expectations.
Corporate sustainability - Answers - Corporate activities demonstrating the inclusion of
social and environmental as well as economic responsibilities in business
operations as they impact all stakeholders presently and in the future.
Triple-E Bottom Line - Answers - Evaluates a corporation's performance according to a
summary of the economic, social, and environmental value the corporation adds
or destroys.
Corporate Citizenship - Answers - Occurs when a corporation demonstrates that it
considers
its complete impact on society and the environment as well as economic
influence.
Responsible Corporation - Answers - A business undertaking that responds to social,
ethical,
and environmental in addition to its economic obligations.
Social Contract - Answers - A set of two-way understandings that characterize the
relationship between two major institutions.
Name the 3 main approaches to ethnical thinking - Answers - Deontological
Teleological
Virtue Ethnics
, What kind of business system is Canada in... - Answers - capitalism (constantly
changing to match consumers demands)
Who are the 3 most important stakeholders in the operation of a corporation? - Answers
- Owners
Board of Director
Managers
Right of private property - Answers - the legal right to own and use economic goods, for
example land and buildings
Intellectual Property - Answers - An umbrella term for patents, copyrights, trademarks,
industrial designs, integrated circuit topographies, and plant breeders' rights.
individualism - Answers - The view that the individual, and no society or a collective, is
the
paramount decision maker in society; assumes that the individual is inherently
decent and rational.
Economic Freedoms - Answers - Exist when the business system operates with few
restrictions on its activities.
Equity of Opportunity - Answers - the assumption that all individuals or groups have an
even chance to responding to some condition in society.
Competition - Answers - The condition in a market system in which many rival sellers
seek to
provide goods and services to many buyers.
Oligopoly - Answers - A type of competition where the few sellers in an industry behave
similarly.
profits - Answers - Excess of revenues over expenses; closely associated with
competition.
Work Ethic - Answers - Code of values, or a body of moral principles, claiming that work
is
desirable, a natural activity, and is good in and of itself.
Consumer Sovereignty - Answers - The assumption existing in an economy that
consumers
have and exercise power over producers through the decisions they make in
purchasing the goods and services provided by corporations.
