Management 302 ASU exam -1 Questions And Answers With Verified Solutions

business ethics - the accepted principles of right or wrong governing the conduct of businesspeople caste system - A system of social stratification in which social position is determined by the family into which a person is born, and change in that position is usually not possible during an individual's lifetime Class consciousness - A tendency for individuals to perceive themselves in terms of their class background. class system - A system of social stratification in which social status is determined by the family into which a person is born and by subsequent socioeconomic achievements; mobility between classes is possible. code of ethics - I. A business's formal statement of ethical priorities communist - Those who believe socialism can be achieved only through revolution and totalitarian dictatorship communist totalitarianism - version of collectivism advocating that socialism can be achieved only through a totalitarian dictatorshi contract - A document that specifies the conditions under which an exchange is to occur and details rights and obligations of the parties involved. contract law - the body of government that governs contract enforcement corporate social responsibility - I. The idea that business people should consider the social consequences of economic actions when making business decisions, and that there should be a presumption in favor of decisions that have both good economic and social consequencescultural relativism - The belief that ethics are culturally determined and that firms should adopt the ethics of the cultures in which they operate culture - A system of values and norms that are shared among a group of people and that when taken together constitute a design for living.