BUSI 4940 EXAM 1 FINAL PAPER
COMPLETE QUESTIONS WITH CORRECT
ANSWERS ALREADY PASSED
●● Sustainability Definition (1992)
Answer: Adopting business strategies and activities that meet the needs
of the enterprise and its stakeholders today while protecting, sustaining,
and enhancing the human and natural resources that will be needed in
the future.
●● Normative Ethics
Answer: the brand of philosophical ethics that investigates the questions
that arise regarding how one ought to act, in a moral sense
●● Normative Ethics Creep
Answer: slowly evolving the components of a concept that has already
been accepted as ethically sound in order to inculcate new ideas under
the existing ethical halo
●● Halo Effect
Answer: o a type of cognitive bias where positive or negative feelings
about something or someone positively or negatively influences one's
feelings about that thing or person in another area.
,●● Current Sustainability Definition
Answer: o the sustainable development goals (17 of them) are a
universal call to action to end poverty, protect the planet, and improve
the lives and prospects of everyone, everywhere.
●● Economic Responsibilites
Answer: o fundamental responsibilities of a business to be profitable.
Without economic stability, a business cannot sustain its operations or
fulfill other responsibilities. (Base of the pyramid)
●● Legal Responsibilities
Answer: Involves complying with laws and regulations. Businesses must
operate within the legal framework set by society to ensure fair practices
and avoid illegal repercussions. (Level 2 of the pyramid)
●● Ethical Responsibilities
Answer: Beyond legal requirements, businesses should engage in ethical
practices. Doing what is right, and fair, even if not explicitly required by
law. Ethical responsibilities reflect the moral obligations a business has
towards its stakeholders. (Level 3 of the Pyramid)
●● Philanthropic Responsibilities
Answer: o Voluntary actions that include charitable donations,
community service, and other initiatives that promote human welfare
and goodwill. (Top of the Pyramid)
, ●● Environmental, Social, and Governance (ESG)
Answer: refers to a set of standards for measuring a company's impact
on society and the environment, as well as its transparency and
accountability.
●● Triple Bottom Line
Answer: Acknowledges the need for corporate profitability as an equally
moral pursuit by a business. People, Profit, & Planet = sustainability.
Economic performance, social performance, and environmental
performance.
●● The Circular Economy
Answer: reduce, reuse, recycle, remanufacture. Focuses on
improvements and less on absolutes
●● Negative Externalities
Answer: when the production or consumption of a product or service
results in a net cost to a third party.
●● What are the three main changes between the 1987 and 1992 version
of sustainability?
Answer: 1. Third Party Stakeholders
2. Protecting, Sustaining, and Enhancing human and natural resources
COMPLETE QUESTIONS WITH CORRECT
ANSWERS ALREADY PASSED
●● Sustainability Definition (1992)
Answer: Adopting business strategies and activities that meet the needs
of the enterprise and its stakeholders today while protecting, sustaining,
and enhancing the human and natural resources that will be needed in
the future.
●● Normative Ethics
Answer: the brand of philosophical ethics that investigates the questions
that arise regarding how one ought to act, in a moral sense
●● Normative Ethics Creep
Answer: slowly evolving the components of a concept that has already
been accepted as ethically sound in order to inculcate new ideas under
the existing ethical halo
●● Halo Effect
Answer: o a type of cognitive bias where positive or negative feelings
about something or someone positively or negatively influences one's
feelings about that thing or person in another area.
,●● Current Sustainability Definition
Answer: o the sustainable development goals (17 of them) are a
universal call to action to end poverty, protect the planet, and improve
the lives and prospects of everyone, everywhere.
●● Economic Responsibilites
Answer: o fundamental responsibilities of a business to be profitable.
Without economic stability, a business cannot sustain its operations or
fulfill other responsibilities. (Base of the pyramid)
●● Legal Responsibilities
Answer: Involves complying with laws and regulations. Businesses must
operate within the legal framework set by society to ensure fair practices
and avoid illegal repercussions. (Level 2 of the pyramid)
●● Ethical Responsibilities
Answer: Beyond legal requirements, businesses should engage in ethical
practices. Doing what is right, and fair, even if not explicitly required by
law. Ethical responsibilities reflect the moral obligations a business has
towards its stakeholders. (Level 3 of the Pyramid)
●● Philanthropic Responsibilities
Answer: o Voluntary actions that include charitable donations,
community service, and other initiatives that promote human welfare
and goodwill. (Top of the Pyramid)
, ●● Environmental, Social, and Governance (ESG)
Answer: refers to a set of standards for measuring a company's impact
on society and the environment, as well as its transparency and
accountability.
●● Triple Bottom Line
Answer: Acknowledges the need for corporate profitability as an equally
moral pursuit by a business. People, Profit, & Planet = sustainability.
Economic performance, social performance, and environmental
performance.
●● The Circular Economy
Answer: reduce, reuse, recycle, remanufacture. Focuses on
improvements and less on absolutes
●● Negative Externalities
Answer: when the production or consumption of a product or service
results in a net cost to a third party.
●● What are the three main changes between the 1987 and 1992 version
of sustainability?
Answer: 1. Third Party Stakeholders
2. Protecting, Sustaining, and Enhancing human and natural resources
