COMM 216 final Exam Questions and Answers Already Passed
integrity - Answers the appropriateness of a corporation's behaviour and its adherence to moral
guidelines acceptable to society such as honesty, fairness, and justice
ethics of business - Answers The rules, standards, codes, or principles that provide guidance for morally
appropriate behaviour in managerial decision making relating to the operation of the business
enterprise's and business' relationship with society.
stakeholder - Answers An individual, group, or organization who may affect, be affected by, or perceive
itself to be affected by a decision, activity, or outcome of a project.
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 stakeholder
expectations
triple bottom line triple-E - Answers evaluates a corporation's performance according to a summary of
the economic, social, and environmental value the corporation adds or destroy
corporate citizenship - Answers also referred to a corporate social responsibility, refers to a firm's
responsibility to the community in which they operate and to society in general
a corporation demonstrating that it takes into account its role in and complete impact on society and
the environment as well as its economic influence
Responsible Corporation - Answers A business undertaking that responds to social, ethical, and
environmental responsibilities in addition to its economic obligations.
main approaches to ethical thinking - Answers Deontological, Teleological, Virtue
deontological - Answers Actions are ethical if done for sake of what is good without regard for
consequences of the act
▪ Decisions based upon duty and adherence to universal principles
▪ Individuals have duty to do the right thing even if the consequences of another action are preferable
▪ "Veil of ignorance
teleological (consequential theories) - Answers Focuses on outcomes or results of actions
▪ Utilitarianism → individuals make decisions based on consequences of an action
▪ Decision believed to be good if end result is good
▪ Decisions should result in the greatest good for the greatest number
,virtue ethics - Answers ▪ Emphasizes individual's character or identity
▪ Focuses on being instead of doing
▪ Morality based on development of good character traits (virtues)
▪ Assumes "good" person will act ethically
▪ Absolute rules unlikely to apply in all situations
economic system - Answers an arrangement using land, labour, and capital to produce, distribute, and
exchange goods and services to meet the needs and wants of people in society
types of economic systems - Answers capitalism, free-enterprise system, laissez-faire capitalism,
responsible enterprise system
capitalism - Answers an economic system that allows for private ownership of the means of production
(land, labour, and capital) and assumes that economic decision making is in the hands of individuals or
enterprises who make decisions expecting to earn a profit
free-enterprise system - Answers private enterprise system
- characterized by ownership of private property by individuals and enterprises, the profit motive, a
competitive market system, and a limited involvement by government
laissez-faire capitalism - Answers operates with absolute minimum interference by the government in
the affairs of business
- government involvement is strictly limited to providing essential services such as police and fire
protection
responsible enterprise system - Answers operates as a free enterprise system but incorporating the
element of accountability
legitimacy - Answers belief in the rightness of an institution, in this case the appropriateness of our
business system to supply the goods and services wanted by Canadian society
▪ To be legitimate, the business enterprise system must respond to the changing values and
expectations in society
▪ Attitudes (criticisms) must be monitored
▪ Management should take actions to counter negative views
social license - Answers privilege of operating in society with minimal formalized restrictions
▪ Based on maintaining public trust by doing what is acceptable to stakeholders in the business and
society relationship
, ▪ Must be earned and maintained—it is non-permanent because society's beliefs, perceptions, and
opinions change
▪ To assess society's permission, measure trust Canadians have in business enterprise system
Factors influencing attitudes toward business: - Answers Standard of living
▪ Decentralized decision making
▪ Allocation of resources
▪ Self-interest
▪ Business cycle
▪ Business wrongdoing
▪ Globalization
▪ Unemployment
▪ Technological innovation
▪ Media coverage
▪ Government
social contract - Answers set of two-way understandings that characterizes the relationship between
two major institutions
Business and society need each other
▪ Must be a shared value in which both business and society benefit
▪ Goal is to reduce friction between society and business and to increase the benefits for both
right of private property - Answers the legal right to own and use economic goods, for example land and
buildings
intellectual property - Answers umbrella term for patents, copyrights, trademarks, industrial designs,
integrated circuit topographies, and plant breeders' rights
individualism - Answers the view that the individual is the paramount decision maker in society
- assumes that the individual is inherently decent and rational
integrity - Answers the appropriateness of a corporation's behaviour and its adherence to moral
guidelines acceptable to society such as honesty, fairness, and justice
ethics of business - Answers The rules, standards, codes, or principles that provide guidance for morally
appropriate behaviour in managerial decision making relating to the operation of the business
enterprise's and business' relationship with society.
stakeholder - Answers An individual, group, or organization who may affect, be affected by, or perceive
itself to be affected by a decision, activity, or outcome of a project.
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 stakeholder
expectations
triple bottom line triple-E - Answers evaluates a corporation's performance according to a summary of
the economic, social, and environmental value the corporation adds or destroy
corporate citizenship - Answers also referred to a corporate social responsibility, refers to a firm's
responsibility to the community in which they operate and to society in general
a corporation demonstrating that it takes into account its role in and complete impact on society and
the environment as well as its economic influence
Responsible Corporation - Answers A business undertaking that responds to social, ethical, and
environmental responsibilities in addition to its economic obligations.
main approaches to ethical thinking - Answers Deontological, Teleological, Virtue
deontological - Answers Actions are ethical if done for sake of what is good without regard for
consequences of the act
▪ Decisions based upon duty and adherence to universal principles
▪ Individuals have duty to do the right thing even if the consequences of another action are preferable
▪ "Veil of ignorance
teleological (consequential theories) - Answers Focuses on outcomes or results of actions
▪ Utilitarianism → individuals make decisions based on consequences of an action
▪ Decision believed to be good if end result is good
▪ Decisions should result in the greatest good for the greatest number
,virtue ethics - Answers ▪ Emphasizes individual's character or identity
▪ Focuses on being instead of doing
▪ Morality based on development of good character traits (virtues)
▪ Assumes "good" person will act ethically
▪ Absolute rules unlikely to apply in all situations
economic system - Answers an arrangement using land, labour, and capital to produce, distribute, and
exchange goods and services to meet the needs and wants of people in society
types of economic systems - Answers capitalism, free-enterprise system, laissez-faire capitalism,
responsible enterprise system
capitalism - Answers an economic system that allows for private ownership of the means of production
(land, labour, and capital) and assumes that economic decision making is in the hands of individuals or
enterprises who make decisions expecting to earn a profit
free-enterprise system - Answers private enterprise system
- characterized by ownership of private property by individuals and enterprises, the profit motive, a
competitive market system, and a limited involvement by government
laissez-faire capitalism - Answers operates with absolute minimum interference by the government in
the affairs of business
- government involvement is strictly limited to providing essential services such as police and fire
protection
responsible enterprise system - Answers operates as a free enterprise system but incorporating the
element of accountability
legitimacy - Answers belief in the rightness of an institution, in this case the appropriateness of our
business system to supply the goods and services wanted by Canadian society
▪ To be legitimate, the business enterprise system must respond to the changing values and
expectations in society
▪ Attitudes (criticisms) must be monitored
▪ Management should take actions to counter negative views
social license - Answers privilege of operating in society with minimal formalized restrictions
▪ Based on maintaining public trust by doing what is acceptable to stakeholders in the business and
society relationship
, ▪ Must be earned and maintained—it is non-permanent because society's beliefs, perceptions, and
opinions change
▪ To assess society's permission, measure trust Canadians have in business enterprise system
Factors influencing attitudes toward business: - Answers Standard of living
▪ Decentralized decision making
▪ Allocation of resources
▪ Self-interest
▪ Business cycle
▪ Business wrongdoing
▪ Globalization
▪ Unemployment
▪ Technological innovation
▪ Media coverage
▪ Government
social contract - Answers set of two-way understandings that characterizes the relationship between
two major institutions
Business and society need each other
▪ Must be a shared value in which both business and society benefit
▪ Goal is to reduce friction between society and business and to increase the benefits for both
right of private property - Answers the legal right to own and use economic goods, for example land and
buildings
intellectual property - Answers umbrella term for patents, copyrights, trademarks, industrial designs,
integrated circuit topographies, and plant breeders' rights
individualism - Answers the view that the individual is the paramount decision maker in society
- assumes that the individual is inherently decent and rational
