Ch.2

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Describe the importance of business ethics and social responsibility

Business ethics: principles and standards that determine acceptable conduct in business

known more for social contributions = more profit

Social Responsibility: businesses maximize positive impact & minimize negative effects on society

Business Laws: regulations that govern the conduct of business

Ethics=competitive advantage

legal disputes arise when cooperative conflict resolution cannot be accomplished or a new situation arises

Ethical conduct builds trust and business relationships

Detect some of the ethical issues that may arise in business

ethical issue: a problem that requires a person to choose from several actions evaluated as ethical or unethical

categorized as abusive and intimidating behavior, conflicts of interest, fairness and honesty, communications, misuse of company resources, and business associations

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