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COMM 216 CONCORDIA FINAL EXAM STUDY GUIDE
Business & Society - Answers - The dynamic interplay between companies and their broader context, including their impact on and contribution to communities, environments, and economies. Ethics - Answers - Moral principles guiding personal and corporate behavior, forming a basis for distinguishing between right and wrong actions. Stakeholders - Answers - Parties with an interest or concern in a company's operations and outcomes, which can include anyone from shareholders to community members. CSR - Answers - A business's commitment to sustainable practices that consider the well-being of society and the environment along with profitability. CS - Answers - Corporate initiatives focused on creating long-term value by incorporating environmental, social, and economic considerations into business strategies. TBL - Answers - An accounting framework that goes beyond profit to include social and environmental performance in a company's overall assessment. Corporate Citizenship - Answers - The role of businesses in contributing positively to society, aiming to benefit the community as well as the environment. Deontological - Answers - An ethical approach where the morality of an action is based on whether that action itself is right under a series of rules, rather than based on the consequences of the action. Teleological - Answers - Ethical theory that determines the morality of actions by their outcomes, with the best choice being the one that produces the greatest good for the greatest number. Virtue-Based - Answers - Ethical theory emphasizing an individual's character as the key element for ethical behavior, rather than the consequences or rules governing the behavior. Self-interest - Answers - The understanding that individuals will act to further their own ends, and that these actions can lead to positive outcomes for the collective. Personal Virtues - Answers - Ethics focused on virtues, or moral characteristics, of individuals such as courage, wisdom, and temperance. Caring - Answers - An ethical stance valuing benevolence and empathy in interpersonal relationships as central to moral action.
Utilitarian - Answers - An ethical principle that advocates for actions to produce the most favorable balance of good over bad for the greatest number of people. Universal Rules - Answers - The idea that ethical principles should apply universally, ensuring that actions are morally consistent across similar situations. Individual Rights - Answers - The concept that individuals have fundamental rights that are to be respected and protected in ethical decision-making. Values - Answers - Enduring beliefs or ideals shared by members of a community about what is good or desirable and bad or undesirable. Morals - Answers - Standards for behavior that are based on the collective beliefs about what is right and wrong. Social License - Answers - Public approval granted to a company based on its adherence to community values and norms. Social Contract - Answers - An implied agreement within a society for mutual benefit, under which individuals give up some freedoms in exchange for social order. Legitimacy - Answers - The perception that an organization's actions are desirable, proper, or appropriate within the prevailing social norms. Types of Capitalism - Answers - Different systems and models of economic organization characterized by varying degrees of competitive markets and state intervention. Codes of Conduct - Answers - Formal declarations of principles and values that govern behaviors within an organization. Conflicts of Interest - Answers - Situations where one's personal interests may potentially conflict with their professional or public duties. CSR Actions - Answers - Specific initiatives and strategies employed by companies to fulfill their corporate social responsibility commitments. Auditing - Answers - The systematic examination and verification of a company's CSR activities to ensure accuracy and compliance with standards and commitments. Commons - Answers - Shared resources like air and water that belong to everyone and require collective management to ensure their sustainability. Corporate Environmental Engagement - Answers - A company's strategic involvement with promoting environmental sustainability through its operational policies and community initiatives.
Free Enterprise System - Answers - An economic system where few restrictions are placed on business activities and ownership, in terms of trade and government intervention. Laissez-Faire Capitalism - Answers - An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies. Responsible Enterprise System - Answers - A business approach that emphasizes accountability for the social, environmental, and economic impacts of corporate decisions and actions. Legitimacy - Answers - The general perception that the actions of an entity are desirable, proper, or appropriate within some socially constructed system of norms, values, beliefs, and definitions. Social Licence - Answers - The ongoing approval and acceptance of a company or industry's standard business practices and operating procedures by its employees, stakeholders, and the general public. Social Media - Answers - Websites and applications that enable users to create and share content or to participate in social networking. Social Contract - Answers - A theory or model that originates during the Age of Enlightenment and usually concerns the legitimacy of the authority of the state over the individual. Right of Private Property - Answers - The legal right to own property and use it in any lawful manner. It is a fundamental principle that underpins the notion of personal ownership and the ability to transact freely within a market economy. Intellectual Property - Answers - A category of property that includes intangible creations of the human intellect. It encompasses inventions, literary and artistic works, designs, symbols, names, and images used in commerce, protected by law through patents, copyrights, trademarks, and similar rights. Individualism - Answers - The principle or habit of being independent and self-reliant. In an economic context, it promotes freedom of individuals over collective or state control. Economic Freedoms - Answers - The fundamental right of every human to control their own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. Equality of Opportunity - Answers - The idea that all people should be given an equal chance to succeed on their own merit, and no one should have an unfair advantage or disadvantage in life or in the economic market.
Competition - Answers - The economic rivalry among businesses to attract customers, achieve higher sales, and gain a competitive advantage in the market. Oligopoly - Answers - A market structure characterized by a small number of large firms that have the power to influence the prices and other market outcomes. Profits - Answers - The financial return or reward that entrepreneurs aim to achieve by risking their capital in a business venture. It is the difference between total revenue and total costs. Work Ethic - Answers - A set of values based on the virtues of hard work and diligence. It is a belief in the moral benefit of work and its ability to enhance character. Consumer Sovereignty - Answers - The theory that consumer preferences determine the production of goods and services. This principle suggests that businesses will produce what consumers are willing to buy, thus consumers control the market. Boycott - Answers - The withdrawal from commercial or social relations with a country, organization, or public figure as a form of protest or punishment. State Capitalism - Answers - An economic system in which the state has significant control over the production and distribution of goods and services, often through ownership or regulation of businesses. Greed - Answers - An excessive or rapacious desire, especially for wealth or possessions. It often implies a disregard for ethical considerations or the welfare of others. Business Ethics - Answers - The study and examination of moral and ethical problems that may arise in a business environment, and the application of ethical principles to the corporate sector. Business ethics guides the behavior of organizations to act in the best interest of all stakeholders. Value Judgments - Answers - Assessments based on individual beliefs that evaluate the significance or importance of various actions or events. Value judgments often play a crucial role in ethical decision-making by determining what is deemed important or right. Moral Standards - Answers - Norms about the kinds of actions believed to be morally acceptable or unacceptable as well as the values placed on what we believe to be morally good or bad. These standards are a critical part of an individual's moral compass and influence social norms. Ethical Relativism - Answers - The concept that suggests morality is context-dependent and subjective, varying from one culture or individual to another. It implies that there are no absolute truths in ethics, only varying cultural norms and personal beliefs.
typically include training, clear communication of company values, and enforcement mechanisms. Statement of Values - Answers - A declaration that articulates a company's core beliefs and principles, providing a foundation for the ethical decision-making process. It acts as a guiding light for employees' behavior and sets the ethical tone of the organization. Code of Conduct - Answers - A document that delineates the specific behaviors and actions that are acceptable and unacceptable within a company, guiding employees on the expected standards of behavior. It often includes practical applications of the company's values and ethical principles. Code of Ethics - Answers - An outline of a company's ethical philosophy and the key principles that guide its business practices. It is designed to serve as a central guide and reference for employees to support day-to-day decision-making. Conflict of Interest - Answers - A situation in which an individual's personal interests could improperly influence the performance of their professional duties. It is essential to identify and manage conflicts of interest to maintain trust and integrity in business practices. Ethics Audit - Answers - A comprehensive review process that examines an organization's ethical policies, procedures, and actions to identify strengths and areas for improvement. An ethics audit helps ensure that a company's practices are aligned with its ethical commitments. Ethics Officer - Answers - A designated official within an organization who is responsible for maintaining ethical standards and addressing ethical issues as they arise. The ethics officer also typically oversees the development and implementation of ethics policies and training. Compliance Officer - Answers - An executive who ensures that an organization complies with regulatory requirements and internal policies, working to prevent, detect, and address legal or policy violations. They are a key figure in managing risk and maintaining the company's integrity. Ethics Committee - Answers - A body often composed of members from various levels within an organization that provides oversight on ethical matters, such as reviewing and updating ethics policies and addressing ethical dilemmas that employees encounter. Whistleblowing - Answers - The act of bringing to light unethical or illegal activities within an organization by someone who is part of or associated with that organization. Whistleblowing aims to expose wrongdoing to prevent harm to stakeholders and the public.
Integrity Management - Answers - A holistic approach to embedding honesty and ethical behavior in every aspect of an organization's culture and operations. It involves creating environments where ethical conduct is recognized, valued, and exemplified from the top down. Corporate Culture - Answers - The shared values, traditions, and behaviors that characterize an organization, influencing how employees interact and how the organization conducts its business. A strong corporate culture can significantly influence employee engagement and performance. Ethical Corporate Culture - Answers - A climate within an organization where ethical behavior is promoted, expected, and ingrained in the daily work as well as the overall mission. Such a culture supports transparency, accountability, and respect for stakeholders. Reputation Management - Answers - The practice of shaping public perception of an organization by influencing online information about that entity. It involves monitoring and ensuring that a company's reputation remains favorable among its stakeholders. Social Impact Management - Answers - The process of creating, managing, and measuring the social outcomes of an organization's actions. It is about ensuring that the company's activities have a positive effect on the society in which it operates. Triple-E (economic, ethical, and environmental) Bottom Line - Answers - This concept extends the traditional financial bottom line to include social and environmental aspects. It suggests that companies should commit to measuring and accounting for their economic, ethical, and environmental performance. Business Citizenship - Answers - The concept that businesses, like citizens, have both rights and responsibilities within society. It encompasses the idea that companies should actively contribute to the well-being of the communities and environments in which they operate. Greenwashing - Answers - A deceptive practice where a company gives a false impression or provides misleading information about how their products are more environmentally friendly. Greenwashing is a marketing tactic used to capitalize on the growing demand for environmentally responsible products, without the company making any substantial sustainable changes. Corporate Philanthropy - Answers - The act of a corporation donating some of its profits or resources to charitable causes. This is often seen as a way for companies to contribute positively to society and can also help enhance their reputation. Charitable Foundation - Answers - A nonprofit organization that primarily funds charitable activities or donations to support various social, educational, religious, or
Social Auditing - Answers - A rigorous process of assessing a company's various social and ethical performances. Social auditing is meant to help an organization measure and improve its social impact and sustainability practices, creating accountability and transparency. Corporate Social Responsibility (CSR) Reporting (Sustainability Reporting) - Answers - The practice of publishing data and activities related to an organization's non-financial performance, such as its environmental and social impacts. This type of reporting aims to assess and communicate the efforts a company is making towards sustainable development and to promote transparency and accountability. Corporate Reputation - Answers - The collective assessment by stakeholders of a company's ability to meet their expectations on various performance criteria. Corporate reputation is crucial as it can influence customer loyalty, attract talent, and affect investors' decisions. Global Reporting Initiative (GRI) - Answers - An international independent organization that helps businesses and governments understand and communicate their impact on issues such as climate change, human rights, and corruption. The GRI has set one of the world's most widely used standards for sustainability reporting, providing structured reporting guidelines. Commons - Answers - Resources accessible to all members of a society, including natural materials such as air, water, and a habitable earth. These resources are collectively owned, not privately owned, and require collective management to prevent overuse and depletion. Environmental Ethic - Answers - A philosophical stance regarding how humans should relate to the natural environment, emphasizing respect for all forms of life and the preservation of the natural world. Sustainable Development - Answers - Development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It encompasses a long-term perspective on the interconnectedness of the environment, economy, and social well-being. Business Sustainable Development - Answers - A business strategy that integrates sustainable practices into core business operations to create long-term consumer and employee value by considering every dimension of how a business operates in the ethical, social, environmental, cultural, and economic spheres. Acid Rain - Answers - Precipitation with a pH lower than normal rainwater, often caused by sulfur dioxide (SO2) and nitrogen oxides (NOx) released by fossil fuel combustion. Acid rain can have harmful effects on plants, aquatic animals, and infrastructure.
Ecosystem - Answers - A biological community of interacting organisms and their physical environment, which functions as a unit. Ecosystems include all the living things in a given area, interacting with each other, and with their non-living environments. Ozone - Answers - A molecule composed of three oxygen atoms, naturally present in the Earth's stratosphere, where it absorbs and scatters the solar ultraviolet radiation that can be harmful to life. Ground-level ozone is a key component of smog and is a pollutant with health risks. Waste Management - Answers - The activities and actions required to manage waste from its inception to its final disposal. This includes the collection, transportation, treatment, and disposal of waste, along with the monitoring and regulation of the waste management process. Climate Change (Global Warming) - Answers - A long-term change in the average weather patterns that have come to define Earth's local, regional, and global climates. Global warming specifically refers to the recent and ongoing rise in global average temperature near Earth's surface. Greenhouse Gases (GHG) - Answers - Gases in Earth's atmosphere that trap heat and contribute to the greenhouse effect, leading to global warming and climate change. The main GHGs are carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O). Environmental Non-Governmental Organizations (ENGOs) - Answers - Organizations that operate independently from government and are involved in environmental management and conservation efforts, focusing on the promotion of environmental awareness and sustainable practices. Standard Environmentalism - Answers - An approach that advocates for the improvement and preservation of the environment through changes in public policy and individual behavior, often focusing on reducing the impact of humans on the natural world. Market Environmentalism - Answers - A philosophy that uses economic incentives and market mechanisms to address environmental problems, suggesting that private property rights, market principles, and appropriate valuation of the environment can achieve better environmental outcomes. Carbon Pricing - Answers - A method for reducing global warming emissions by setting a price on carbon. It encompasses a range of policies, including carbon taxes and cap- and-trade programs, that make emitting carbon dioxide more expensive and thus less desirable. Cap-and-Trade - Answers - A market-based approach to controlling pollution that allows countries or companies to buy and sell emissions allowances. The total amount of
Important Stakeholders - Answers - Include owners, boards of directors, and managers, crucial in influencing corporate integrity. Business and Society Integration - Answers - Highlighted as interdependent, often discussed in terms of a social contract. Fundamental Elements of Canadian Capitalism - Answers - Include private property rights, equality of opportunity, competition, and government roles. Ethics of Business Operations - Answers - Defined as rules and standards for morally appropriate managerial decisions. Ethical Assessment Levels - Answers - Involves awareness, assessment based on various influences, and use of ethical principles. Influences on Ethical Behavior - Answers - Shaped by educational and religious backgrounds, leading to ethical relativism. Theoretical Bases for Ethical Conduct - Answers - Includes self-interest, personal virtues, and universal rules among others. Moral Reasoning Process - Answers - Involves stages of moral development to help managers assess ethical implications. Corporate Ethical Considerations - Answers - Emphasize the need for ongoing scrutiny of business ethics and responsibilities. Ethics Program Components - Answers - Begin with a statement of values forming the basis of the ethics program. Code of Ethics vs. Code of Conduct - Answers - Codes of ethics reflect organizational values, while codes of conduct focus on compliance. Ethics Training and Audits - Answers - Increasingly common, often managed by an ethics officer in larger corporations. Ethics Reporting and Whistleblowing - Answers - Systems established for reporting and whistleblowing, with complex associated issues. Leadership and Program Implementation - Answers - Requires commitment from top management and the board of directors. Approaches to Ethics Programs - Answers - Vary from formal to dialogical, combining compliance-based and values-based components.
Evaluation and Justification of Ethics Programs - Answers - Regular evaluations are necessary, justified on economic and moral grounds. Challenges and Ethical Culture - Answers - Despite best efforts, ethical programs can fail without a robust ethical culture. Legitimacy, Public Responsibility, and Managerial Discretion - Answers - Core elements in discussions of corporate social responsibility. Corporate Giving or Donations - Answers - Involve challenges in fairness and alignment with shareholder interests. Voluntarism and Sponsorship - Answers - Focus on corporate philanthropy through employee efforts and marketing-oriented sponsorships. Community Investment - Answers - A comprehensive approach focusing on significant social investments like those in Indigenous communities. Management Function - Answers - Corporate social responsibility reporting is now a recognized management function. Standards and Verification - Answers - For evaluating corporate performance, often externally verified. Stakeholder Expectations - Answers - CSR reporting is demanded by a wide range of stakeholders. CSR and Profitability - Answers - Generally shows a positive relationship, though methodologies are sometimes contested. Environmental Ethic - Answers - Businesses develop practices aimed at sustainable development in response to environmental concerns. Environmental Issues - Answers - Include acid rain, pollution, and climate change, influencing corporate actions. Government Regulation and ENGOs - Answers - Play roles in enforcing policies and cooperating with businesses on environmental issues. Market-Driven Solutions - Answers - Such as emissions trading and offsets, are considered effective alternatives to government mandates. Corporate Response Management - Answers - Necessary across financial, marketing, human resources, and production sectors.
