MGMT 1040 Lecture Notes - Lecture 1: Corporate Social Responsibility, Corporate Sustainability, Economic System
14 Mar 2018
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Document Summary
Ethics of business-study of proper business policies and practices regarding potentially controversial issues. Stakeholder- a person with an interest or concern in something, especially a business. Corporate social responsibility- a form ofcorporate self-regulation integrated into a business model. Triple bottom line- is an accounting framework with three parts: social, environmental (or ecological) and financial. Corporate citizenship- a form ofcorporate self-regulation integrated into a business model. Economic system- a system of production and exchange of goods and services as well as allocation of resources in a society. Capitalism- an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations. Free enterprise system- an economic system where few restrictions are placed on business activities and ownership. Laissez-faire capitalism- the government leaves the people alone regarding all economic activities. It is the separation of economy and state.
