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ADM1301- Final Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)


Department
Administration
Course Code
ADM 1301
Professor
John Palmer
Study Guide
Final

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UOttawa
ADM1301
FINAL EXAM
STUDY GUIDE

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Chapter 1
Ethics of Business
Key Terms
Integrity - the appropriateness of a corporation's behavior and its adherence to moral guidelines
acceptable to society. Ex. Honesty, fairness and justice
Ethics of Business - the rules, standards, codes, or principles that provide guidance for morally
appropriate behavior in managerial decision making relating to the operation of the business
enterprise's and business's relationship with society
Stakeholder - an individual or group who can influence and/or is influenced by the achievement of
an organization's purpose
Corporate Social Responsibility (CSR) - the way a corporation achieves a balance among its
economic, social, and environmental responsibilities in its operations so as to address stakeholder's
expectations
Corporate sustainability (CS) - corporate activities demonstrating the inclusion of social and
environmental as well as economic responsibilities in business operations as they impact all
stakeholders to ensure the long-term survival of the corporation
Triple-E Bottom Line - the evaluation of corporation's performance according to a summary of the
economic, social or ethical and environmental value the corporation adds or destroys
Triple-P Bottom Line - an evaluation of the corporation's performance according to people, planet
and profits
Corporate Citizenship - 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 - a business undertaking the responds to social, ethical, and environmental
responsibilities in addition to economic obligations.
Deontological Ethics - an approach to ethics that determines goodness or rightness from examining
the acts, rather then the consequences of the acts
Teleological Ethics - an approach to ethics that focuses on outcomes, or results of actions
Virtue Ethics - an approach to ethics that emphasizes the individual's character or identity and
focuses on being instead of doing
Economic System - an arrangement using land, labor and capital to produce, distribute and exchange
goods and services to meet the needs and wants of people in society
Free Enterprise System/Private Enterprise System) - ownership of private property by individuals
and enterprises, the profit motive, a competitive market system, and a limited involvement by
government
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Responsible Enterprise System - free enterprise system but incorporating the elements of
accountability
Capitalism - private ownership of the means of production and assumes that economic decisions
making is in the hands of individuals or enterprises who make decisions expecting to earn profit
Laissez-Faire Capitalism - absolute minimum interference by government in affairs of business
Stakeholder Capitalism - corporations accept broader obligations beyond financial ones for
shareholder
Clean Capitalism - capitalism with social responsibilities
Factors Influencing Attitudes toward Businesses
Standard of living
Allocation of resources
Business wrongdoing
Innovation
Self-interest
Inequities in society
Globalization
The media
Decentralized decision making
Business cycle
Unemployment
Government
Three Stakeholders Responsible for the Operations in a Business
Owner (Two types of owners)
o Direct Owners - shareholders/investors and entrepreneurs
o Indirect Owners - occurs when consumers invest in mutual funds, or when employees
contribute to pension plans
Boards of Directors
Owners are represented by a board of directors. The board members are elected by
shareholders, which is the direct owners
Managers
Society's Permission for businesses
Businesses must receive some form of permission to society by:
Legitimacy - the belief in the rightness of an institution
Social License - the privilege of operating in society with minimal formalized restrictions
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