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ADM1301 Study Sheet.docx

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Department
Administration
Course
ADM1301
Professor
All Professors
Semester
Spring

Description
ADM1301StudySheetWeek1Chapter1Chapter1TheRelationshipbetweenBusinessandSocietyIntegrity the appropriateness of a corporations behaviour and its adherence to moral guidelines acceptable to society honesty fairness justiceCorporate Social Responsibility CSR the balance between economic social and environmental responsibilitiesMain Approaches to Ethical ThinkingDeontological Actions are ethical if done for the sake of good without regard for the consequences Doing the right thing even if consequences of another action are preferableTeleological focussed on outcomes and results of actions Decisions are considered good if the end result is goodVirtue Ethics emphasizes character identity of the individual and focuses on being rather than doing is based on morality Good develops charactergood virtueethical actions Acknowledges that absolute rules are unlikely to apply in all situationsThe Canadian Business SystemEconomic SystemUse of land labour and capital to produce distribute and exchange goodsservices and to meet societys needsCapitalismAllows for private ownership of the means of production It is economic decision making in the hands of individuals or enterprises Freeenterprise system ownership of private property by individuals and enterprises Profit is the motive and there is limited government interferenceLaissezfaire capitalism absolute minimum interference by governmentStakeholder capitalismacceptance of obligations beyond financial and interest of the community at large stakeholders and not just making money for shareholders Fits the idea of Social ResponsibilityThe Corporation and the Business SystemOwners of a business take all the responsibility for success or failureIncorporation proprietorshippartnershipThe association of individuals coming together for some purpose is fundamentalState within a state a right and a privilegeThe People Who Run Canadian BusinessOwners Direct shareholders investor entrepreneur shareholders of corporations in other corporationsIndirect consumer investment in mutual funds employee contribution to pension plansBoard of DirectorsRepresents the owners manage business and affairs of a corporation cooperative governanceMain tasks includingoSelection evaluation termination of top managementoAnnual corporatefinancial reportoStrategic planningoRepresentation of shareholders in decision makingoFulfilment of legal requirements of a corporationMaintain ethics and oversee social and environmental responsibilitiesManagersOversee operations of a corporation cope with large scale change manage relationships with stake holders and posses knowledge of ethics of businessIntegrity and managing relationships Development of trust and credibility Behaviour is likely to reflect standards of morality existing in society Societys attitude towards business is affected by many variables including standard of living a wide variety of goods and services available self interest the media etc Resulting criticisms include corporate crimes mistreatment of customers excessively high profits and government giving business too much power When corporations behave like monopolies society becomes concerned Attitudes toward business and criticisms of it present challenges to its legitimacy as an economic system
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