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ADM1301 Textbook Readings Notes.docx

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Chapter 1 Book NotesCanadian society contains many different institution ex governments unions consumers which all have roles to play and all influence decisionmaking within a businessNot many things about business ethics are clearcut right and wrongIntegrityhow appropriate a business is in adhering to ethical guidelines accepted by society ex honesty justice equality etcStakeholderan individual or group who can influenceis influenced by an organizations achievement of purposeMacroenvironmentthe major external uncontrollable factors that influence decision making within an organization and affect its performance and strategiesCorporate Social Responsibility CSRthe way a corporation balances its ethical responsibilities so as to address stakeholders expectations corporate selfregulationCorporate Sustainability CScorporate activitiesevents that demonstrate their obedience to their social economic and environmental responsibilities business practicesTriple Bottom Line 3EThe evaluation of the ethical economic and environmental value that a corporation adds or destroysCorporate Citizenshipwhen a corporation demonstrates that it takes into account its role in society the environment and its economic influence corporation is a citizen so it should act accordingly like a citizenNo ethics are unique to business only how they are appliedResponsible Corporationbusiness undertaking that responds to social ethical and environmental responsibilities and economic obligationsDeontological Ethicsethical approach determining goodness based on acts rather than consequences from the acts goodness comes from fulfilling ones dutyTeleological Ethicsethical approach focusing on outcomes of actions decision is good if end results are goodVirtue EthicsEmphasizes individuals character focuses on being instead of doingSee textbook for detailed overview of three types of ethicsEthical dilemmas often exist between choosing what is believed to be two rights or two wrongsThe Canadian business system produces markets distributes and exchanges good and services to satisfy the requests and demands of societyEconomic Systemarrangement using land labour and capital to produce distribute and exchange goodsservices to meet societys needs and wants objective is to use societys resources to meet societys needsTypes of Economic SystemsCapitalismeconomic system that allows for private ownership of production means land etc and assumes decision making is left to those who make decisions expecting to earn a profit Also decentralizes decisionmakingFree Enterprise systemeconomic system characterized by ownership of private property by individualsenterprises the profit motive competitive markets and limited government involvementLaissezfaire systemeconomic system involving minimal government involvement but incorporates accountabilityStakeholder capitalismeconomic system where corporations accept broader obligations beyond financial ones for shareholders Must behave with greater social responsibilityCanada has a capitalist system which yields high productivity but leaves room for bad ethics within organizationsPublic sectorgovernment provides services to society OC Transpo insurance healthcare etcNonprofit sectorex cooperatives charities social enterprisesThe corporation is the main economic institution in Canadas current business systemCorporations are separate legal entities ex you can sue a corporationSocial responsibility imposes obligations on corporations to function for the benefit of society as well as investors stakeholders creditors employees and customersThree stakeholders are primarily responsible for operation of Canadian business owners boards of directors and managers All have moral influenceOwners can be direct or indirectDirectshareholders investors and entrepreneursIndirectinvestors in mutual funds employees contributing to pension plansOwners are represented by a board of directors and thus are concerned with shareholders interests especially return on investmentBoards of directors must select and evaluate top management provide financial statements to shareholders direct and evaluate strategic planning and represent the shareholdersManagers must direct corporate affairs and be able to cope with largescale changesFactors Influencing Attitudes Towards BusinessStandard of livinghigherbusiness regarded more positivelyDecentralized decision makingbusiness make decisions independently of each otherAllocation of resourcesallocation based on price and availability of resources
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