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Ethics and Social Responsibility by GlenCoe

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Ethics and Social Responsibility

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Ethics and Social Responsibility by GlenCoe

  1. 1. Business Ethics and Social Responsibility Chapter 4 pp. 52-65
  2. 2. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility Learning ObjectivesLearning Objectives After completing this chapter, you’ll beAfter completing this chapter, you’ll be able to:able to: 1.1. DefineDefine ethics and business ethics. 2.2. GiveGive reasons why ethical behavior is good for business. 3.3. ListList the steps for dealing with an ethical dilemma
  3. 3. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Ethics is the set of moral principles by which people conduct themselves in society - personally, socially, or professionally. Example: stealing, cheating, lying  reflects one’s integrity WHAT IS ETHICS?WHAT IS ETHICS?
  4. 4. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Business ethics is a set of laws about how a business should conduct itself. • To be successful - any business must operate legally and humanely. WHAT IS ETHICS?WHAT IS ETHICS?
  5. 5. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Sweatshops are factories that pay workers poorly, are unhealthy, and treat workers badly. • Sweatshops led to the creation of… LEGAL RESPONSIBILITYLEGAL RESPONSIBILITY
  6. 6. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility …The Occupational Safety and Health Administration (OSHA) • OSHA is a division of the Department of Labor that sets and enforces work-related health and safety rules. LEGAL RESPONSIBILITYLEGAL RESPONSIBILITY
  7. 7. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Other independent agencies protect consumers, monitor broadcast communications, and address discrimination in the workplace LEGAL RESPONSIBILITYLEGAL RESPONSIBILITY
  8. 8. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Most businesses police themselves by distributing codes of ethics. • A code of ethics is a set of strict guidelines for maintaining ethics in the workplace. LEGAL RESPONSIBILITYLEGAL RESPONSIBILITY
  9. 9. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Unethical business practices can affect your business indirectly – come back and haunt you • Violating gov regulations or code of ethics can lead to being fired, losing licenses, jail time ETHICS AS GOOD BUSINESSETHICS AS GOOD BUSINESS
  10. 10. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Amount made in profits from one unhappy customer can = a lot more lost in business because of missed repeat business or bad word-of-mouth Example: Worst place to eat in town? Why? ETHICS AS GOOD BUSINESSETHICS AS GOOD BUSINESS
  11. 11. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Business works best when there is mutual trust between the buyer and the seller. Mutual TrustBUYER SELLER ETHICAL DECISION MAKINGETHICAL DECISION MAKING
  12. 12. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Treating employees unethically can also backfire • Mistreating employees leads to a high turnover rate. This increases the cost of hiring and training new employees. ETHICS AS GOOD BUSINESSETHICS AS GOOD BUSINESS
  13. 13. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility Ethical Decision Making = more business activity and more efficient productions of goods and services! ETHICAL DECISION MAKINGETHICAL DECISION MAKING
  14. 14. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility Steps if you find yourself in an ethical dilemma or situations: 1. Identify the ethical dilemma 2. Discover alternative actions 3. Decide who might be affected 4. List the probable effects of the alternatives 5. Select the best alternative MAKING ETHICAL DECISIONSMAKING ETHICAL DECISIONS
  15. 15. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility Graphic OrganizerIMPORTANT ETHICAL QUESTIONSIMPORTANT ETHICAL QUESTIONS Does it violate the law or policies?Does it violate the law or policies? ETHICAL DECISIONETHICAL DECISION Would this sacrifice long-termWould this sacrifice long-term benefits for short-term gain?benefits for short-term gain? What if everyone did this, but it’s bad?What if everyone did this, but it’s bad? UNETHICALUNETHICAL NO NO NO YES YES YES MAY BEMAY BE UNETHICALUNETHICAL UNETHICALUNETHICAL
  16. 16. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • HOMEWORK – Rd. Pgs. 59-63 – Questions 1-3 on Pg. 63
  17. 17. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility Example: Downloading music on KAZAA or MyNapster? How is this “fair” to the artists? How do they make money and keep making albums? IMPORTANT ETHICAL QUESITIONSIMPORTANT ETHICAL QUESITIONS
  18. 18. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility Learning ObjectivesLearning Objectives After completing this chapter, you’ll beAfter completing this chapter, you’ll be able to:able to: 1. Define1. Define social responsibility. 2. Describe2. Describe the social responsibilities businesses have to society.
  19. 19. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility Social responsibility is the duty to do what is best for the good of society. • Provide safe products • Create jobs • Protect the environment (recycling) • Contribute to the standard of living in society SOCIAL RESPONSIBILITYSOCIAL RESPONSIBILITY
  20. 20. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility A conflict of interest is when a business is tempted to put profits before social welfare Example: Dumping waste in the middle of nowhere to save on disposal costs, putting oil or other waste in a river so it will just “wash away” SOCIAL RESPONSIBILITYSOCIAL RESPONSIBILITY
  21. 21. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • The Food and Drug Administration (FDA), a government agency, protects consumers from dangerous or falsely advertised products. • Business’s first responsibility is to the customers. RESPONSIBILITY TO CUSTOMERSRESPONSIBILITY TO CUSTOMERS
  22. 22. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility OVER-THE-COUNTER MEDICINE LABEL The FDA governs advertising and labeling of OTC medicines. Why does the FDA feel that regulation of advertising and packaging labels is necessary?
  23. 23. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility CASE STUDYCASE STUDY 1982 Johnson & Johnson • poisoned Tylenol bottles popping up • recalled all bottles, cost - $100 million • made “tamper proof bottles” • Today = best selling pain medicine
  24. 24. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Fair competition = healthy for the marketplace • Some companies use unethical means to eliminate competition Example  conspire with other companies to control the market for a product RESPONSIBILITY TO CUSTOMERSRESPONSIBILITY TO CUSTOMERS
  25. 25. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Businesses have a social responsibility to create jobs • They are expected to provide employees with safe working conditions, equal treatment, and fair pay RESPONSIBILITY TO EMPLOYEESRESPONSIBILITY TO EMPLOYEES
  26. 26. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Equal Pay Act (passed in 1964) requires that men and women be paid the same wages for doing equal work • Americans with Disabilities Act bans discrimination against persons with physical/mental disability RESPONSIBILITY TO EMPLOYEESRESPONSIBILITY TO EMPLOYEES
  27. 27. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • It’s in a company’s best interest to treat its workers fairly otherwise… • low morale • poor productivity • high turnover rate …will result RESPONSIBILITY TO EMPLOYEESRESPONSIBILITY TO EMPLOYEES
  28. 28. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • Businesses also have responsibilities to society as a whole • Many businesses plan for their social responsibilities just like planning for production or sale of their products RESPONSIBILITY TO SOCIETYRESPONSIBILITY TO SOCIETY
  29. 29. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility RESPONSIBILITY TO SOCIETYRESPONSIBILITY TO SOCIETY • Environmental Protection Agency (EPA, created 1970 by U.S. Gov) is a federal agency that enforces rules that protect the environment and control pollution
  30. 30. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility RESPONSIBILITY TO SOCIETYRESPONSIBILITY TO SOCIETY • Environmentally friendly things to do: • Use biodegradable materials • recycle, use recycled products • soy based ink • Eco-cars • Better PUBLIC RELATIONS by being environmentally aware
  31. 31. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility RESPONSIBILITY TORESPONSIBILITY TO CREDITORS & OWNERSCREDITORS & OWNERS • Many companies have kept inaccurate accounting records • This effects both creditors and stockholders •Sarbanes-Oxley Act holds CEO accountable
  32. 32. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility • HOMEWORK • Key Points Review –Questions 2-5.
  33. 33. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility How often do you help the environment? What do you do? Source: The NPD Group Things you do personally to be Environmentally Friendly
  34. 34. ChapterChapter 44 Introduction to Business, Business Ethics and Social Responsibility QUESTIONS?QUESTIONS? • QUIZ NEXT CLASS – 20 pts (18 ?’s) • T/F, Multiple Choice, Matching • 1 Short Answer Question • NOT Scantron, can use pen
  35. 35. End of Chapter 4Business Ethics and Social Responsibility

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