Business Studies · Ch 6 — Social Responsibilities of Business and Business Ethics

Key Terms

Social responsibility — a business's obligation to take decisions and actions desirable in terms of the objectives and values of society, beyond mere legal compliance.
Legal responsibility — a business's duty to operate within the laws of the land.
Ethics — the body of moral values distinguishing right from wrong in human behaviour, as approved by society.
Business ethics — the socially determined moral principles that should govern business activities.
Code of ethics — a written document defining the principles of conduct for a whole organisation.
Environment — the totality of a person's surroundings, both natural and man-made, that serve as resources for human life.
Environmental protection — steps taken to preserve and improve the quality of the environment, chiefly by controlling pollution.
Pollution — the injection of harmful substances (pollutants) into the environment beyond its capacity to assimilate them.
Air pollution — lowering of air quality, mainly from vehicle emissions (carbon monoxide) and industrial smoke and chemicals.
Water pollution — contamination of rivers, streams and lakes, primarily from chemical and waste dumping. …