The Stakeholder Approach to Business, Society, and Ethics
Refers to the ability or capacity of the stakeholder(s) to produce an effect—to get something done that otherwise may not be done.
What is: Power
It embraces software technologies that make a computer or robot perform equal to or better than normal human computational ability in terms of accuracy, capacity, and speed.
What is: Artificial Intelligence
Exists in a market where the economies of scale are so great that the largest firm has the lowest costs and thus is able to drive out its competitors. Such a firm can supply the entire market more efficiently and cheaply than can several smaller firms.
What is: A natural monopoly
Latin for “let the seller beware,” meaning that businesses are held responsible for all products they are selling on the market.
What is: Caveat Emptor
The presence of harmful or poisonous substances in the air.
What is: Air pollution
An interest in or a share in an undertaking.
What is: A Stake
Identification tags that Web sites drop on our personal computer hard drives so they can recognize repeat visitors the next time we visit their Web sites.
What are: Cookies
Costs that are difficult to attribute to the creation of a good or service, such as administrative expenses.
What are: Induced Costs
Latin for “let the seller beware,” meaning that businesses are held responsible for all products they are selling on the market.
What is Caveat Vendor
A mixture of wet and dry deposition (deposited material) from the atmosphere containing higher than normal amounts of nitric and sulfuric acids.
What is: Acid Rain
Embraces the beliefs, values, and practices that organizations have developed for addressing stakeholder issues and relationships.
What is: Stakeholder Culture
Occurs when the speed of technological change far exceeds that of ethical development.
What is: Ethical Lag
Costs that can be attributed to the creation of a good or service.
What are: Direct costs
A combined quality management approach focused on removing waste.
What is: Lean Six Sigma
The destruction of land and forests, which adds to soil erosion problems and is a major cause of the greenhouse effect.
What is Deforestation
It refers to the degree to which the stakeholder’s claim on the business calls for the business’s immediate attention or response. Urgency may imply that something is critical—it really needs to get done.
What is: Urgency
An attempt to obtain financial or other confidential, personal information from internet users, typically by way of an e-mail that looks like it is from a legitimate organization.
What is: Phishing
When the government, usually temporarily, controls a private corporation, usually as a result of misconduct or an inability to handle business affairs.
What is a conservatorship
Proposed changes in the civil justice system that aim to reduce the ability of victims may sue the wrongdoer for damages.
What is: Tort Reform
Nonrenewable energy sources, such as coal, oil, and natural gas, were formed millions of years ago under unique conditions of temperature, pressure, and biological phenomena.
What are fossil fuels
A chart of a firm’s stakeholders.
What is: Stakeholder Map
The totality of the means employed to provide objects necessary for human sustenance and comfort.
What is: Technology
Refers to the process of changing a public organization to private control or ownership.
What is: Privatization
Holds that anyone in the value chain of a product is liable for harm caused to the user if the product as sold was unreasonably dangerous because of its defective condition.
What is: Doctrine of Strict Liability
A 1963 United States law passed to control air pollution on a national level.
What is: Clean Air Act