BSNS111 (Business and Society) - Exam Revision Questions And Correct Answers.
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Course
BSNS111
Institution
BSNS111
BSNS111 (Business and Society) - Exam Revision Questions And Correct Answers.
What are the major themes in BSNS111?
- Pluralistic Society
- Shareholder vs economic, social, environmental wealth
- Ethics
- Sustainability
- Corporate Social Responsibility (CSR)
- Stakeholder management
- In...
BSNS111 (Business and Society) - Exam
Revision Questions And Correct Answers.
What are the major themes in BSNS111?
- Pluralistic Society
- Shareholder vs economic, social, environmental wealth
- Ethics
- Sustainability
- Corporate Social Responsibility (CSR)
- Stakeholder management
- Interdependent nature of Business/Industry and Society
What is corporate social responsibility? (CSR)
The belief that organisations and businesses should maximise their positive impacts
while minimising their harmful ones.
- give back to the community, take part in philanthropic causes, and provide positive
social value
What does philanthropic mean?
private initiatives, for the public good, focusing on quality of life
- a person or organisation seeking to promote the welfare of others; generous and
benevolent
What are the three interacting elements between Business, Government and
Society?
1. Ideas
2. Institutions
3. Material things
- land, natural resources, infrastructure and manufactured goods.
What is capitalism?
An economic system based on private property and free enterprise.
- capitalism is assumed to be inevitable
- companies: businesses exist separately from owners
Profit Motive? (Free markets and capitalism)
Crucial assumption about human nature motivated by monetary interests
Competition? (Free markets and capitalism)
makes individual pursuit of self interest beneficial
Private property
Private ownership of the major means of production
Nested/Bullseye model
system of how business and society interacts
- Stakeholder, pluralism and system theory
Pluralism
A theory of government that holds that open, multiple, and competing groups can check
the asserted power by any one group.
- society, system of government, or organisation that has different groups that keep their
identities while existing with other groups or a more dominant group.
, Systems theory
theory that describes the interconnected elements of a system in which a change in one
element affects all of the other elements
Characteristics of an indigenous economy
1. the philosophical space driving economic activity is associated with the respective
Indigenous worldview; and
2. an approach that values 'accumulation of sharing' (equitable distribution of wealth
amongst the community)
Utilitarian
Actions are "Good" if they create a greater balance of pleasure over pain for the
greatest
number. Focus on observable outcomes
- definition: practical
Friedman Doctrine
The business of business is business. There is one & only one social responsibility of
business. To use its resources & engage in activities designed to increase its profits so
long as it stays within the rules of the game, which is to say, engages in open & free
competition without deception or fraud.
The Invisible Hand
If everyone acts in their own shellfish interest, a positive result will result for society
(only justification for free markets)
The Social Contract
A set of understandings that characterise the relationship between two major
institutions.
Philanthropy:
contributions to charity & other worthy causes
Philanthropic responsibilities
are not literal responsibilities they are perceived as
responsibilities as they reflect current expectations of business by the public. It is the
dairy industries philanthropic responsibility to clean up New Zealand.
Conscious Capitalism
To choose a business strategy that aids in the welfare of individuals & the environment
CSR Greenwashing
intentionally seeking to convey the image of a socially responsible firm when their isn't
evidence to support it
Corporate citizenship:
How companies deliver their core values in a way that minimises harm & maximises
benefits and being aware of how you are making your money.
sustainable development
Resource use that meets human needs whilst preserving the environment so that the
needs can be met for future generations
Capitalism
is the economy & the government being controlled by private business owners rather
than the country
Ethnocentrism
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