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3.4: Key Terms

  • Page ID
    50766
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    anchoring strategies
    in the ethical context, the process of making ethics a foundation (anchor) of your business so that decision makers act keeping in mind key ethical considerations
    antitrust laws
    prevent companies from abusing position or power in the market through exclusion or limitation of competitor access to the market
    business ethics
    conduct by which companies and their agents abide by the law and respect the rights of their stakeholders, particularly their customers, clients, employees, and the surrounding community and environment
    conflict of interest
    when an individual or organization has interests in multiple areas that come into conflict with each other
    copyright
    grants the creator of a work the exclusive right to reproduce the work, typically for a specified period of time
    corporate social responsibility (CSR)
    practice in which a business views itself within a broader context, as a member of society with certain implicit social obligations and responsibility for its own effects on environmental and social well-being
    design patent
    protects product design
    disclosure
    sharing the needed facts and details about a subject in a transparent and truthful way
    diversity
    inclusion of many types of employees, regardless of differences (race, religion, gender, disability, LGTBQ, socioeconomic, cultural)
    environmental entrepreneurship
    entrepreneurial ventures focused on identifying an environmental problem and creating a product or process to solve that problem
    ethics
    standards of behavior to which we hold ourselves in our personal and professional lives
    fairness
    impartial, unbiased compliance with rules and standards of what is right, just, and equitable
    integrity
    adherence to a code of moral values implying trustworthiness and incorruptibility because there is unity between what we say and what we do
    intellectual property
    legally protected result of creative work to turn a unique idea into a product or service
    prejudice
    way of thinking about or treating employees in a manner that favors or hinders one person or group over another, usually in a way considered to be unfair
    social entrepreneurship
    entrepreneurial ventures focused on identifying a societal problem and creating a product or process to solve that problem
    sustainability
    practice of preserving resources and operating in a way that is ecologically responsible in the long term
    trade secret
    proprietary information, processes, or other internal knowledge that contribute to an organization’s competitive edge in a market
    trademark
    registration that provides the owner the ability to use a name, symbol, jingle, or character in conjunction with a specific product or service, and prevents others from using those same symbols to sell their products
    truthfulness
    underlying facts, reality, and evidence on a matter
    utility patent
    protects product ideas

    3.4: Key Terms is shared under a CC BY license and was authored, remixed, and/or curated by LibreTexts.

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