Understand responsible actions for conducting business. 1

Guidelines for responsible business conduct addresses the following questions: ◦ Is the action illegal? ◦ Does the action violate professional or company standards? ◦ Who is affected by the action and how? 2

 Socially responsible practices of businesses include practices that positively impact communities.  Common social responsibilities addressed: − Environmental protection − Workplace diversity − Job safety − Employee wellness 3

◦ Conserve natural resources ◦ Minimizing pollution of air and water  Environmental Protection Agency (EPA) enforces and provides standards for air and water quality. 4

 Workplace Diversity  Employees represent a variety of groups including women, ethnic groups, physically challenged, and older workers.  The American with Disabilities Act (ADA)  The Age Discrimination in Employment Act  The Equal Employment Opportunity Commission (EECOC) 5

 What is job safety? ◦ Ensuring work environments are risk-free of accidents.  Occupational Safety and Health Administration (OSHA) 6

 Why would a company offer employee wellness programs? ◦ Maintain a healthy workforce.  Stop-smoking seminars  Counseling for employees with drug problems  Weight-loss counseling. 7

 Enhanced company image.  Reduced need for government actions.  Improved quality of life in a community and around the world. 8

 Go to the Company that you presented.  What are they doing to be Socially Responsible?  What advantage are the getting from each of their programs? 9

 What is a contract? ◦ An agreement between two parties to exchange goods or services for something of value, usually money.  What are the elements of a contract? ◦ Agreement ◦ Competent parties ◦ Consideration ◦ Legality 10

 Intellectual property protected by the government are: ◦ Patents (Make or Use) ◦ Copyrights (Mickey Mouse Rule) ◦ Trademarks (Words / Symbols) 11

Consumer Bill of Rights and Government Regulation 12

 The Right to Be Informed ◦ Consumers have the right to be informed of what a product is and its functions.  The Right to Safety ◦ Consumers have the right to be protected from harm while using a product or service. 13

 The Right to Choose ◦ Consumers have the right to choose what to buy among a variety of products and services.  The Right to Be Heard ◦ Consumers have the right to talk with businesses about products or services they offer. Consumers may share their comments, complaints, concerns, or questions. 14

 The Right to a Remedy ◦ Consumers are assured that they can seek legal remedy when they encounter a problem or defective product.  What is the difference between an express and an implied warranty? ◦ An express warranty is a verbal promise ◦ An implied warranty may not be verbally communicated but is understood to apply 15

 The Right to Consumer Education ◦ Consumers have the right to be informed about how their purchasing decisions impact them personally and the economy.  The Right to Service ◦ Consumers have the right to receive goods and services at the promised level by companies. 16

 Why does the government regulate utility companies? ◦ Utility companies are usually a monopoly in the area it serves.  How does the government prevent unfair business practices? ◦ Antitrust laws encourage competition and fairness among businesses and avoid monopolies. 17