An economic system based on the private ownership of how things are made and sold, in which businesses complete freely with each other to make profits
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Define Shareholder
a person who has invested money in a business in return for a share of the profits
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Define corporate social responsibility
a sense that businesses have wider responsibilities than simply to their shareholder, including the communities they live and work in and to the environment
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Define whistle-blowing
When an employee discloses wrongdoing to the employer or the public
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Define globalisiation
the integration of economies, industries, markets, cultures and policy making around the world
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Define stakeholder
a person who is affected by or involved in some form of relationship with a business
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Define consumerism
A set of social beliefs that put a high value on acquiring material things
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What did Friedman say about social responsibility ?
He said that the idea that businesses have social responsibilities to improve their workers lives or help communities they operate in.
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What did Friedman say about socialism?
This is a form of socialism, a social system which made capitalism less effective and restricted the rights
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Other cards in this set
Card 2
Front
Define Shareholder
Back
a person who has invested money in a business in return for a share of the profits
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