Firms Must Be Aware of Goals Other Than Short-Term Profit

question 104

Multiple Choice

Firms must be aware of goals other than short-term profit maximization.One area of concern should be social responsibility,which is the

• A) expectation that business will strive to improve the overall welfare of society.
• B) idea that organizations are solely responsible to local citizens.
• C) fact that court costs could impact the financial bottom line.
• D) idea that businesses are responsible for maintaining a healthy social climate for their employees.

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Definitions:

Second-Order Operations

In cognitive development, refers to more complex processes where individuals can think about their own thoughts or reflect on the operation of thought itself.

Abstract Qualities

Attributes or concepts that are not tangible or concrete, such as ideas, values, and emotions, and require a level of abstract thinking to understand.

Objective Theory of Knowledge

A perspective in epistemology that suggests knowledge is based on objective facts, independent of individual perceptions or beliefs.

Evaluativist Theory

A perspective in cognitive development that emphasizes the role of evaluation in understanding and interpreting information or beliefs.