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1.02 Ethics & Social Responsiblilties

AB
Business EthicsA collection of principles and rules that define correct and incorrect behavior/conduct for a member of an organization.
Sherman Act of 1890Insures that companies remain able to compete fairly and makes it illegal for companies to monopolize trade.
Clayton Act of 1914Makes it illegal to charge different prices to different wholesale customers.
Robinson-Patman Act of 1936Amended portion of the Clayton Act dealing with the pricing of goods and prevents price discrimination—setting different prices for different customers.
Wheeler-Lea Act of 1938Passed to strengthen earlier laws outlawing unfair methods of competition.
Federal Food, Drug, and Cosmetic Act of 1938Bans the sale of impure, improperly labeled, falsely guaranteed, and unhealthful foods, drugs, and cosmetics.
Consumer Product Safety Commission 1972Establishes minimum product safety standards on consumer products.
Truth in Lending Act of 1968Creditors are required to let consumers know how much being paid in finance charges and interest.
Equal Credit Opportunity Act of 1975Illegal for business to deny credit because of age, sex, marital status, race, national origin, religion, or public assistance
Fair Credit Reporting ActGives cardholders right to see their credit agency reports and to correct errors.
Fair Debt Collection Practices ActForbids debt collectors to use abusive, deceptive, or unfair collection methods.
The National Environmental Policy Act of 1969Created the Environmental Protection Agency (EPA) whose mission is to protect human health and safeguard the air, water, and land.
Clean Air Act of 1970Comprehensive federal law that regulates air emissions and original act set maximum air pollution standards for each of the 50 states.
Toxic Substances Control Act of 1976Enacted to give EPA the ability to track the 75,000 industrial chemicals currently produced in or imported into the U.S.
Clean Water Act of 1977Give EPA authority to set standards on type and quantity of pollutants that industries can put into bodies of water.
CERES Principles (Coalition of Environmentally Responsible Economies)Developed as result of Exxon Valdez accident, which spilled oil along coastal Alaska in 1989.
Equal Employment Opportunity LawCivil Rights Act of 1964, Age Discrimination in Employment Act, Americans with Disabilities Act and Equal Pay Act
Occupational Safety and Health LawsEnforced by Occupational Safety and Health Administration (OSHA) and Sets standards for keeping workplaces clean and free of hazards.
Fair Labor Standards Act (Wage-Hour Laws)Sets minimum wage, Sets number of hours employees can work in a week without overtime pay and prohibits companies from employing children under the age of 14.
Benefit LawsSocial Security Act, Employment Retirement Income Security Act (ERISA), Unemployment Insurance, Workers’ Compensation and Family and Medical Leave Act (FMLA).
Labor Relations LawsEnacted by Congress to protect groups of employees and National Labor Relations Act (NLRA). It includes organizing a union, collective bargaining and striking.


Business Education Teacher
Albert Einstein High School
Kensington, MD

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