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Question 1

What is Business Ethics?

Answer 1

The Study of situations, activities and decisions where issues of right and wrong are addressed.

Question 2

What is the Thoughtprocess of business ethics?

Answer 2

Morality
--- rationalizes
Ethics
--- produces
Ethical theory
--- can be applied to any given situation
Potential Solutions to ethical problems

Question 3

What is the relationship between economy, (business) ethics and law?

Answer 3

Key ethical challenges lie in the grey area of these compounds, where the law ends and no definite consensus of right or wrong is in place.

Question 4

Whats an ethical dilemma?

Answer 4

Values in conflict with themselfs.

Through a prism of ethical theories one can develope a variety of normaitve considerations to solve the ethical dilemma.

Question 5

What is Morality?

Answer 5

It is concerned with norms, values ans beliefs embedded in social processes which define right or wrongs for individuals and / or a community.

Question 6

Are ethics important for business and if so, why?

Answer 6

Pro:

• businesses have big impact on societies through power and influence, which sould makes them carry responsibility for it.
• Malpracitce can cause harm to society, the environment or individuals.
• Stakeholder demand more ethical behaivor from companys

Con:

• Friedmann: Only humans are responsible for their actions
• managers are responsible to act in interes of shareholders exclusively
• Social Issues should be dealt with by states not businesses

Question 7

Was is CSR?

Answer 7

It means Corporate Social Responsibility - which is the concept of taking responsibility as a busines for ethical, environmental and human rights concern.

Question 8

Why is CSR practiced by businesses?

Answer 8

There are Business reasons:

• Enhance long term revenues through happy stakeholders and employees (which has potetical to mx prifts = happy shareholders as well)
• Maintaining license to operate: befor the law dictades strikter rules, they voluntarily commit to
• Reduce costs by saving energy f.e.

There are moral reasons:

• Power argument: because they should be
• Dependency argument: Business rely on stakeholders in the long run
• Externalities argument: They should act whren the goverment isnt to be ethical

Question 9

What is TBL?

Answer 9

Triple bottom line or People / Planet / Profit

Is a concept that is used in most sustainability reports and seaks
to make companies aware of environmental and social values they add or destroy in the world.

Question 10

Name three Key topics related to Business Ethics in companies

Answer 10

Fair Trade
Diversity
Sustainability