3.4.4 Business Ethics

Question 1

Is Ethics subjective or objective?

Answer 1

Subjective to an extent

Question 2

What is a trade-off?

Answer 2

A trade-off is when one decision results in the loss of an alternative outcome, for each decision made there may be multiple trade-offs

Question 3

What are some ethical questions about workers rights?

Answer 3

Is it ethical to pay just the living wage?

Should London businesses pay above the living wage?

Question 4

What are Corporate Social Responsibilities?

Answer 4

continuing commitment by business to behave ethically and contribute to economic developments while improving the quality of life of the workforce and their families as well as of the local community and society at large

Question 5

What is oppertunity cost?

Answer 5

The best forgone alternative

Question 6

Remuneration of leaders can be seen as _______________________________ _________ ___________?

Answer 6

unethical if considered too high and disproportional to the success of the business or treatment of workers

Question 7

What is an example of one mesure of CSR?

Answer 7

A business willing to accept responsibility above and beyond its legal duty

Question 8

What are some Financial benefits of CSR?

Answer 8

Ability to attract investments
Avoid fines
Bad PR

Question 9

What are some HR benefits of CSR?

Answer 9

Retention of staff

Higer motivation of staff

Question 10

What are some Marketing Benefits of CSR?

Answer 10

Customer Loyalty
USP
Positive PR
Regognision from external bodies

Question 11

What are some Operational benefits of CSR?

Answer 11

Lower production costs

Positive relatonship with suppliers

Question 12

What are some drawbacks for CSR?

Answer 12

Expensive
Product safty csosts
Extra staff in charge of CSR
Less shareholder returns
Oppertunity Cost (Time spent, day day to functions)