Business and Ethics (3.4.4)

Question 1

What does ethics mean?

Answer 1

Moral principles and standards the guide the behavior of a person or a business. What may be unethical may not be illegal. e.g. businesses feed consumption habits that are seriously damaging earth.

Question 2

What does Sustainability mean?

Answer 2

Acting to ensure that natural resources are used responsibly, to protect the environment for future generations

Question 3

Why is there a trade off between ethics and profit? Who will be unhappy?

Answer 3

Acting ethically will increase your costs and so firm will make less profit which causes shareholders to be unhappy

Question 4

What is a trade off?

Answer 4

A balance between two different or opposing objectives, such as making a profit or spending cash on ethical activities that will enhance the business reputation

Question 5

What are some Trade Offs?

Answer 5

-Higher Wages
-Health and Safety
-Fairtrade
-Packaging
-Fuel
-Transportation

Question 6

What are some examples of environmental damage?

Answer 6

-Palm oil and deforestation
-Seafood and Over-fishing
-Beef and Over-farming
-Plastic and pollution

Question 7

What are examples of a firm acting unethically?

Answer 7

Amazon-mining of raw materials
Nestle-Large amount of packaging
BP-Oil spills

Question 8

What is a pressure group?

Answer 8

A group of people or organization with the aim of influencing public opinion or the policies of the governments or business or a particular cause