Business Ethics

Question 1

What is the definition of ethics?

Answer 1

Moral principles that govern a person’s behaviour or the conducting of an activit

Question 2

What are ethical decisions?

Answer 2

Businesses want to appear to be doing “the right thing” but this is not always possible if they wish to make a profit

Question 3

What are shareholders?

Answer 3

Shareholders are interested in the profit performance of the business and any potential dividend payout from it

Question 4

What are stakeholders?

Answer 4

Stakeholders are interested in the way that suppliers of materials and components to the business are treated – for example; fair wages and good working conditions

Question 5

What is CRS?

Answer 5

Corporate Social Responsibility is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders

Question 6

What are 2 examples of CSR?

Answer 6

-Positive links with community
-Ethical trading policies

Question 7

What are the Advantages of a CSR?

Answer 7

-happy customers
-happy staff
Happy investors
-happy community

Question 8

What are the Disadvantages of a CSR approach?

Answer 8

Many business writers speculate that CSR is the latest fad and soon consumers will tire of it and move on to something else