Business Ethics Flashcards

principles and moral guidelines that govern the behaviour and DM process of indiv and orgs

1
Q

Integrity

A

Upholding honesty and truthfulness in all business dealings, including communication, financial transactions and relationships

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2
Q

Fairness

A

Treating all stakeholders fairly and without discrimination. This includes fair wages, pricing and competition

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3
Q

Respect for Stakeholders

A

Recognising and respecting the interests, rights and well-being of all stakeholders, such as customers, employees, suppliers and the community

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4
Q

Transparency

A

Providing clear and accurate information about business activities, performance and decision-making processes. Transparency builds trust and fosters accountability

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5
Q

Compliance with local Laws and Regulations

A

Operating within the legal framework and adhering to industry regulations and standards. Ethical behaviour goes beyond mere compliance and considers the spirit of the law

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6
Q

Corporate Social Responsibility

A

Taking responsibility for the impact of business activities on the environment, society and communities. This involves contributing positively to social and environmental causes.

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7
Q

Conflicts of Interest

A

Avoiding situations where personal interests could conflict with the interests of the business or its stakeholders. This includes disclosing and managing potential conflicts

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8
Q

Accountability

A

Taking responsibility for one’s actions and the consequences of the business decisions. This includes learning from mistakes and continuously improving ethical practices.

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