Business ethics and social responsibility

Question 1

why is it important to understand business ethics and social responsibility

Answer 1

because it makes you informed of you rights as a consumer, an employee and a citizen

Question 2

what is ethics

Answer 2

its a set of moral principles by which people conduct themselves personally, socially or professionally

Question 3

what is business ethics

Answer 3

a set of laws about how a business should conduct itself

Question 4

for any business to be successful how should it operate (2)

Answer 4

legally and humanely

Question 5

what are sweatshops (3)

Answer 5

they are factories that pay workers poorly, are unhealthy and treat workers badly

Question 6

what is the occupational safety and health administration (OSHA)

Answer 6

a division of the department of labor that sets and enforces work related health and safety rules

Question 7

what do other independent agencies do for legal responsibility (3)

Answer 7

-protect consumers
- monitor broadcast communications
-address discrimination in the workplace

Question 8

how do most business police themselves

Answer 8

by distributing code of ethics

Question 9

what is a code of ethics

Answer 9

its a set of strict guidelines for maintaining ethics in the workplace

Question 10

what can unethical business practices do

Answer 10

can affect your business indirectly e.g. the amount you make in profits from one unhappy customer can translate into a lot more lost because of missed repeat business

Question 11

what can treating employees unethically do

Answer 11

can lead to high turnover rate, which increases the cost of hiring and training new employees

Question 12

when considering a questionable course of action what should you ask yourself? (3)

Answer 12

• is it against the law? does it violate company/professional policies?
• what if everyone did this? how would i feel if someone did this to me?
• am i sacrificing long term benefits for short term gains?

Question 13

what can you do if you find yourself in an ethical dilemma (5)

Answer 13

• identify the ethical dilemma
• discover alternative actions
• decide who might be affected
• list the probable effects of the alternatives
• select the best alternative

Question 14

what is social responsibility

Answer 14

it is the duty to do what is best for the good of society

Question 15

what are the ethical obligations of a business (social responsibility) (4)

Answer 15

-provide safe products
-create jobs
-protect the environment
-contribute to the standard of living in society

Question 16

what is a conflict of interest

Answer 16

its when a business is tempted to put profits before social welfare

Question 17

what is the food and drug administration (FDA) (responsibility to consumers)

Answer 17

its a government agency that protects consumers from dangerous or falsely advertised products

Question 18

what does the FDA govern

Answer 18

advertising and labeling of over the counter medicines

Question 19

how do some companies use unethical means eliminate competition

Answer 19

they can conspire with other companies to control the market for a product (responsibility to customers)

Question 20

what is the responsibility of businesses to employees (4)

Answer 20

• have a social responsibility to create jobs
• to provide employees with safe working conditions, equal treatment and fair pay

Question 21

whats the equal pay act (passed in 1964) (responsibility to employees)

Answer 21

it requires that men and women be paid the same wages for doing equal work

Question 22

what is the Americans with disabilities act (responsibility to employees

Answer 22

it bans discrimination against persons with physical or mental disability

Question 23

if company’s dont treat their workers fairly what could happen (3)

Answer 23

• low morale
• poor productivity
• high turnover rate

Question 24

businesses have responsibility to who (3)

Answer 24

-customers
-employees
-society

Question 25

what is one way to show responsibility to society

Answer 25

the U.S. government in 1970 created the environment protection agency (EPA)- which is a federal agency that enforces rules that protect the environment and control pollution