Ethical And Environmental Considerations

Question 1

Ethics

Answer 1

Refers to whether a business decision is thought to be morally right or wrong.An ethical decision is made on the basis of what is judged to be morally right

Question 2

Profit

Answer 2

Measures the difference between the values of a bussiness’s revenue (sales) and it is total c osts

Question 3

Fair trade products

Answer 3

Are those for which customers pay higher prices and offer better trading terms,such as payments with orders.The aim is to im
prove the living standards of people in poorer countries

Question 4

Social responsibility

Answer 4

Is an approach to managing businesses in which the interests of all groups in society are taken into account when making decisions

Question 5

The environment

Answer 5

Is the natural world in which we live.It is the landscape and its natural features such as the seas,rivers,forests and nountains.

Question 6

External costs

Answer 6

Cist of production arise when a business’s