Ethics Flashcards
It refers to the principles and values that guide the behavior of individuals and
organizations in the business world.
Business ethics
It means to know right from wrong and to know when you’re practicing one instead of
the other
ethics
It is the application of ethical behavior in a business context
business ethics
It forces you to clarify your own values and principles
writing a code of ethics
It provides some protection against claims of unfairness.
writing a code of ethics
Why is business ethics important?
Better decision-making
Build credibility
Build trust
The world’s most successful investor that prioritizes personal integrity over anything else
for a new hire.
Warren Buffet
It communicates what kind of person you are in how you treat yourself and others
Personal Integrity
This is to help us prepare ourselves to have the key knowledge in learning how to
recognize and deal with the ethical challenges that we may encounter as we walk through
our own venture
Business ethics
These are situations that involve conflicts or controversies over what is and is not the
right thing to do.
Ethical issues
One of the ethical issues that occurs when individuals must choose between taking
actions that promote their personal interests over the interest of others.
Conflicts of interest
An ethical issue that occurs when our decision-making is being influenced by an
affiliation with an individual or organization
Conflicts of loyalty
An act of a man or a woman who, believing in the public interest overrides the interest of
the organization. he serves, publicly blows the whistle if the organization is involved in
corrupt, illegal, fraudulent, or harmful activity
Whistleblowing
It is essential to know and understand to maintain honesty and integrity in a business
environment
Personal integrity
It involves being open, honest, and forthcoming in all your communications with
colleagues and clients
Transparency
It refers to the moral principles that guide our behavior and decision-making in the
workplace
ethical standards
It involves taking ownership of your actions and decisions, and being responsible for the
consequences that follow.
accountability
It is the concept that businesses should be accountable not just to their shareholders but
also to their stakeholders.
corporate social responsibility
It refers to the voluntary actions taken by a company to improve its social and
environmental impact beyond what is required by law
corporate social responsibility
Why is Corporate Social Responsibility important?
Build strong reputation
Help attract employees
Manage risk
The right thing to do
Involves finding justifications or excuses for engaging in unethical behavior, often to
alleviate guilt or preserve self-image
Rationalization
Actions that are against social norms or acts that are considered unacceptable to the
public
unethical behavior
Increasing interconnectedness and interdependence among countries and economies
globalization
Impact of Globalization
expand market reach
