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Business Studies > Ethics > Flashcards

Ethics Flashcards

1
Q

What does the word ethics mean

A

Standards of rights and wrong behavior…. another word used is morality

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2
Q

Definition of ethics

A

Refers to the morals and value systems which govern the behavior and decision making of people of groups

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3
Q

Are everyone’s morals the same

A

No, they differ from cultures to different people and from countries…. so you can never say someone is wrong if it is illegal

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4
Q

How to live in harmony with everyone

A

There must be a specific set of values and morals in place so that everyone knows what is acceptable and not

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5
Q

Why are values important for a business

A

This is because employees all come from different backgrounds and have their own values… therefor it is important to set the standards and make sure they all understand the businesses values. This will create a healthy and safe environment

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6
Q

managing ethics

A

This can be very tricky for a manager, this is why a properly managed workplace is very beneficial to the productive capacity of a business as well as creating an environment which is conductive to good teamwork

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7
Q

Code of ethics

A

Describes the appropriate behavior that s expected from employees in workplace

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8
Q

What does a code of ethics do for a business

A

It defines the values by which the business will operate.. and provides a general set of principals for everyone

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9
Q

The pillars of ethics

A 
There are 6....
Trustworthiness
Respect
Responsible 
Caring
Civic justice and citizenship 
Justice and fairness
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10
Q

How can business approaches the implementation of ethics

A

There are many different approaches, and many business combine them when doing so

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11
Q

The utilitarian approach

A

Focuses on decisions which promote the wellbeing of the society while harming as few people as possible

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12
Q

The rights approach

A

Focuses on peoples rights and treating them with respect and dignity. The business will not impose their mission or products on people

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13
Q

The justice approach

A

The is focuses on treating all humans fairly regardless of their color or race, class, position, religion or culture… this respects peoples rights to be treated fairly

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14
Q

The common good approach

A

This focuses on ensuring the businesses values and ethical principals are in Linde with the society in which it operates… it recognizes that morals and values vary from area to area and from culture to culture

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15
Q

The virtue approach

A

This focuses on ethical principals that should be upheld in society sometimes these principals are not being practiced and they need to be brought into society to benefit all. This might cause conflict while society takes time to accept new values

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16
Q

What does behaving ethically for a business entail

A

Making sound business decisions that wont negatively effect people
Finding ways to achieve objectives of business while doing what is right for people and planet
Must take into consideration wellbeing of people and planet when making any decision

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17
Q

Principals of ethics

A

Be trustworthy
Meet obligations
Community involvement
Accounting control

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18
Q

Ethical dilemmas

A

This is where it is difficult to decide whether a situation is ethical or not. Not all situations are clear cut… ex death penalty, animal testing, unauthorized use of founds, affirmative action

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19
Q

Three point test

A

Being able to make the right ethical decision

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20
Q

How three point test works

A

Ask yourself the three questions and if you have an answer no to any of them.. rather it is probably unethical

The questions are..
How will it make me feel
Will all stakeholders benefit or is their a party that wont benefit
Will i clash with any of the laws of the country or company

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21
Q

What is the relationship between ethics and the law

A

All countries have laws to protect the rights of people and create and maintain an orderly society. In south Africa the legal system consists of the police force, the department of correctional services and the judicial system

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22
Q

The difference between ethics and laws

A

The state determines and enforces the laws where as individuals determine the ethical rules according to their own values and beliefs. An individual can make a decision that is different from that of another person because they hold different values. Sometimes ethical behavior is the same as the law or sometimes it can be considered ethically acceptable but it is actually against the law

23
Q

The relationship between ethics Wanda the reputation of the business

A

The reputation of as business is a reflection of the opinions that they stakeholders have of the business. A reputation affects a business ability to sell products, attract investors and keep employees. Therefore a business reputation has a direct impact on profitability…. and can be spoilt very easily

24
Q

What are stakeholders

A 
People involved in the business...
Shareholders
Customers
Investors 
Employees 
Suppliers
potential customer
25
Q

How can ethical business promote investor confidence

A

This is because investors will consider the manor in which the business operates.. if it is managed in a fair and ethical way investors will have a higher opinion of the business and confidence in its success

26
Q

The King report on corporate governance

A

A ethical guide to follow, and business that follow it are considered to be the most ethical in SA

27
Q

The KING REPORT

A

Of 1994 marked the initial start of corporate governance in SA
Aims to promote cooperate governance in SA and establish recommended standards of conducts with emphasis on companies to become responsible part of societies in which they operate. When KiNG I made this document he took into consideration practices of good financial social and ethical ways

28
Q

The key principals to which a business must operate

A 
Discipline
Transparency 
Independence 
Accountability 
Responsible 
Fairness
Social responsibility
29
Q

Discipline

A

A committed behavior that is universally recognized and accepted as correct and proper

30
Q

Transparency

A

The ease with which an outsider is able to analyses a company’s actions

31
Q

Independence

A

The mechanisms to avoid or manage conflict

32
Q

Accountability

A

The existence of mechanisms to ensure accountability

33
Q

Responsibility

A

The process that allow for corrective action acting responsiblely towards all stakeholders

34
Q

Fairness

A

Balancing competing interest

35
Q

Social responsibility

A

Being aware and responding to social issues

36
Q

How do ethical business attract customer

A

This is because they follow laws and ave good sets of values… often when business are unethical they are boycotted and people dont buy which gives bad reputations

37
Q

In order to be a consistently professional business practitioner the following needs to be in place

A

Knowledge
Skills
Values and attitudes

38
Q

Knowledge as professionalism

A

Knowledge of the business
The policy and procedures
The job content and what it means to act professionally

39
Q

Skills in professionalism

A 
Self knowledge
Communication
Teamwork
Conflict negation
Problem solving 
Coping with stress
Educating others
40
Q

Values and attitudes in professionalism

A

Humanity
Respect
Relationships
Accountability

41
Q

Professional code of conduct

A

Seeks to define the good habits that should be acquired in the duties that we perform and the consequences of our behavior

42
Q

Basic principals to follow to be professional

A 
Obey the law
Obey the rules
Have the right skills and knowledge
Dress the part
Communication
Cultural diversity
Learning to assertive behavior
Do it the right way
43
Q

What does professionalism involve

A

Taking your job seriously and valuing and respecting your colleges and clients and being an ambassador for your company

44
Q

Principals of professionalism and how they relate to the business environment

A 
Focus 
Relationships
Respect
Chain of command
Presentation
Knowledge and skill
45
Q

Focus

A

Needs to be the job at hand rather then the lives of people involved in it

46
Q

Relationships

A

Professionalism establishes boundaries for appropriate relationships in the workplace

47
Q

Respect

A

People who practice professionalism practice respect

48
Q

Chain of command

A

To be professional, the chain of command for the correct problems needs to be followed

49
Q

Presentation

A

Presenting a professional image to customers increases customer base

50
Q

Knowledge and skill

A

It is important to have the appropriate qualifications and skills for the job positions or profession

51
Q

Image and personal branding

A

A very important part of success, keeping your job and how people see you. It is about making a good impression and how you conduct yourself…. avoid bad first impressions as it is hard to overcome

52
Q

Self branding

A

Important to pay attention to what you wear how you do things and how you promote yourself… ex body language and speaking to other people… it can all influence the way people see you

53
Q

Presentation

A

this just means that a business person is prepared for meetings and has planned things. He presents nicely and has a good image… he promaotes the company

54
Q

Why are positives images essential

A

To achieve effective interpersonal and business communication skills

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