ethics in business

Question 1

what is a trade off?

Answer 1

something that is given up to gain or achieve something else.

Question 2

pros and cons of a business acting ethically

Answer 2

PRO
acting ethically can lower business profits. paying higher wages, recycling and only using ethical suppliers is likely to raise costs and lower profits

CONS
acting ethically can be appealing to customers and can motivate employees. this may lead to higher productivity and more sales, which will balance the cost of ethical policies

Question 3

pressure groups

Answer 3

pressure groups are organisations that try to get businesses to change what they are doing. Pressure groups focus on issues such as animal rights, workers rights, the environment and world poverty. Pressure groups can cause bad publicity for a business which can damage their reputation.