Glossary Section 1 - Common Ethical Issues

Question 1

personal ethics

Answer 1

Values and principles that guide how you behave and make decisions in life. Like your inner compass, helping you decide what is right and wrong based on your beliefs and morals

Example: if you believe honesty is important, you’ll try to always tell the truth, even when it’s difficult.

Question 2

organizational ethics

Answer 2

the principles, values, and standards that guide the behavior, decision-making, and actions of an organization as a whole, ensuring that it operates in a socially responsible and ethical manner

Question 3

code of conduct:

Answer 3

is a formal document that outlines a set of guidelines and standards that outline the expected behavior, ethical practices, and responsibilities of individuals within an organization or group, ensuring consistency, professionalism, and integrity in their action

Question 4

stakeholders:

Answer 4

individuals, groups, or organizations that have an interest or concern in a particular project, decision, or outcome

Question 5

business laws

Answer 5

a set of rules and regulations that govern the rights, relations, and conduct of individuals and businesses engaged in commerce and trade

Question 6

conflict of interest:

Answer 6

when an individual’s personal interests interfere with their professional responsibilities or decisions, potentially leading to biased or unethical outcome

Question 7

corporate social responsibility (CSR

Answer 7

a business approach where companies integrate social, environmental, and ethical considerations into their operations and decision-making processes, aiming to contribute positively to society while maintaining profitability

Question 8

social entrepreneurship:

Answer 8

the use of innovative business methods to address social or environmental issues while generating profit

Question 9

World Trade Organization (WTO):

Answer 9

an international organization that regulates global trade between nations, aiming to ensure that trade flows smoothly, predictably, and freely by establishing and enforcing trade agreements, resolving disputes, and promoting fair competition

Question 10

code of ethics:

Answer 10

a formal document that outlines the moral principles and standards of behavior that individuals within an organization or profession are expected to follow, guiding their decision-making and ensuring integrity, fairness, and accountability

Question 11

transparency:

Answer 11

the practice of openly and honestly sharing information and decisions with stakeholders to build trust, ensure accountability, and support ethical practices

Question 12

accountability:

Answer 12

taking responsibility for one’s actions and decisions, ensuring they align with ethical standards and addressing their outcomes

Question 13

greenwashing:

Answer 13

the deceptive practice where a company falsely promotes its products, policies, or initiatives as environmentally friendly to mislead consumers and improve its public image without making substantial sustainability efforts

Question 14

whistleblower

Answer 14

an individual who reports or exposes unethical, illegal, or harmful activities within an organization, often risking their own job security or personal safety to bring such issues to light