Introduction to Business Ethics Flashcards

1
Q

What is business ethics?

A

It is the study of business situations, activities and decisions where issues of right and wrong are addressed.

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2
Q

What is business ethics? (ans 2)

A

It is a study of appropriate business policies and practices including corporate governance, insider trading, bribery, discrimination and corporate social responsibility

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3
Q

What are ethics?

A

Ethics refers to the guidelines for conduct, that address questions of morality

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4
Q

What is the difference between ethics and law?

A

Ethics are a set of moral values an individual establishes for one’s self and your own personal behavior. Laws are structured rules utilized to govern all of society.

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5
Q

Why is business ethics important?

A
  • It ensures that the public gets fair treatment and consideration through the building of a level of trust between consumers and the business.
  • Businesses power over society
  • Potential contribution to society
  • Potential harm to the society
  • Demand from stakeholders
  • Pressure on employees to compromise ethical standards
  • Businesses faces a trust deficit
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6
Q

What is Globalization?

A

It is the process which diminishes the necessity of a common and shared territorial basis for social, economical and political activities, processes and relations

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7
Q

How are business ethics and globalization connected?

A
  • Cultural issues (race, gender, religious diversity, business practices, labor practices and work conditions)
  • Legal issues: different legal frameworks in host and home countries
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8
Q

What are the ethical impacts of globalization?

A
  • Shareholders: Greater profitability
  • Employees: provides jobs but may lead to exploitation
  • Consumers: Cheaper prices, social benefits, but could face exploitation by huge MNCs
    Suppliers/Competitors: Small scale competitors have to face powerful players
  • Civil society: Possibility of erosion of traditional communities.
    Government: weakens governments and promotes CSR
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9
Q

What is sustainable development?

A

It is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs

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10
Q

What are the 3 components of sustainability?

A

Environment
Economic
Social

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