Section 3 - Ethical Standards

Question 1

What is Corporate Social Responsibility?

Answer 1

A strategy undertaken by companies to not just grow profits, but also to take an active and positive social role in the world around them.

Question 2

What are the 4 different types of CSR?

Answer 2

Philanthropic
Ethical
Environmental
Economic

Question 3

What is Philanthropic Responsibility?

Answer 3

A business’s aim to actively make the world and society a better place.

Question 4

What is Ethical Responsibilty?

Answer 4

Ensuring an organization is operating in a fair and ethical manner.

Question 5

What is Environmental Responsibility?

Answer 5

The belief that organisations should behave in as environmentally friendly a way as possible.

Question 6

What is Economic Responsibility?

Answer 6

The practice of a firm backing all of its financial decisions in its commitment to do good in the areas listed above.

Question 7

What is the aim of Economic Responsibility?

Answer 7

Not to simply maximise profits, but make sure the business operations positively impact the environment, people, and society.