UNIT 9 Ethics and Social Responsibility in Business LESSON 9 Flashcards:15 questions 60 answers
1. What is ethics?
- Ethics refers to the principles and values that govern moral behavior and decision-making in a given society or organization.
2. What is social responsibility?
- Social responsibility is the idea that businesses have an obligation to act in ways that benefit society as a whole, beyond just maximizing profits.
3. What are some ethical issues in business?
- Some ethical issues in business include fraud, dishonesty, unfair treatment of employees or customers, environmental concerns, and conflicts of interest.
4. Give an example of a company that has faced ethical issues.
- One example of a company that has faced ethical issues is Enron, which was involved in accounting fraud and misrepresentation of financial statements.
5. What is a code of ethics?
- A code of ethics is a set of guidelines and principles that outlines expected behavior for individuals within a specific profession or organization.
6. Why is it important for businesses to have a code of ethics?
- Having a code of ethics helps to promote ethical behavior, guide decision-making, and establish a positive reputation for the organization.
7. What is corporate social responsibility?
- Corporate social responsibility refers to a company's commitment to conduct business in an ethical and responsible manner, taking into account the impact of its actions on society and the environment.
8. Give an example of a company that practices corporate social responsibility.
- One example of a company that practices corporate social responsibility is Patagonia, which is known for its efforts to promote sustainability and reduce its environmental impact.
9. What are the three pillars of sustainability?
- The three pillars of sustainability are environmental, social, and economic sustainability. This means that actions should consider the long-term impact on the environment, society, and the economy.
10. What is greenwashing?
- Greenwashing refers to the practice of making false or exaggerated claims about a company's environmental initiatives or sustainability efforts in order to appear more environmentally friendly than it actually is.
11. How can businesses promote ethical behavior among employees?
- Businesses can promote ethical behavior among employees by setting a positive example, providing ethics training, establishing a code of conduct, and implementing a system for reporting unethical behavior.
12. What is the relationship between ethics and legal compliance?
- While legal compliance is important, ethics goes beyond mere compliance with laws and regulations. Ethical behavior is about doing what is morally right, even if it is not required by law.
13. How can companies address ethical dilemmas?
- Companies can address ethical dilemmas by carefully considering the consequences of their actions, seeking guidance from ethical principles and codes of conduct, and consulting with stakeholders to gather different perspectives.
14. What are the potential benefits of practicing social responsibility?
- The potential benefits of practicing social responsibility include enhanced reputation and brand image, increased customer loyalty, improved employee morale, and a positive impact on society and the environment.
15. How can businesses measure their social impact?
- Businesses can measure their social impact through various indicators, such as the number of jobs created, the reduction in carbon emissions, the amount donated to charitable causes, or the improvement in community well-being.