Ethical Influences on business activity

What are business ethics?

Business ethics refer to the moral principles and values that guide how a business operates, including its treatment of employees, customers, and the environment

What is the conflict between ethics and profit in business?

it occurs when making ethical choices eg fair wages, sustainable practices which can increase costs and reduce profits for the business.

What are some common ethical issues that impact business activity?

• Ethical marketing

• Fair treatment of workers

• Animal rights

• Choosing ethical suppliers

What are the advantages of adopting ethical policies for businesses?

• Attracts more consumers

• Increases employee motivation

• Builds a positive business reputation

What are the disadvantages of adopting ethical policies for businesses?

• Can increase costs

• time consuming to maintain ethical standards

How can ethical business practices positively affect stakeholders?

it can lead to better employee satisfaction, consumer trust, and positive community impact.

What is an example of an unethical business practice?

exploiting workers, false advertising, environmental harm, and using suppliers that do not follow fairtrade or ethical standards.

what is fair trade

the ensuring of producers in developing countries receive fair prices and safe working conditions for their goods.