D072 Fundamentals for Success in Business- Section 1

personal ethics

influence daily decisions

form the basis for business ethics by guiding daily decisions through:

values

work ethic

handling challenges

values

core beliefs that guide decisions and behavior

help people distinguish right and wrong

morals

personal feelings of right and wrong that guide our actions

honesty, loyalty, and respect are examples of what?

morals

ethics

RULES of right and wrong in our SOCIETY

guidelines "code of conduct"

Workers follow rules at work, like keeping information confidential and not stealing

example of ethics

organizational ethics

principles, values, and standards that guide the behavior and decision-making of a company

makes sure the company is acting responsibly and ethically

stakeholders

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

business laws

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

conflict of interest

someone's personal interests (relationships or money) affect their ability to make fair decisions at work

corporate social responsibility (CSR)

a concept where companies choose to take actions that help society while also maintaining profitability

social entrepreneurship

use of business methods that address social or environmental issues while also generating profit

world trade organization (WTO)

oversees trade agreements between nations to ensure stability and fairness

code of ethics

a formal statement of ethical principles and rules of conduct

transparency

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

accountability

taking responsibility for your actions and decisions

greenwashing

deceptive practice where a business falsely promotes its products as environmentally friendly to mislead consumers and improve its public image

whistleblower

someone who exposes suspected misconduct in a government agency, company, or organization

often motivated by moral principles