Ethics: Business: Pearson (Edexcel): GCSE (9:1)

Ethics

The difference between right and wrong or moral principles

Exploitation

Treating people badly to profit from them, to target people unfairly for financial gain

Ethical vs legal

What is morally right vs what is allowed by law

Ethical marketing

Telling the truth, being fair and responsible in promoting the Business

Ethical Business operations

Encouraging others in the supply chain to act ethically, avoiding harm to the environment and not exploiting people or natural resources

Ethical human resources

Treating people fairly, honestly and caring for their needs and welfare

Fair Trade

An organization that aims to give producers and farmers a fair price for goods to promote their welfare, against exploitation

Social good

Benefitting the people that live in a community

Negative publicity

People finding out that a business is acting wrongly

Illegal Business practices

Breaking the law ie. child labour, paying below minimum wage, being dishonest, making false claims about products, etc

Social responsibility

When a Business acts in the best interests of the community, rather than only pursuing profit

Boycott

When customers refuse to buy a product in protest at something the business has done wrong

Strike

When workers refuse to work in protest at unfair treatment or to get better pay and conditions

Interest groups

Organized groups of people who try to influence government or business owners

Lobbying

Campaigning or persuading decision-makers in favour of one interest group