BUS 240 Chapter 1 Business Ethics and Sustainability

What does the phrase 'tragedy of the commons' mean?

• Overuse of shared resources

• A successful business strategy

• A type of economic model

• A form of government regulation

Who coined the phrase 'tragedy of the commons'?

• Adam Smith

• Garrett Hardin

• John Locke

• Karl Marx

Why is it in the best interest of business to be sustainability minded?

• To increase short-term profits

• To ensure long-term viability

• To avoid taxes

• To reduce employee turnover.

Why is it important to have some regulations in place for business?

• To limit competition

• To protect consumers and the environment

• To increase bureaucracy

• To reduce innovation

Would it be advisable to have a completely deregulated business environment? Why or why not?

• Yes, it encourages innovation

• No, it can lead to exploitation

• Yes, it reduces costs

• No, it increases competition

Describe what a carbon footprint is and why it is important to business and ethics.

• A measure of carbon emissions

• A type of business strategy

• A government policy

• A financial metric

The 'tragedy of the commons' refers to the _______ of shared resources.

• conservation

• overuse

• privatization

• regulation

A business that is sustainability minded focuses on _______.

• short-term profits

• long-term viability

• reducing taxes

• increasing bureaucracy

Regulations in business are important to _______ consumers and the environment.

• exploit

• protect

• ignore

• harm

A completely deregulated business environment can lead to _______.

• innovation

• exploitation

• reduced costs

• increased competition