Exploring Business Ethics

What is Corporate Social Responsibility (CSR)?

• Corporate Social Responsibility (CSR) is the commitment of businesses to contribute to sustainable economic development while improving the quality of life of the workforce, their families, the local community, and society at large.

• A method for reducing employee benefits

• A strategy for maximizing profits at any cost

• A legal requirement for all corporations to follow

How does ethical decision making impact business practices?

• Ethical decision making positively impacts business practices by building trust, enhancing reputation, and ensuring compliance.

• Ethical decision making has no effect on business practices.

• Ethical decision making only increases costs for businesses.

• Ethical decision making leads to decreased employee morale.

What are the key principles of sustainability in business?

• Maximizing profits at all costs

• Ignoring environmental regulations

• Prioritizing short-term gains over long-term sustainability

• Key principles of sustainability in business include resource efficiency, waste reduction, ethical labor practices, and stakeholder engagement.

Define fair trade practices and their importance.

• Fair trade practices focus solely on maximizing profits for corporations.

• Fair trade practices are only relevant to large-scale industrial farming.

• Fair trade practices are ethical trading standards that ensure fair wages and working conditions for producers, promoting sustainability and community empowerment.

• Fair trade practices eliminate all forms of competition in the market.

What rights do consumers have under consumer protection laws?

• Right to unlimited refunds

• Right to ignore safety regulations

• Right to free products at all times

• Consumers have rights to safety, information, choice, and to be heard under consumer protection laws.

What is the role of whistleblowing in organizations?

• Whistleblowing discourages open communication among staff.

• Whistleblowing is a method for employees to gain promotions.

• Whistleblowing is primarily used for personal grievances.

• Whistleblowing promotes accountability and transparency in organizations by allowing employees to report unethical or illegal activities.

How can businesses demonstrate their commitment to CSR?

• Ignore local community needs

• Implement sustainable practices, engage in community development, ensure ethical labor practices, and report CSR activities transparently.

• Focus solely on profit maximization

• Outsource labor to countries with lax regulations

What factors influence ethical decision making in a corporate setting?

• Market trends

• Organizational culture, leadership behavior, regulatory frameworks, stakeholder expectations, personal values, and societal impact.

• Employee satisfaction

• Product pricing

Why is sustainability important for future business success?

• Sustainability is only important for large corporations.

• Sustainability is primarily a marketing gimmick.

• Sustainability has no impact on customer loyalty.

• Sustainability is essential for reducing costs, enhancing brand reputation, and ensuring long-term viability in a changing market.

What are the benefits of fair trade for producers?

• Fair trade leads to increased exploitation of workers.

• Producers receive lower prices for their goods.

• Fair trade benefits producers by ensuring fair prices, stable income, improved working conditions, and community development.

• Producers have no access to community resources.