Part 1 Business in a Changing World

Grace is starting a new company and wants to ensure her business operates ethically and contributes positively to society. Define business ethics and social responsibility and examine their importance in the context of Grace's new company.

• Business ethics refers to the moral principles that guide the way a business behaves. Social responsibility is the obligation of a business to contribute to society. Their importance lies in building trust, maintaining a good reputation, and ensuring long-term success.

• Business ethics is about maximizing profits at any cost, while social responsibility is about ignoring societal needs. Their importance is limited to financial gain.

• Business ethics and social responsibility are only relevant for large corporations and have no impact on small businesses. Their importance is negligible.

• Business ethics refers to legal compliance only, and social responsibility is about advertising. Their importance is mainly for marketing purposes.

Arjun is starting a new business and wants to ensure that his company operates ethically. Which of the following are examples of ethical issues that Arjun might face in his business?

• Examples of ethical issues in business include bribery, discrimination, insider trading, and environmental violations.

• Examples of ethical issues in business include increasing profits, expanding market share, and launching new products.

• Examples of ethical issues in business include hiring more employees, reducing costs, and improving customer service.

• Examples of ethical issues in business include developing new technologies, opening new branches, and increasing advertising.

Emma is the manager of a company and wants to ensure her team acts ethically at work. What steps can Emma take to promote ethical behavior in her business?

• Emma can promote ethical behavior by establishing a code of ethics, providing ethics training, encouraging open communication, and leading by example.

• Emma can promote ethical behavior by ignoring unethical practices and focusing only on profits.

• Emma can promote ethical behavior by discouraging employee feedback and punishing whistleblowers.

• Emma can promote ethical behavior by avoiding transparency and keeping policies secret.

Avery is preparing a presentation on how businesses can fulfill their social responsibilities. Which of the following best explains the four dimensions Avery should include in the presentation?

• The four dimensions of social responsibility are economic, legal, ethical, and philanthropic responsibilities.

• The four dimensions of social responsibility are financial, environmental, technological, and cultural responsibilities.

• The four dimensions of social responsibility are political, social, environmental, and technological responsibilities.

• The four dimensions of social responsibility are legal, financial, operational, and marketing responsibilities.

Imagine a company, led by Zoe, is evaluating its social responsibilities. Debate what responsibilities Zoe’s organization has towards its owners, employees, consumers, the environment, and the community.

• An organization’s social responsibilities include maximizing shareholder value, ensuring fair treatment and safety for employees, providing quality products to consumers, minimizing environmental impact, and contributing positively to the community.

• An organization’s social responsibilities are limited to maximizing profits for owners only, with no obligations to employees, consumers, or the environment.

• An organization’s social responsibilities focus solely on providing entertainment to the community, regardless of product quality or employee welfare.

• An organization’s social responsibilities are to avoid any involvement with the community and environment, focusing only on internal operations.

William is a manager at a company and must decide whether to implement a new policy. Evaluate the ethics of William’s decision.

• Evaluating the ethics of William’s decision involves considering its impact on stakeholders, adherence to laws and regulations, alignment with company values, and potential long-term consequences.

• Evaluating the ethics of William’s decision involves only maximizing profits regardless of consequences.

• Evaluating the ethics of William’s decision is solely about following the latest market trends.

• Evaluating the ethics of William’s decision means prioritizing the interests of shareholders above all else.

Grace is starting a new job at a company and wants to understand how she should behave at work. What are business ethics?

• Principles and standards that determine acceptable conduct in business organizations.

• The study of how to maximize profits regardless of consequences.

• Rules for personal behavior outside the workplace.

• Laws that only apply to international businesses.

Isla has just started working at a new company. She wants to understand what is considered acceptable behavior in her workplace. Which of the following is a factor that determines acceptable behavior in business organizations?

• The organization

• The weather

• The location

• The product

Charlotte is starting a new business and wants to ensure her company follows acceptable behavior. Which of the following is a factor that will help determine what is considered acceptable behavior in her business organization?

• Customers

• Technology

• Advertising

• Packaging

Olivia is starting a new job at a business organization. She wants to understand what determines acceptable behavior in her workplace. Which of the following is a factor that determines acceptable behavior in business organizations?

• Competitors

• Employees' hobbies

• Office design

• Product color