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HomeHomework Helpbusiness-studiesBusiness Ethics

Business Ethics

The application of moral and ethical principles to business situations, including the study of right and wrong, and the consideration of the impact of business activities on society, stakeholders, and the environment

beginner
3 hours
Business Studies
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Overview

Business ethics is essential for guiding the behavior of individuals and organizations in the business world. It encompasses a range of principles that promote fairness, integrity, and accountability. Understanding business ethics helps students and professionals navigate complex situations and make...

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Key Terms

Ethics
Moral principles that govern a person's or group's behavior.

Example: Honesty and fairness are key ethical values.

Integrity
The quality of being honest and having strong moral principles.

Example: A business with integrity does not engage in deceptive practices.

Corporate Social Responsibility (CSR)
A business model that helps a company be socially accountable.

Example: A company donating to local charities is practicing CSR.

Transparency
Openness in communication and decision-making processes.

Example: Transparent companies share their financial reports with stakeholders.

Fair Trade
A movement aimed at helping producers in developing countries achieve better trading conditions.

Example: Buying fair trade coffee supports ethical sourcing.

Stakeholders
Individuals or groups that have an interest in a company's activities.

Example: Employees, customers, and investors are all stakeholders.

Related Topics

Corporate Governance
The system of rules and practices that direct and control a company.
intermediate
Sustainability in Business
Practices that meet the needs of the present without compromising future generations.
intermediate
Consumer Rights
The rights of consumers to receive fair treatment and protection.
beginner
Business Law
The body of law that governs business and commercial transactions.
advanced

Key Concepts

IntegrityCorporate Social ResponsibilityFair TradeTransparency