business ethics Flashcards
1
Q
define ethics
A
are the moral principles that should underpin decision making
2
Q
define business ethics
A
moral guidelines for businesses to base their decisions off
3
Q
benefits of being ethical
A
- higher revenues = demand from positive consumer support
- positive PR
- better employee motivation and recruitment
- new sources of finance = ethical investors
4
Q
drawbacks of being ethical
A
- the danger of building up false expectations
- higher overheads e.g.training
- higher costs e.g fairtrade suppliers
- tradeoff may not be successful
