business ethics

Question 1

window dressing

Answer 1

covering the greed of a business intent on making profits by presenting accounts in a favourable manner

Question 2

globalisation

Answer 2

The growing integration of the world’s economies

Question 3

CSR

Answer 3

corporate social responsibility

Question 4

examples of CSR in companies

Answer 4

Pret gives away leftover food to charities and advertises this on the food
Innocent gives away 10% of profit to charity

Question 5

Whistleblowing

Answer 5

When an employee decides to inform an outside person or agency about illegal or unethical managerial behaviour

Question 6

Friedman - business responsibility

Answer 6

The only responsibility businesses have is to make money. Any money invested or lost due to ethics is stealing from shareholders.

Question 7

Giridharadas on Amazon

Answer 7

“Jeff Bezos wants to start a school for kids whose parents are underpaid by people like Jeff Bezos”

Question 8

case study Primark

Answer 8

Primark in Bangladesh collapsed in 2013
Direct impact of globalisation and consumerism- cutting the corners to maximise annual revenue leads to unsafe working conditions

Question 9

Utilitariansim on CSR

Answer 9

• Climate damaging to mental health so would support environmental
• would not support philanthhropy as a responsibility for business

Question 10

philanthropy

Answer 10

charity; a desire or effort to promote goodness

Question 11

an example of CSR for the community

Answer 11

to minimise the negative effects of an activity

Question 12

an example of environmental CSR

Answer 12

ensuring they are complying with regulations and reducing its impacts

Question 13

a company that does animal testing

Answer 13

MAC

Question 14

how many children are working illegally

Answer 14

13 million

Question 15

Benefits of CSR

Answer 15

• workers will like their company and work hard (productivity)
• brand loyalty
• improves image
• ppl will support a company with good values

Question 16

shareholder vs stakeholder

Answer 16

Shareholders: people who have invested in the business and therefore own shares in the public or private limited company

Stakeholders: everyone who has a direct interest in the business or the impacts of the business.

Question 17

what was the Nestle scandal

Answer 17

sold breastmilk replacement powder to young women in developing countries for very cheap and then raised the price once mothers were reliant on it and could no longer breastfeed

Question 18

problems with CSR

Answer 18

• expensive
  -slow down decision making (have to take into account much more)
• MAC does animal testing and is still very popular
• lose profit

Question 19

what are the issues surrounding globalisation

Answer 19

Exploitation of staff-low wages
Different countries means different health and safety laws so products can be made cheaply but by putting workers at risk

Question 20

benefits of globalisation

Answer 20

-markets become bigger so firms benefit from economies of scale
-increased employment reduces absolute poverty and improves living standards
-lower prices for consumers from increased competition
- helps less economically developed countries develop