ethics Flashcards
(15 cards)
define ethical behaviour
[acting, set, morally]
acting according to a set of values that is morally acceptable in society
meaning of ethics
[set, morally, conducting]
set of values that are morally acceptable when conducting business
3 examples of unethical practices
[ T,U,P ]
- taxation
- unfair advertising
- pricing of goods in rural areas
meaning of professional behaviour
[what, R/W/A, business]
refers to what is right/wrong/acceptable in a business
3 examples of unprofessional business practices
[ U,A,U ]
- using rude/impolite language
- abuse of work time
- unauthorised use of business resources
differences between ethical behaviour and professional practices
[refers, principles] [conforms, set, morally] ; [refers, acceptable] [applying, conduct]
ETHICAL BEHAVIOUR
- refers to the principles of right and wrong/acceptable in society
- conforms to a set of values that are morally acceptable
PROFESSIONAL BEHAVIOUR
- refers to what is acceptable in a business
- applying a code of conduct of a business
identify the way in which businesses can apply the King Code Principles for good corporate governance:
- decisions/actions must be clear to all stakeholders
- auditing and other reports must be accurate/ available to shareholders/ employees
transparency
identify the way in which businesses can apply King Code Principles for good corporate governance:
- the board should ensure that the company’s ethics are effectively implemented
- businesses should be accountable/ responsible for their decisions/ actions
accountability
3 ways in which professional, responsible, ethical and effective business practice should be conducted
[mission, respect] ; [workers, access, equal] ; [plan, preventative]
- the mission statement should include values of respect
- all workers should have access to equal opportunities
- plan properly and put preventative measures in place
3 examples of unfair advertising
[ C,S,F ]
- criticising competitors’ goods
- selling second-hand goods as new goods
- false labelling
2 examples of pricing of goods in rural areas
[ I,C ]
- inflating prices
- charging higher for goods of inferior quality in rural areas
2 examples of taxation
[ B,F ]
- businesses that don’t declare all their income to SARS
- falsifying the business’ financial statements
challenges posed by unethical business practices: UNFAIR ADVERTISING
[unfair, harmful] ; [deceptive, violate, consumers, destroy]
- unfair advertisements could be harmful to consumers
- deceptive advertising can violate trust of consumers and destroy business relationships
ways/strategies businesses can deal with unethical practices: UNFAIR ADVERTISING
[businesses, omit, information] ; [advertisements, honest, abuse]
- businesses must make sure they don’t omit key information from the advertisements
- advertisements should be honest and not abuse the consumer’s trust
ways/strategies businesses can deal with unethical practices: PRICING IN RURAL AREAS
[businesses, bulk, discount, avoid] ; [businesses, fair]
- businesses can buy in bulk to get a discount to avoid charging high prices
- businesses must charge fair prices for goods and services
