Ethical and environmental considerations (AQA GCSE Business): Flashcards
📚Flashcards
Practise the cards
12 cards from this deck
ShowHide
Practise the cards
12 cards from this deck
Business ethics definition
Business ethics definition
Behaving in morally correct ways when making business decisions
Ethics vs law relationship
Ethics vs law relationship
Different concepts; legal decisions can still be unethical
Stakeholders in business ethics
Stakeholders in business ethics
Customers, employees, suppliers, wider community
Trade-off in ethical behavior
Trade-off in ethical behavior
Benefits like reputation vs costs like increased expenses
Short-term benefit of exploiting suppliers
Short-term benefit of exploiting suppliers
Reduced costs initially
Long-term result of exploiting suppliers
Long-term result of exploiting suppliers
Bad publicity, reduced sales, public accountability
Result of treating employees poorly
Result of treating employees poorly
High staff turnover, recruitment issues, industrial action
Advantage of ethical behavior: brand
Advantage of ethical behavior: brand
Improved brand reputation
Advantage of ethical behavior: staff
Advantage of ethical behavior: staff
Easier to recruit and retain employees
Disadvantage of ethical behavior: costs
Disadvantage of ethical behavior: costs
Costs increase and profits may decrease
Disadvantage: ethical publicity
Disadvantage: ethical publicity
May not persuade consumers to buy
Fair trade commitments (3 things)
Fair trade commitments (3 things)
Fair wages, safe conditions, sustainable farming practices