Ethics and business (Edexcel GCSE Business): Flashcards
📚Flashcards
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13 cards from this deck
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Practise the cards
13 cards from this deck
Business ethics definition
Business ethics definition
Moral standards & principles shaping business behaviour
Stakeholders definition
Stakeholders definition
Groups affected by or interested in business operations
Trade-off between ethics & profit
Trade-off between ethics & profit
Ethical choices cost more initially but bring long-term value
Why ethical decisions cost more
Why ethical decisions cost more
Fair wages, ethical suppliers, eco-processes cost more
Benefits of acting ethically
Benefits of acting ethically
Customer trust, loyalty, motivation, reputation, sales
Pressure groups definition
Pressure groups definition
Orgs that persuade businesses to change operations
Direct methods pressure groups use
Direct methods pressure groups use
Campaigns, media work, lobbying governments
Indirect methods pressure groups use
Indirect methods pressure groups use
Boycotts, social media campaigns, partnerships
Product - ethical considerations
Product - ethical considerations
Sustainable resources, safe products, fair trade
Price - ethical considerations
Price - ethical considerations
Fair prices to suppliers, living wages, transparency
Promotion - ethical considerations
Promotion - ethical considerations
Accurate & truthful advertising, honest info
Place - ethical considerations
Place - ethical considerations
Local sourcing, local suppliers, shorter supply chains
Employee relations ethics examples
Employee relations ethics examples
Fair treatment, good conditions, skills development