Business Ethics and CSR Overview

Business Ethics and Corporate Social Responsibility

• Businesses have a responsibility to treat employees fairly, including meeting overtime requirements and avoiding unethical incentives.
• Unethical business practices can damage a company's reputation and lead to lost sales.
• Promoting safe and quality products is a key ethical issue in advertising.
• Targeting vulnerable groups, such as children, is considered unethical in advertising.
• Corporate Social Responsibility (CSR) focuses on balancing people, planet, and profit.
• CSR applies to both large and small businesses.
• Businesses have a responsibility to provide safe products at a reasonable price, which is considered both a legal and ethical responsibility.

Entrepreneurship and Small Businesses

• Entrepreneurship involves assembling resources like labor and capital to start a business.
• Entrepreneurs bear the risk of losses but enjoy profits if successful.
• Small businesses are the backbone of a country's economy and are an important source of job creation.
• Small businesses may face challenges like uncertainty of income, complete responsibility for decisions, and risk of losing capital.
• Small businesses are not guaranteed higher wages for employees compared to larger enterprises.
• Innovation is crucial for entrepreneurs to maintain competitiveness in the market.
• Entrepreneurship thrives in both capitalist and socialist economies.
• The Magna Carta for Small Enterprises (R.A. 6977) defines a small business based on its total assets and number of employees.

Laws and Regulations

• The Anti-Age Discrimination in Employment Act of 2016 prohibits discrimination against employees based on their age.
• The Clean Air Act (RA 8749) aims to maintain clean air throughout the Philippines.
• The law that promotes clean air in the Philippines is Republic Act 8749.
• The law that regulates hazardous and toxic substances in the Philippines is Republic Act 6969.
• Sweatshops are illegal in the Philippines.

Economic Development

• Entrepreneurship plays a crucial role in economic development.
• Job creation, tax revenue, and innovation in products and services are key benefits of entrepreneurship to society.
• Economic development aims to improve living standards.

Other Key Concepts

• Strategic planning is an ongoing process in a business's life cycle, and forecasting potential future challenges is a crucial element.
• Wholesalers sell to retailers, not directly to consumers.
• Rent is the compensation for the use of land in production.
• The pre-start-up stage of entrepreneurship involves the highest level of risk-taking.
• The profits of a business are influenced by both external market conditions and internal factors.

Explore the importance of business ethics and corporate social responsibility (CSR) in today’s marketplace. This quiz covers topics such as ethical practices, the responsibilities of businesses towards employees and consumers, and the impact of CSR. Test your understanding of how businesses can balance people, planet, and profit.