Questions and Answers
What are economic activities?
Activities carried out with the goal of earning money and livelihood
What is the role of business activities in the development of the economy?
Business activities were used for further investments in ancient times
Which of the following is an example of non-economic activities?
Social work
Which of the following is NOT an ancient trade centre mentioned in the text?
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What is a Hundi?
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What are non-economic activities based on?
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What is the role of business ethics in an organization?
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How does ethical business conduct impact a company's reputation?
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What is the definition of business ethics?
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What is the main purpose of business ethics?
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How do ethical business practices impact relationships with stakeholders?
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What does business ethics serve as for decision-making and actions?
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What is the impact of ethical behavior on employee morale and retention?
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How can unethical business practices affect a company's reputation?
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Which aspect is an example of corporate social responsibility (CSR) mentioned in the text?
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How does ethical leadership impact an organization?
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What are the potential consequences of violating ethical standards according to the text?
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In what way can unethical behavior impact employee morale?
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What is an example of a company embracing corporate social responsibility (CSR) as mentioned in the text?
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What impact can unethical practices have on the company's bottom line?
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Study Notes
Economic Activities and Business Development
- Economic activities refer to all the activities that are undertaken to create, distribute, and exchange goods and services to satisfy human wants.
- Business activities play a crucial role in the development of the economy by creating employment opportunities, generating income, and contributing to the GDP.
Non-Economic Activities
- Non-economic activities are driven by personal or social motives rather than economic gain.
- Examples of non-economic activities include volunteering, charitable work, and leisure activities.
Ancient Trade Centres
- The ancient trade centres mentioned in the text are not specified.
Hundi
- A Hundi is a type of financial instrument used in ancient India for trade and commerce.
Business Ethics
- Business ethics refers to the principles and values that guide the behavior of individuals and organizations in the business world.
- The main purpose of business ethics is to ensure that businesses operate in a responsible and sustainable manner.
- Business ethics serves as a guide for decision-making and actions, and helps to build trust and credibility with stakeholders.
Impact of Ethical Business Conduct
- Ethical business conduct can enhance a company's reputation, improve relationships with stakeholders, and increase employee morale and retention.
- Unethical business practices can damage a company's reputation, lead to financial losses, and negatively impact employee morale.
Corporate Social Responsibility (CSR)
- Corporate social responsibility refers to the responsibility of businesses to contribute to the well-being of society and the environment.
- Examples of CSR include philanthropic donations, community development programs, and environmental sustainability initiatives.
- Embracing CSR can enhance a company's reputation, improve relationships with stakeholders, and contribute to the well-being of society.
Ethical Leadership and Consequences
- Ethical leadership can have a positive impact on an organization by fostering a culture of integrity and responsibility.
- Violating ethical standards can have severe consequences, including legal penalties, financial losses, and damage to reputation.
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