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Questions and Answers
Which of the following is true about ethical issues in business?
Which of the following is true about ethical issues in business?
- Ethical issues are easy to recognize
- Ethical issues are static and do not change over time
- Ethical issues can put corporations at risk (correct)
- Ethical issues are only relevant in certain industries
What is an ethical issue?
What is an ethical issue?
- An opportunity to gain an unfair advantage over competitors
- A situation that requires an individual or group to choose between right and wrong (correct)
- A problem that can only be solved by legal means
- A situation that does not have any moral implications
Why is it important to recognize ethical issues in business?
Why is it important to recognize ethical issues in business?
- To improve employee morale
- To avoid negative consequences for corporations (correct)
- To comply with legal regulations
- To gain a competitive advantage
Which industries are more likely to face ethical issues?
Which industries are more likely to face ethical issues?
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How do ethical issues in business change over time?
How do ethical issues in business change over time?
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Study Notes
Understanding Ethical Issues in Business
- Ethical issues in business involve situations where a decision may result in harm to individuals or society, conflicting with moral principles.
- Examples include unfair labor practices, environmental harm, and misleading advertising.
Importance of Recognizing Ethical Issues
- Recognizing ethical issues is crucial as it directly impacts a company's reputation, employee morale, and customer loyalty.
- Addressing ethical concerns fosters trust with stakeholders and can lead to competitive advantages.
Industries Prone to Ethical Challenges
- Industries such as finance, healthcare, and technology commonly encounter ethical issues due to the complexity of regulations and potential for misconduct.
- High-stakes sectors like pharmaceuticals also face scrutiny over practices like pricing and marketing strategies.
Evolution of Ethical Issues in Business
- Ethical issues in business evolve in response to cultural shifts, technological advancements, and regulatory changes.
- Social expectations about corporate responsibility have grown, making it essential for businesses to adapt their ethical practices over time.
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