Global Business Practices and Ethics

Study Notes

Global Responsibility

Businesses may act globally to improve products, services with comparable quality
Improved global quality attracts more customers
Customers are more likely to buy products of a higher standard

Economic Integration

Countries create agreements for trade by removing barriers
This allows for more commerce

Unethical Behavior

Unethical behavior occurs if there's pressure to achieve a goal
It can occur if a person is confused about business standards
It happens if one's loyalty to an organization is misplaced

Green Trade Practices

Green practices reduce environmental impact of businesses
This may involve controlling usage of certain chemicals
May limit plastic bag usage

Rule of Law

Everyone, including the government, must abide by the law

Globalization

One culture can take the place of another
This can happen when one culture replaces another's language or work habits

Globalization: Effect on Workers

Globalization can lead to job loss
Workers who stay often work in areas with lower costs, earning higher salaries than before but lower than better areas.

Embargo

An embargo restricts trade with another country
Countries may declare embargoes in times of conflict

Middle Class

The middle class drives economic growth
A growing middle class generates more revenue for businesses

Demographic Trends

Population changes affect the global market
The workforce sees more young people and a growing middle class

Description

Explore the key concepts of global business practices, including economic integration, unethical behavior, and the importance of green trade practices. This quiz will challenge your understanding of how globalization affects businesses and workers, while emphasizing the significance of abiding by the rule of law.