business ethics csr
Overview
This lesson explores Business Ethics and Corporate Social Responsibility (CSR), crucial concepts for modern businesses. We will examine how ethical principles guide business decisions and the extent to which businesses are accountable to society beyond profit generation. Understanding these concepts is vital for sustainable business practices and stakeholder relations.
Introduction to Business Ethics
Business ethics refers to the moral principles and values that govern the actions and decisions of individuals and organisations within the business world. It provides a framework for determining what is right or wrong in a business context. Ethical considerations extend beyond legal requirements, o...
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Key Concepts
- Business Ethics: The moral principles and values that guide business behaviour and decision-making.
- Corporate Social Responsibility (CSR): A business's commitment to operate in an ethical and sustainable manner, contributing to economic development while improving the quality of life for its workforce, their families, and society at large.
- Stakeholders: Individuals or groups who have an interest in or are affected by the activities of a business (e.g., employees, customers, suppliers, local community, shareholders).
- Ethical Dilemma: A situation where a difficult choice has to be made between two or more ethical principles, none of which is clearly preferable.
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Exam Tips
- →When answering questions on ethics and CSR, always provide a balanced view, discussing both the advantages and disadvantages/challenges for businesses.
- →Use specific examples of companies (e.g., Patagonia for environmental CSR, The Body Shop for ethical sourcing) to illustrate your points and demonstrate real-world understanding.
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