Ideas about what is morally correct or not, in a business situation.
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What do business ethics include?
Waste and pollution, using ethical suppliers, not exploiting consumers or employees, supporting charities or community projects, and the nature of the product they are selling.
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What will some businesses experience as a result of ethical behaviour?
A better reputation and higher sales.
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How does being ethical help the business?
It may improve employee motivation, increasing productivity and reducing costs per unit as a result.
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What would happen if all businesses became ethical?
The advantages of being ethical as a business would disappear.
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What are pressure groups?
Organisations that support causes, and attempt to get businesses to change their behaviour using different techniques.
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What are five examples of pressure group techniques?
Releasing information, campaigning against a business, protesting, lobbying and boycotting.
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What is a supply chain?
The suppliers involved in production of a product on its route from the raw materials needed to create it, through to when it reaches the final customer.
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What are two examples of short-term environmental effects business activity can have?
Traffic congestion, and air, noise, smell and water pollution.
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What are two examples of long-term environmental effects business activity can have?
Climate change and resource depletion.
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What are developed countries?
Countries with a relatively high income per person.
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What are developing countries?
Countries with a relatively low income per person.
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What are imports?
Goods and services that are brought from foreign businesses, that leads to a flow of money out of the UK.
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What are exports?
Goods and services that are sold to foreign buyers, that leads to a flow of money into the UK.
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What are protectionist policies?
Measures designed to reduce foreign products coming into a country and/or give an advantage to domestic firms selling their products at home or overseas.
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What are tariffs?
Taxes placed on imports into a country, which make them more expensive for buyers.
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What are quotas?
A physical limit on the number of goods which can be imported over a period of time.
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What is export subsidy?
A payment given to domestic producers which will enable them to reduce their costs and therefore drop their prices and be more competitive in overseas markets.
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Why are there no tariffs or quotas within the EU?
Because the EU is a single/common market.
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What is the purpose for regulation?
It can increase costs for businesses, but are designed to protect different stakeholders.
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What is a disadvantage of following EU regulations?
It can make businesses less competitive than businesses outside of the EU who might not have to follow as many regulations in their country of manufacture.
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What are three examples of key regulations?
Minimum wages, maternity and paternity rights, and health and safety regulations.
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Other cards in this set
Card 2
Front
What do business ethics include?
Back
Waste and pollution, using ethical suppliers, not exploiting consumers or employees, supporting charities or community projects, and the nature of the product they are selling.
Card 3
Front
What will some businesses experience as a result of ethical behaviour?
Back
Card 4
Front
How does being ethical help the business?
Back
Card 5
Front
What would happen if all businesses became ethical?
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