KW Business Ethics

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Business ethics
Discusses the moral justification of economic systems and practices, the responsibilities of businesses and the rights of workers.
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Capitalism
The idea that companies are privately owned (not owned by the government) and exist to make profit e.g. Tesco's exists to make money. Whereas the NHS is owned by the government and does not make a profit.
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Corporate responsibility
Businesses have a responsibility to consider the interests of their customers and investors.
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Ethical investment
Investment should only be made in businesses that trade ethically like Fair Trade.
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Profit
Money made after sales after taking away the costs involved.
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Profit motive
The whole point of a business is to make profits, without profit the investors, workers and owners will not gain anything.
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Transnational corporation (TNC)
A business that is registered and operates in more than one country, e.g. Coca Cola.
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Stakeholders
People who are interested in businesses, e.g. investors.
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Shareholders
People who invest money into a business in order to gain something back from the business, e.g. money.
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Consumers
People who buy from businesses.
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Globalisation
The reduction of the difference between one economy and another, so trade all over the world, both within and between different countries, becomes increasingly similar.
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A whistle-blower
A person who tells the public or someone in authority about alleged dishonest or illegal activities (misconduct) occurring in a government department or private company or organisation.
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Other cards in this set

Card 2

Front

The idea that companies are privately owned (not owned by the government) and exist to make profit e.g. Tesco's exists to make money. Whereas the NHS is owned by the government and does not make a profit.

Back

Capitalism

Card 3

Front

Businesses have a responsibility to consider the interests of their customers and investors.

Back

Preview of the back of card 3

Card 4

Front

Investment should only be made in businesses that trade ethically like Fair Trade.

Back

Preview of the back of card 4

Card 5

Front

Money made after sales after taking away the costs involved.

Back

Preview of the back of card 5
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