26.1. What is Business Ethics?

Try these first

1. 1.

   Define business ethics in your own words.

   Hint

   Think about how moral principles apply to business operations.

2. 2.

   List at least two key principles of business ethics.

   Hint

   Recall the acronym IFAT we discussed.

3. 3.

   What does business ethics primarily focus on?

   • Maximizing profits
   • Applying ethical principles to business behavior
   • Increasing competition

   Hint

   Consider what guides a company's actions.

4. 4.

   True or False: Fairness in business means treating all stakeholders equitably.

   • True
   • False

   Hint

   Think about how fairness benefits relationships.

5. 5.

   Evaluate a corporation’s ethical practices in a case study; what would you do differently?

   Hint

   Consider the principles we discussed when assessing their actions.

6. 6.

   Design a code of ethics for a fictional company. What key principles will you include?

   Hint

   Think about what values the company should prioritize.