Describe the social implications of business ethics facing a selected business in its different areas of activity. (P3 and M2)
Describe the social implications of business ethics facing a selected business in its different areas of activity. (P3 and M2)
Social implications of business ethics
The social implications often refer to those businesses that have an effect on society as a whole. They can relate to a number of areas of activity. I will now talk about the areas of activity.
Areas of activity
Ethics in finance
In financial dealing and payments there are many kinds of unethical behaviour, however there are regulations and voluntary codes that try to make sure that ethical practises are monitored.
There are many businesses these days in the financial sector, which offer loans to borrower. These loans are expensive to repay, which results in even worse debt for the borrower.
Ethics in finance is always an area with a great deal of scope for unethical behaviour.
The primary purpose of free enterprise is to generate profit. Free enterprise is an economic system in which people are free to offer goods and services to meet demands.
There are a number of areas in financial affairs where unethical behaviour arise; for example:
Bribery: Bribery is the act of taking or receiving something with the intention of influencing the recipient in some way favourable to the party providing the bribe. Bribery is illegal and can be punishable, either by jail time or hefty fines. Bribery is also a form of corruption, the reason it is a form of corruption is because you have the use of financial muscle to gain unfair advantage over others. For example attempting to gain decorating permission by giving money to a decorating official/councillor. Another example of bribery is giving money to someone to change decision making, to help you and gain a better advantage.
Insider trading: Insider trading is a very bad unethical behaviour; it is an illegal practise of trading on the stock exchange to one’s own advantage through having access to confidential information. An example of insider trading is
Social implications of business ethics
The social implications often refer to those businesses that have an effect on society as a whole. They can relate to a number of areas of activity. I will now talk about the areas of activity.
Areas of activity
Ethics in finance
In financial dealing and payments there are many kinds of unethical behaviour, however there are regulations and voluntary codes that try to make sure that ethical practises are monitored.
There are many businesses these days in the financial sector, which offer loans to borrower. These loans are expensive to repay, which results in even worse debt for the borrower.
Ethics in finance is always an area with a great deal of scope for unethical behaviour.
The primary purpose of free enterprise is to generate profit. Free enterprise is an economic system in which people are free to offer goods and services to meet demands.
There are a number of areas in financial affairs where unethical behaviour arise; for example:
Bribery: Bribery is the act of taking or receiving something with the intention of influencing the recipient in some way favourable to the party providing the bribe. Bribery is illegal and can be punishable, either by jail time or hefty fines. Bribery is also a form of corruption, the reason it is a form of corruption is because you have the use of financial muscle to gain unfair advantage over others. For example attempting to gain decorating permission by giving money to a decorating official/councillor. Another example of bribery is giving money to someone to change decision making, to help you and gain a better advantage.
Insider trading: Insider trading is a very bad unethical behaviour; it is an illegal practise of trading on the stock exchange to one’s own advantage through having access to confidential information. An example of insider trading is