π Topic Summary
Business ethics in high school focuses on understanding how businesses should act morally and responsibly. Stakeholders are individuals or groups who are affected by a business's decisions, such as employees, customers, suppliers, and the community. Ethical decision-making involves considering the impact on all stakeholders and choosing the most equitable course of action. This quiz tests your knowledge of these core concepts.
π§ Part A: Vocabulary
Match the following terms with their definitions:
| Term |
Definition |
| 1. Ethics |
A. Individuals or groups affected by a company's decisions. |
| 2. Stakeholders |
B. A conflict between personal interests and professional obligations. |
| 3. Conflict of Interest |
C. The principles of right and wrong that guide behavior. |
| 4. Corporate Social Responsibility (CSR) |
D. A company's commitment to operate in an ethical and sustainable manner. |
| 5. Transparency |
E. Openness and honesty in business practices. |
Answer Key:
1-C, 2-A, 3-B, 4-D, 5-E
π Part B: Fill in the Blanks
Fill in the blanks with the appropriate word from the list: customers, ethical, community, employees, profits.
A company's decisions should be ________, considering the needs of all stakeholders. This includes providing fair wages and safe working conditions for ________, delivering high-quality products and services to ________, contributing positively to the ________, and striving for reasonable ________ while maintaining social responsibility.
Answer Key:
ethical, employees, customers, community, profits
π€ Part C: Critical Thinking
A large manufacturing company is considering relocating its factory to a developing country where labor costs are significantly lower. This move would increase the company's profits but could result in job losses in its home country and potentially exploit workers in the developing country. How should the company balance its financial interests with its ethical responsibilities to its various stakeholders?