Ethical dilemmas in business arise when a company or individual faces a situation where the decision-making process involves conflicting moral principles. These dilemmas often involve choosing between potential profits and upholding ethical standards, impacting stakeholders like employees, customers, and the broader community. Recognizing and addressing these dilemmas is crucial for maintaining a company's reputation and fostering a culture of integrity.
Navigating ethical dilemmas requires careful consideration of all potential consequences and a commitment to acting in a way that aligns with both legal requirements and ethical values. Businesses that prioritize ethical behavior are more likely to build trust with their stakeholders and achieve long-term success.
Match the following terms with their definitions:
| Term | Definition |
|---|---|
| 1. Conflict of Interest | A. Information not publicly available, giving an unfair advantage. |
| 2. Whistleblowing | B. Acting against the best interests of an organization due to personal gain. |
| 3. Corporate Social Responsibility (CSR) | C. Reporting unethical or illegal activities within an organization. |
| 4. Insider Trading | D. A company's commitment to operating in an ethical and sustainable manner. |
| 5. Ethical Relativism | E. The belief that morality is relative to the norms of one's culture. |
Complete the following paragraph with the correct words:
A major aspect of business ethics is ensuring __________. This means treating all individuals with respect and providing equal opportunities, regardless of their background. Companies also face ethical challenges related to __________, such as minimizing pollution and conserving resources. Ignoring these responsibilities can lead to negative consequences, including damage to the company's __________ and legal penalties. Upholding ethical principles is essential for building a sustainable and successful business.
Possible words: reputation, sustainability, fairness.
Describe a situation where you witnessed an ethical dilemma in a business setting (or a hypothetical scenario). What were the conflicting values, and what could have been done differently to achieve a more ethical outcome?
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