Intro to Business Exercise 3.0

1. Define the term “ethics”. Does everyone view ethics or morality in the same way? Why or why not? Can you give an example to illustrate this?

2. What is the difference between doing something “illegal” and something “unethical”? What (example of) behaviour is considered both illegal and unethical? Legal but unethical? Illegal but ethical?

3. What is global warming? Suggest ONE (1) negative effect that may arise from global warming. If you are a business owner, what are some of the measures you can take to counter it? Suggest TWO (2) strategies. (Note: you need to conduct research for this question)

4. What is greenwashing? Explain and provide ONE (1) example (other than the BP case).

5. Aman, Christian and Alice are the only sellers of architectural drawing materials in the market, and they recently agreed to raise the price of their products together by 25%. Describe the behaviour they are engaging in. Also, why is it illegal and unethical for them to do so?

6. Explain the term “insider trading”. Also, provide ONE (1) example of your own to illustrate your explanation.

7. Sabrina has recently written a set of employee code of conduct for her business. Is the code alone sufficient to ensure ethical behaviours of her employees? Why or why not? If not, what can she do about it? Suggest TWO (2) solutions.

8. If you are running a business, which social responsibility approach would you adopt (obstructionist, proactive, etc.)? Why?