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Understanding the Fundamentals of Business Ethics and Responsibility

Explore the definition of business, types of businesses, social responsibility, and ethics. Learn how businesses operate, serve markets, and contribute to society while upholding ethical standards. Discover the impact of environmental issues and the importance of ethical behavior in business practices.

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Understanding the Fundamentals of Business Ethics and Responsibility

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  1. DECA: Defining Business

  2. What is Business? • Business is all of the activities involved in producing and marketing goods and services. • Every business seeks to satisfy economic needs by planning, organizing and controlling resources in order to produce and market goods or services.

  3. Types of Business • By Size – large or small • Profit orientation – profit or not for profit • By market served – consumer or industrial • By kind of product provided – goods or services • Domestic or global; e-commerce • Type of ownership: sole proprietor, partner, corporation

  4. Social Responsibility • Environmental issues: preserving natural resources • Air and water pollution • Conservation and recycling; pesticides/freon • Green marketing – biodegradable, recycled packaging

  5. Ethics • Ethics are guidelines for good behaviour • Knowing the difference between right and wrong and doing what is right • Ethical behaviour is truthful and fair and takes into account the well-being of everyone • Laws are made to address ethical concerns involving products or marketing (price fixing, unsafe products) • Is it ethical to market alcohol and tobacco products as glamorous or romantic?

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