What is meant by ethical business?
Answer and explanation
Correct answer: Conducting business with honesty and fairness
Ethical business means making decisions and conducting transactions honestly, fairly, responsibly, and with respect for laws and stakeholders. It includes truthful information, safe products, fair treatment, and avoidance of deception or exploitation. Misleading customers, ignoring safety for profit, and harming competitors through unfair methods violate ethical principles, even if they might offer a short-term advantage.
Frequently asked questions
What is the correct answer to this question?
Conducting business with honesty and fairness
Why is this the correct answer?
Ethical business means making decisions and conducting transactions honestly, fairly, responsibly, and with respect for laws and stakeholders. It includes truthful information, safe products, fair treatment, and avoidance of deception or exploitation. Misleading customers, ignoring safety for profit, and harming competitors through unfair methods violate ethical principles, even if they might offer a short-term advantage.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Social Responsibilities of Business and Business Ethics. Topic: Business Ethics.
