RSM100Y1 Study Guide - Gordon Gekko, Insider Trading, Maple Leaf Foods

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Ethics: individual standards or moral values regarding what is right and wrong or good and bad. Ethical behaviour: behaviour that conforms to individual beliefs and social norms about what is right and good. Unethical behaviour: behaviour that individual beliefs and social norms define as wrong and bad. Business ethics: ethical or unethical behaviour by a manager or employee of an organization. Ethical and unethical behaviour is determined by individual and by culture. Jeitinho: brazilian word meaning to find a way businesses use personal connections and bend the rules. We develop values and morals that contribute to ethical standards (i. e. if you put money as your priority, you may develop a code of ethics that supports the pursuit of material comfort) Because ethics are both personally and culturally defined, differences of opinion can arise as to what is ethical or unethical. Price gouging: increasing prices in response to rise in demand.

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