Define ethical business practice: - Leaving Cert Business - Question 8 - 2006

Ethical business practice refers to conducting business in a manner that is consistent with a set of moral principles guiding individual or group actions. These principles influence various aspects of business operations and decision-making, ensuring fair practices and accountability.

Some key areas influenced by ethical business practices include:

• Fair Competition: Ensuring that practices in the market are conducted transparently and fairly, allowing for healthy competition without deception or exploitation.
• Social Responsibility: Recognizing the role of businesses in the community and taking actions that benefit society, including considerations for public welfare.
• Pollution Control: Implementing measures to minimize environmental impact and prioritizing sustainable practices in business operations.

Overall, ethical business practices play a crucial role in building trust with stakeholders and promoting long-term success.