In today's interconnected world, the decisions made by companies can have a huge impact on our lives. But what happens when the path to profit conflicts with the path of doing what's right? This lesson explores the challenging field of business ethics. We will examine how companies navigate complex moral dilemmas and how we can use specific language to discuss these issues clearly and persuasively. The goal is to develop your fluency in discussing corporate responsibility and decision-making, skills that are crucial for academic and professional success.
Ethics vs. Profit
Businesses often face difficult decisions that weigh financial gain against moral responsibility.
Vocabulary
To discuss business ethics effectively, you need the right vocabulary. These words will help you articulate your arguments with precision.
| Word | Definition | Example |
|---|---|---|
| Ethics | The moral principles that govern a person's or group's behavior. In business, this refers to the code of conduct a company follows. | The company's code of ethics clearly forbids accepting expensive gifts from clients. |
| Transparency | The practice of being open and honest. A company that has transparency shares information freely with its stakeholders. | There is a need for greater transparency in the way the company handles customer complaints. |
| Accountability | The obligation to accept responsibility for one's actions. When something goes wrong, someone must have accountability. | The manager took full accountability for the project's failure. |
| Stakeholder | Any person, group, or organization that has an interest or concern in an organization. Stakeholders include employees, customers, investors, and the community. | The CEO held a meeting to address the concerns of every stakeholder. |
| Fair use | A legal doctrine that permits the limited use of copyrighted material without acquiring permission from the rights holders. | A teacher might claim fair use when photocopying a chapter of a book for educational purposes. |
| Exploit | To make full use of and derive benefit from a resource, often in an unfair or selfish way. | The company was accused of trying to exploit a loophole in environmental law. |
| Compliance | The action of complying with a command, rule, or law. Companies have compliance departments to ensure they follow all relevant regulations. | The investigation revealed a complete failure of compliance across multiple departments. |
Grammar Focus: Modals for Speculation and Obligation
When we debate ethical issues, we often talk about what is necessary, what is recommended, and what might happen. Modal verbs are essential for expressing these ideas.
Modals of Obligation and Advice
We use modals like must, have to, and should to talk about obligations and give advice.
Companies must obey the law. They should also act ethically.
Modals of Speculation (Present & Past)
We use modals to make logical guesses about present or past events.
The executives involved in the scandal must have known about the deception. They can't have been completely unaware.
Modals of Regret and Criticism (Past)
We use should have + past participle to talk about past mistakes and express criticism.
The company should have been honest from the start. They should not have tried to deceive the public.
Input: A Real-World Case Study
Unlock full access by logging in. Registered users can explore the entire lesson and more.