UNIT 1:

1. What are human values and why are they important? - Human values are our fundamental beliefs that guide
our attitudes, behavior, and actions. They are important because they help us determine what is important to us
and provide general guidelines for conduct.

2. How can moral awareness be developed? - Moral awareness can be developed through self-reflection,
empathy, and understanding different perspectives. It involves being conscious of our actions and their impact
on others.

3. What is the difference between morals and ethics? - Morals are principles of good and bad that govern
individual behavior, while ethics are the set of moral principles or values that define right and wrong for a
person or group. Morals focus on individual behavior, while ethics focus on broader societal standards.

4. What is the purpose of value education? - The purpose of value education is to understand the moral values
that should guide a profession, resolve moral issues in the profession, and justify moral judgments relating to
the profession. It aims to develop moral awareness, reasoning, coherence, and communication skills.

5. How can self-exploration help in understanding one's values? - Self-exploration helps in understanding one's
values by investigating within oneself, identifying desires and goals, and evaluating beliefs and assumed values.
It allows individuals to reflect on their own identity and choose their values based on personal introspection.

6. What are some examples of civic virtues? - Some examples of civic virtues include honesty, responsibility,
respect for others, and active participation in society. These virtues contribute to the effective functioning of the
civil and political order and the preservation of societal values and principles.

7. Why is honesty important in personal and professional life? - Honesty is important because it demonstrates
integrity and trustworthiness. It involves telling the truth and taking responsibility for one's actions. In both
personal and professional life, honesty builds trust, fosters good relationships, and promotes ethical behavior.

8. How does courage play a role in facing risks and challenges? - Courage plays a role in facing risks and
challenges by accepting and confronting them in a normal way. It requires self-confidence and a willingness to
take action despite fear or uncertainty. Courage enables individuals to overcome obstacles, pursue their goals,
and grow personally and professionally.

9. Why is time considered a valuable resource? - Time is considered a valuable resource because once it is
spent, it is lost forever. It cannot be stored or recovered. Effective time management is essential for
productivity, achieving goals, and leading a balanced and fulfilling life.

10. How can empathy contribute to better relationships and understanding of others? - Empathy contributes to
better relationships and understanding of others by showing concern, understanding their feelings, and
promoting harmony and compassion. It helps individuals to connect with others on a deeper level, build trust,
and foster positive communication.

UNIT 4
1. What are the different levels of business ethics? - Society level: This level defines ethical behavior and
assesses the impact of business on society as a whole. - Industry level: Different industries may have their own
set of ethical standards, taking into account specific considerations and practices unique to that industry. -
Company level: Each individual company may establish its own ethical standards and guidelines that align with
its values and mission. - Individual manager level: At this level, each manager and corporate participant is
responsible for their own ethical behavior and decision-making.

2. Why is it important to study business ethics? - Reports of unethical behavior are on the rise: Studying
business ethics helps us understand and address the increasing instances of unethical behavior in the
business world. - Society's evaluation affects business goals: The perception of right or wrong by society can
significantly impact a business's ability to achieve its goals and maintain a positive reputation. - Stakeholder
demands for ethics initiatives: Stakeholders, including customers, employees, and investors, expect
businesses to prioritize ethics and sustainability. - Individual ethics alone is not sufficient: While personal
ethics play a role, studying business ethics helps individuals understand the broader ethical implications of
their decisions within a business context. - Identifying ethical issues to key stakeholders: Studying business
ethics helps identify potential ethical issues and enables businesses to address them proactively.

3. How do companies handle ethical dilemmas? - Establishing a code of conduct: Companies can create a set
of guidelines and principles that outline expected ethical behavior for all employees. - Assuming responsibility
for instilling ethical behavior: Companies must take responsibility for promoting and fostering an ethical
culture within the organization. - Making decisions that support ethical values: Companies should strive to
make decisions that uphold ethical values and principles, even if it may not be the most financially beneficial
option. - Training the staff: Providing ethics training programs and resources can help employees understand
ethical dilemmas and make informed decisions. - Encouraging open communication: Creating an environment
where employees feel comfortable speaking up about ethical concerns helps address dilemmas effectively. -
Being consistent in following ethical conduct: Companies should ensure that ethical standards are consistently
applied throughout the organization. - Abiding by the laws of the land: Following legal regulations and
compliance is an essential aspect of handling ethical dilemmas.

4. What are the characteristics of an ethical organization? - At ease while interacting with diverse internal and
external stakeholder groups: Ethical organizations understand the importance of diversity and value different
perspectives. - Obsessed with fairness: Fairness is a core value in ethical organizations, and they strive to treat
all stakeholders equitably. - Individual responsibility: Ethical organizations emphasize personal responsibility
for the actions and decisions of the organization as a whole. - Seeing activities in terms of purpose: Ethical
organizations have a clear sense of purpose and align their actions and decisions with their overall mission
and values.

5. What are some ethical issues in production? - Use of new and advanced technologies: Ethical problems can
arise when technologies used in production have potential hazards or unforeseen consequences. - Product
testing: Ethical issues may arise when animals or economically disadvantaged individuals are subjected to
tests without their full understanding or consent. - Use of substandard materials: Deviating from standard
specifications and using substandard materials in production can raise ethical concerns. - Use of minors and
forced labor: Ethical issues arise when companies exploit minors or engage in forced labor practices in their
production processes. - Organizational practices harmful to the environment: Ethical issues arise when
companies engage in practices that harm the environment, such as pollution, contributing to global warming,
or depleting natural resources.

6. What are some business responsibilities towards production? - Prioritizing safety: Businesses should
prioritize the safety of their products and ensure they meet the necessary safety standards. - Abandoning the
misconception of accidents: Companies should not solely blame consumers for product accidents and take
responsibility for monitoring the manufacturing process, even when outsourcing production. - Using less
harmful materials: Businesses should strive to use materials that are potentially less harmful to the
environment and human health in their production processes.
7. What are some strategies of ethical marketing? - Safety: Ethical marketing strategies prioritize consumer
safety and do not encourage or advertise unsafe applications of products. - Deception: Ethical marketing
avoids making false or misleading claims about a product's qualities, capabilities, or benefits. - Market
manipulation: Ethical marketing does not engage in practices that manipulate markets, including creating
artificial shortages to drive up demand. - Pricing: Ethical marketing strategies ensure fair pricing that reflects
customer willingness to pay and the costs of manufacturing and distributing the product.

8. What are some ethical issues in the marketplace? - Monopoly conditions: When a market segment is
controlled by a single seller, it can lead to anticompetitive practices and ethical concerns. - Oligopoly
conditions: Similar to monopoly conditions, when a market segment is controlled by a few sellers, it can limit
competition and raise ethical issues.

9. What are some ethical issues in finance? - Financial statements: Ethical issues can arise when companies
manipulate or misrepresent financial statements to deceive investors or stakeholders. - Hostile takeovers:
Unethical practices may occur during hostile takeovers, such as using unfair tactics to gain control of a
company. - Insider trading: Trading securities based on non-public information is an unethical practice known
as insider trading. - Fraud in financial statements: Companies may engage in fraudulent activities, such as
reporting fictitious revenues, concealing liabilities and expenses, or providing improper or fraudulent
disclosures.

10. What is included in a social audit? - Environmental impact: Assessing the impact of the company's
operations on the environment, including pollution, resource depletion, and carbon footprint. - Transparency
in reporting: Ensuring transparency in reporting any issues regarding the company's effect on the public or the
environment. - Accounting and financial transparency: Providing transparency in financial reporting and
accounting practices. - Community development and financial contributions: Evaluating the company's
contributions to community development and financial support for social initiatives. - Charitable giving:
Assessing the company's philanthropic activities and donations to charitable organizations. - Volunteer activity
of employees: Evaluating the involvement of company employees in volunteer activities and community
service. - Energy use or impact on footprint: Assessing the company's energy consumption and its impact on
the environment. - Work environment: Evaluating the work environment in terms of safety, freedom from
harassment, and equal opportunity. - Worker pay and benefits: Assessing the company's practices regarding
fair wages and benefits for employees. - Nondiscriminatory practices: Ensuring that the company does not
engage in discriminatory practices and provides equal opportunities for all employees.

11. What is the minimum wage that an employee is entitled to? - According to the Wage Code, 2020, all
employees are ensured minimum wages and timely payment, irrespective of the wage ceiling or sector they
belong to. The minimum wage must be revised every five years, and it is calculated based on different
categories of workers/employees, such as unskilled, semi-skilled, skilled, and highly skilled.

12. What are the legal duties of an employer to ensure employee health, safety, and welfare at work? -
According to the Occupational Safety, Health, and Working Conditions (OSH) Code, 2020, an employer has the
following legal duties: - Providing a workplace that is free from hazards and ensuring good working conditions,
including a hygienic environment, clean drinking water, toilets, ventilation, and adequate lighting. - Providing a
risk-free environment and instructing employees on safety protocols. - Conducting free health check-ups for
workers above a certain age. - Ensuring employee health and safety by providing resources and equipment
necessary to complete jobs safely. - Protecting employees from unfair discrimination based on gender, race,
religion, disability, or other protected characteristics.
13. What are the rights of workers at the workplace? - Some of the rights that workers enjoy from their first
day of work include: - Being paid the National Minimum Wage. - Having working time rights, including breaks,
holidays, and holiday pay, and a limit on the working week. - Health and safety protection. - The right to join a
trade union. - Protection from unfair discrimination.

14. What are some affirmative action strategies? - Preferential hiring and promotion of minority applicants to
ensure diversity and equal opportunities. - Removal of discriminatory workplace practices to create a more
inclusive environment. - Diversity-based training programs to promote understanding and acceptance of
different backgrounds and perspectives. - Giving preference to diversity teams to encourage diversity in
decision-making processes and problem-solving.

UNIT 3

. What are business ethics? Business ethics are the moral principles that guide a business's behavior and
transactions, ensuring that it operates in a way that benefits society and the business sector itself.

2. Why are business ethics important? Business ethics are important because they help build a company's
reputation, attract customers and employees, and protect it from legal and financial risks. Ethical behavior
also provides strategic advantages over unethical competitors.

3. What are the characteristics of an ethical organization? An ethical organization has a core value statement,
treats employees and stakeholders with integrity and respect, emphasizes fairness, and considers the impact
of its actions on people and the environment.

4. What are the different levels of business ethics? There are four levels of business ethics: society level,
industry level, company level, and individual level. These levels evaluate the ethical behavior of businesses in
relation to society, industry standards, company policies, and individual actions.

5. Why should we study business ethics? Studying business ethics helps organizations identify ethical issues
and respond to stakeholder demands for ethical initiatives. Individual ethics alone are not sufficient in a
business context.

6. What are the sources of ethical problems in business? Ethical problems in business can arise from personal
character flaws, conflicts between personal values and organizational goals, conflicts between organizational
goals and social values, personal beliefs conflicting with organizational practices, and the production and sale
of hazardous or harmful products.

7. How do companies establish ethical standards and resolve ethical dilemmas? Companies establish ethical
standards by promoting an ethical culture, establishing a code of conduct, making expectations clear, training
employees, encouraging open communication, being consistent in following ethical conduct, and abiding by
the laws of the land.

8. What are the obligations and duties of employees? Employees have obligations to be honest, respectful,
obedient, and to disclose wrongdoing. They must carry out their employer's orders (as long as they are legal),
protect the employer's property, and further the employer's business interests.

9. What is discrimination and what are its types? Discrimination is the act of treating someone unfairly or
differently based on certain characteristics. Types of discrimination include age, disability, race, religion,
gender/sex, national origin, sexual harassment, pregnancy, equal pay, and caste discrimination.
10. What are the ethical issues in production and marketing? Ethical issues in production include the use of
new technologies, product testing, use of substandard materials, exploitation of labor, low wages, and
environmental harm. Ethical issues in marketing include deception, exaggeration, surrogate advertising,
puffery, stereotyping, and exploitation of vulnerable groups.

UNIT 5

1. What is the definition of collective bargaining? Answer: Collective bargaining is a negotiation process
between employers and employees (usually through their representatives) to reach agreements on
terms and conditions of employment.

2. What are the types of collective bargaining? Answer: The types of collective bargaining include distributive
bargaining, integrative bargaining, attitudinal structuring, and intra-organizational bargaining.

3. What is the process of collective bargaining? Answer: The process of collective bargaining involves
preparation, discussing ground rules, proposing options, bargaining, and reaching a settlement.

4. What is the importance of confidentiality in business? Answer: Confidentiality is important in business to

5. What is a conflict of interest? Answer: A conflict of interest occurs when an individual's personal interests or
loyalties conflict with their professional obligations, potentially compromising their ability to act impartially.

6. What is social responsibility in business? Answer: Social responsibility in business refers to a company's
obligation to pursue policies, make decisions, and take actions that benefit society, while also considering the
impact on stakeholders.

7. What are the different models of corporate social responsibility? Answer: The different models of corporate
social responsibility include Friedman's shareholder model, Carroll's CSR pyramid, and the stakeholder model.

8. What is intellectual property? Answer: Intellectual property refers to intangible creations of the human
intellect, such as inventions, designs, trademarks, copyrights, and trade secrets.

9. What are the types of intellectual property rights? Answer: The types of intellectual property rights include
patents, copyrights, trademarks, industrial designs, trade secrets, and geographical indications.

10. What is the significance of intellectual property rights? Answer: Intellectual property rights grant legal
protection to creators and owners of intellectual property, preventing others from exploiting their ideas or
creations without permission. Please note that these answers are general and may vary depending on the
specific context or field of study.