Business Concepts and Operations

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Business Ethics

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Principles guiding business behavior, focusing on making morally right decisions that are fair to all stakeholders.

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Social Responsibility

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The idea that businesses should contribute positively to society, beyond just making profits, through ethical practices and community support.

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Doing Well by Doing Good

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The concept that businesses can be profitable while also benefiting society by engaging in ethical practices and social responsibility.

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Corporate Social Responsibility (CSR)

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When businesses take responsibility for their social, environmental, and economic impacts, such as reducing carbon footprints or supporting communities.

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The Triple Bottom Line

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A framework for evaluating business performance based on social responsibility (people), environmental impact (planet), and economic viability (profit).

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Globalization

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The process by which businesses or organizations expand their operations internationally or gain influence in global markets.

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International Trade

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The buying and selling of goods and services across countries, often driven by countries specializing in producing certain goods more efficiently.

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Trade Barriers

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Restrictions like tariffs, quotas, or regulations that limit or control international trade.

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Exchange Rates

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The value of one country’s currency in comparison to another's, which can affect international business costs and pricing.

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Cultural Differences

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Variations in values, communication, and business practices between different cultures, which can impact international business success.