ETHICS ASSIGNMENT:

LESSON 6: ANSWERS
REVIEW QUESTIONS:
1. Unethical behavior by entrepreneurs in their dealings with consumers undermines trust, damages reputations, and
disrupts fair market dynamics. However, the basic rights of consumers provide a framework to address and
counter such behavior. By upholding the rights to information, safety, choice, privacy, redress, and education,
entrepreneurs can be held accountable, and consumers can make informed decisions. Strengthening legal
frameworks, enforcing regulations, promoting ethical business practices, and raising consumer awareness
collectively contribute to fostering a marketplace built on integrity, trust, and respect for consumer rights.
2. Conflict of interest refers to a situation where an individual or entity is involved in multiple interests or
obligations that may compromise their objectivity, judgment, or decision-making.
Examples of Conflict of Interest:
Financial Interest: A financial advisor recommending investment options from which they receive undisclosed
commissions.
Personal Relationships: A manager promoting a romantic partner or family member without proper qualifications
or merit.
Nonprofit Organizations: A board member of a nonprofit organization awarding a contract to a company in which
they have a financial interest.
3. Industrial property primarily focuses on protecting inventions, designs, trademarks, and geographical indications
to safeguard commercial assets and innovations. Copyright, on the other hand, emphasizes the protection of
original creative works, such as literary, artistic, musical, and dramatic creations. Understanding the differences
between industrial property and copyright is crucial for creators, inventors, and businesses seeking appropriate
protection for their intellectual assets, thereby fostering innovation, creativity, and fair competition in various
industries and creative fields.
4. Bribery is common because, Bribery persists in supplier relationships due to a combination of factors, including
financial incentives, power imbalances, lack of transparency, cultural norms, weak legal frameworks, and limited
ethical awareness. Addressing this issue requires concerted efforts from governments, businesses, and society as a
whole. Strengthening anti-corruption laws, improving transparency in supply chains, promoting ethical standards
and education, and fostering a culture of integrity can help combat bribery.
5. Due process is a fundamental legal principle that ensures fairness, impartiality, and protection of individual rights
within the context of legal proceedings. When applied to the employment relationship, due process safeguards
employees' rights and provides essential protections against arbitrary or unjust treatment.
6. Tax evasion refers to the illegal act of intentionally evading taxes by deliberately misrepresenting or concealing
income, assets, or activities to avoid paying the rightful amount of taxes owed. Tax avoidance, on the other hand,
refers to the legal practice of arranging one's financial affairs in a manner that minimizes tax liability within the
boundaries of tax laws.

SELF-ASSESSMENT

-Basic consumer rights are essential pillars of a fair and equitable marketplace. As a consumer, I have enjoyed the
privileges and protections provided by these rights, allowing me to make informed decisions, assert my interests, and seek
remedies when necessary. The rights to safety, information, choice, redress, and education have empowered me to engage
confidently with businesses and contribute to a transparent and ethical consumer environment. By upholding and
respecting these rights, businesses and society as a whole promote a culture of fairness, trust, and responsible commerce,
ultimately benefiting consumers and fostering sustainable economic growth.