Codes of Ethics Are Developed by Many Organisations as They

question 65

Multiple Choice

Codes of ethics are developed by many organisations as they recognise that self-regulation:

• A) is more profitable in the short-term.
• B) deters government from imposing its own regulations.
• C) is the way we do business now.
• D) none of the above.

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Definitions:

Trading Possibilities Curves

A graphical representation that shows the maximum amounts of goods that two countries can trade with each other, given their resources and technology.

Comparative Advantage

The skill of an entity—be it an individual, enterprise, or nation—to manufacture a product or deliver a service at a reduced opportunity cost than that of its competitors.

Production Possibilities

The various combinations of goods and services that an economy can produce, given its technological capabilities and available resources.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade benefits.