IGCSE Business Studies Chapter 6.2: Environmental and ethical issues

IGCSE Business Studies Chapter 6.2: Environmental and ethical issues. Exam technique playlist https://youtube.com/playlist?list=PLUk3yfbOuRvEm_XCEEDVPBzkq9bR6ouSv&si=5blstq3wYwoNrj_G Timestamp 00:00 - Intro 00:11 - Business impacts on the environment 00:34 - Private costs / benefits 01:01 - External costs / benefits 01:44 - Sustainable development 02:28 - Sustainable decisions 03:13 - Pressure groups 03:54 - Legal controls 04:55 - Ethical issues 05:51 - Ethical decisions 06:24 - Solved examination questions In this video, I guide you through Chapter 6.2, focusing on environmental and ethical issues faced by businesses. I start by discussing how businesses impact the environment through air pollution, waste disposal, fossil fuel use, and land usage. I explain the concepts of private costs, which are borne by businesses, and external costs that affect society, such as pollution and noise. Next, I explore sustainable development, emphasizing practices like using renewable energy, recycling, and eco-friendly manufacturing methods. While these sustainable choices improve brand image and customer demand, they can also lead to higher operational costs. I then address the role of pressure groups that advocate for ethical business practices, such as boycotts and public demonstrations. Legal controls are also highlighted, detailing how government regulations protect the environment and impose penalties on non-compliant businesses. Finally, I discuss ethical issues, including fair labor practices and responsible waste disposal. Although adopting ethical practices can enhance a company’s reputation and employee motivation, it may also increase costs.