Chapter 3.3, Problem 3R

To determine

To understand how consumer and business act ethically along with three examples

Explanation of Solution

Examples of ethical consumerism:

• Avoid buying products which are produced unethically.
• Using product which does not pollute the environment.
• Purchase product through an ethical way i.e. avoiding black marketing.

Examples of ethical business:

• To pay fair wages.
• To not sell product which is harmful to the environment and society.
• To avoid unfair trade practices.

Economics Concept Introduction

Consumer acts ethically by buying a product which is not produced in an ethical manner and are not harmful to the environment and society. Business acts ethically by not producing anything in an unethical manner and should promote interest of its employee, customers and stakeholders.