This is an international business question

READ THE FOLLOWING PASSAGE CAREFULLY, AND ANSWER THE QUESTIONS BELOW THE PASSAGE Ethics is the study of right and wrong and of the morality of the choices individuals make. An ethical decision and action is one that is right according to some standard of behaviour. Business ethics is the application of moral standards to business situations. Recent court cases involving unethical behaviors have helped to make business ethics a matter of public concern. In one such case, Copley Pharmaceuticals implied guilty to federal criminal charges for (and paid a 10.65 million fine) for falsifying drug manufacturers reports to the food and drug administration In another much publicized case, lawsuits against tobacco companies have led to $246 billion in settlements although there has been only one class- action lawsuit filed on behalf of all smokers. That case, Engle V.R.J Reynolds could cost tobacco companies an estimated $500 billion. In yet another case Adelphia Communication Corporation the nation's fifth. Largest cable Television Company agreed to pay $15million to settle Federal investigations stemming from rampant earnings manipulation by its foundation John J. Riggs and his son Timothy J. Riggs prosecutors and government regulators charged that the Rigases had misappropriated Adelphia funds for their own use and had failed to pay the corporation for securities they controlled. Ethical issues often arise out of business relationship with investment, customers, employees, creditors or competitors. Each of these groups has specific concern and usual exert pressure on the organizations managers. For example, investors want management to make sensible financial decisions that will boost sales, profit and returns on their investments Customers expect a firm's products to be safe reliable and For example, investors want management to make sensible financial decisions that will boost sales, profit and returns on their investments Customers expect a firm's products to be safe, reliable and reasonable price. Employees demand to be treated fairly in hiring promotion and compensation decisions. Creditors require accounts to be paid on time and the accounting information furnished by the firm to be accurate. Competitors expect that firm's competitive practices be fair and honest. or Fairness and honesty in business are two important ethical concerns. Besides, obeying all laws and regulations business people are expected to refrain from knowingly deceiving representing intimidating others. 1. Provide the definition of business ethics (2 Marks) 2. Cite the third legal issue in the case involving the Rigas family stating the charge which prosecutors and government regulators imposed on them. (4 Marks) 3. From the passage, indicate the source from which ethical issues often arise in international business and which practice do business people should refrain from. (3 Marks) 4. State the specific concerns by the various stakeholders according to the case (3 Marks) 5. Provide a suitable title for the passage (2 Marks) (Total marks -20)