Final answer:
Fred is involved in Business ethics monitoring to ensure his sales team adheres to ethical practices and laws while they try to attract new clients. Discriminatory practices can be mitigated by market forces that encourage fairness to retain talent and competitiveness. It is vital for businesses to uphold their ethics codes to sustain their reputation and market position.
Step-by-step explanation:
Fred's need to monitor his sales employees' activities to ensure they aren't crossing any lines in the pursuit of new business pertains to Business ethics monitoring. In the world of business, organizations create codes of ethics that outline permissible and impermissible actions. These codes ensure adherence to laws and reflect societal values, addressing issues like bribery, discrimination, and environmental and social goals. Discriminatory business practices can be corrected through market forces such as competitors offering better pay, which may pressure a business to act more ethically and eschew discriminatory wage practices. Moreover, firms that earn positive economic profits in a monopolistic competition scenario could draw other firms into the market. These competitors may introduce innovations or attractions to lure customers away from the established business. Successful businesses must continuously observe the competitive landscape and respond accordingly to maintain their market position without resorting to unethical practices.