Final answer:
A conflict of interest is a situation in which a person or organization has competing interests or loyalties that could bias their decisions or actions. It can occur in various contexts, such as business, politics, law, and journalism. Identifying and disclosing conflicts of interest is crucial for maintaining fairness and objectivity.
Step-by-step explanation:
A conflict of interest is a situation in which a person or organization has competing interests or loyalties that could potentially bias their decisions or actions. It occurs when someone in a position of authority or influence has the opportunity to benefit themselves, financially or otherwise, at the expense of others. For example, if a government official is responsible for awarding a contract to a company and they have a personal financial interest in that company, it would be considered a conflict of interest.
Conflicts of interest can arise in various contexts, such as in business, politics, law, and journalism. It is important to identify and disclose conflicts of interest to maintain transparency and ensure fairness and objectivity in decision-making processes.