Introduction to Business Ethics

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Word meaning of ‘Ethics’ is character

Ethics is a set of standards or code or value system, worked out from human reason & experience by which free human actions are determined as ultimately right or wrong, good or evil. Business ethics means the application of ethics in business

Characteristics of business ethics

Differ with persons: ethical questions do not have a unique solution but a multitude of alternatives
Ethical decisions are not limited to themselves, but affects a wide range of other situations as well.
Ethical decisions involves a trade off between cost incurred and benefits received.
Consequences are not clear
Every person is individually responsible for the ethical or unethical decision and action that he or she takes
Ethical actions are voluntary human actions

Why is ethics important in business?

Ethics corresponds to basic human needs
Values create credibility with the public
Values give mgmt credibility with employees
Values help better decision making
Ethics and profit
Law cannot protect society, ethics can.

Morality and ethics:

Morality is the std an individual or community keeps about what is right and wrong or good and evil.
Moral norms deals with topics that either seriously harm or benefit human beings.
Moral standards are not dependent on or changed by the decision of authoritative bodies.
Moral demands enjoys a self-driven force. Expressed through the medium of special emotions.
Ethics helps one to address questions such as what do moral principles mean in a given situation.
Ethics offers certain moral standards to judge a particular human behavior or situation.

Law and ethics:

Law is universally accepted, published document
Law says, what action should be taken against a person who violates the provisions of legal system whereas the consequences of unethical action is not clear
Some laws have nothing to do with morality while some may even violate our moral standards.

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