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BUSINESS ETHICS
   Paper:506
     Unit:2
INTRODUCTION TO BUSINESS
          ETHICS
 Business ethics (also known as corporate
  ethics) is a form of applied ethics or
  professional ethics that examines ethical
  principles and moral or ethical problems that
  arise in a business environment. It applies
  to all aspects of business conduct and is
  relevant to the conduct of individuals and
  entire organizations.
 All businesses have the same essential
  issues of ethical business conduct namely
  product quality, transparency of financial
  statements, workplace quality and safety
  standards, keeping pace with global
  environmental issues and compliance with
  country laws and industry standards.
 Public’s interest in business ethics
  increased during the last four decades
Ethical Issues in Business
   Employee-Employer Relations
   Employer-Employee Relations
   Company-Customer Relations
   Company-Shareholder Relations
   Company-Community/Public Interest
Business Ethics: What Does It
         Really Mean?
                Definitions
 Ethics involves a discipline that examines
  good or bad practices within the context of a
  moral duty
 Moral conduct is behavior that is right or
  wrong
 Business ethics include practices and
  behaviors that are good or bad
Business Ethics: What Does It
         Really Mean?
      Two Key Branches of Ethics
 Descriptive ethics involves describing,
  characterizing and studying morality
  – “What is”
 Normative ethics involves supplying and
  justifying moral systems
  – “What should be”
Business ethics final
Values

 Values are the rules by which we make
  decisions about right and wrong, should and
  shouldn't, good and bad. They also tell us
  which are more or less important, which is
  useful when we have to trade off meeting
  one value over another.
Morals

 Morals have a greater social element to
  values and tend to have a very broad
  acceptance. Morals are far more about
  good and bad than other values. We thus
  judge others more strongly on morals than
  values. A person can be described as
  immoral, yet there is no word for them not
  following values.
Ethics

 You can have professional ethics, but you seldom
  hear about professional morals. Ethics tend to be
  codified into a formal system or set of rules which
  are explicitly adopted by a group of people. Thus
  you have medical ethics. Ethics are thus internally
  defined and adopted, whilst morals tend to be
  externally imposed on other people.
 If you accuse someone of being unethical, it is
  equivalent of calling them unprofessional and may
  well be taken as a significant insult and perceived
  more personally than if you called them immoral
  (which of course they may also not like).
"What is wrong is wrong, even if
everyone is
doing it. Right is still right, even
if no one
else is doing it."

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Business ethics final

  • 1. BUSINESS ETHICS Paper:506 Unit:2
  • 2. INTRODUCTION TO BUSINESS ETHICS  Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.
  • 3.  All businesses have the same essential issues of ethical business conduct namely product quality, transparency of financial statements, workplace quality and safety standards, keeping pace with global environmental issues and compliance with country laws and industry standards.  Public’s interest in business ethics increased during the last four decades
  • 4. Ethical Issues in Business  Employee-Employer Relations  Employer-Employee Relations  Company-Customer Relations  Company-Shareholder Relations  Company-Community/Public Interest
  • 5. Business Ethics: What Does It Really Mean? Definitions  Ethics involves a discipline that examines good or bad practices within the context of a moral duty  Moral conduct is behavior that is right or wrong  Business ethics include practices and behaviors that are good or bad
  • 6. Business Ethics: What Does It Really Mean? Two Key Branches of Ethics  Descriptive ethics involves describing, characterizing and studying morality – “What is”  Normative ethics involves supplying and justifying moral systems – “What should be”
  • 8. Values  Values are the rules by which we make decisions about right and wrong, should and shouldn't, good and bad. They also tell us which are more or less important, which is useful when we have to trade off meeting one value over another.
  • 9. Morals  Morals have a greater social element to values and tend to have a very broad acceptance. Morals are far more about good and bad than other values. We thus judge others more strongly on morals than values. A person can be described as immoral, yet there is no word for them not following values.
  • 10. Ethics  You can have professional ethics, but you seldom hear about professional morals. Ethics tend to be codified into a formal system or set of rules which are explicitly adopted by a group of people. Thus you have medical ethics. Ethics are thus internally defined and adopted, whilst morals tend to be externally imposed on other people.  If you accuse someone of being unethical, it is equivalent of calling them unprofessional and may well be taken as a significant insult and perceived more personally than if you called them immoral (which of course they may also not like).
  • 11. "What is wrong is wrong, even if everyone is doing it. Right is still right, even if no one else is doing it."