Podcast
Questions and Answers
What is the primary focus of business ethics?
What is the primary focus of business ethics?
What is a characteristic of an ethical business?
What is a characteristic of an ethical business?
What are the two primary principles that business ethics is based on?
What are the two primary principles that business ethics is based on?
Who are stakeholders in a business?
Who are stakeholders in a business?
Signup and view all the answers
What is the outcome of ethical decision making in business?
What is the outcome of ethical decision making in business?
Signup and view all the answers
What is the primary goal of business ethics?
What is the primary goal of business ethics?
Signup and view all the answers
Why is business ethics important?
Why is business ethics important?
Signup and view all the answers
What is the relationship between business ethics and the environment?
What is the relationship between business ethics and the environment?
Signup and view all the answers
What is cultural relativism in the context of business ethics?
What is cultural relativism in the context of business ethics?
Signup and view all the answers
What is the role of business ethics in solving complex moral dilemmas?
What is the role of business ethics in solving complex moral dilemmas?
Signup and view all the answers
Study Notes
Principles of Business Ethics
- Impartiality and objectivity are core principles of business ethics
- Openness: full disclosure is essential in business ethics
- Confidentiality: trust is a fundamental aspect of business ethics
- Due diligence/duty of care is crucial in business ethics
- Fidelity to professional responsibilities is vital in business ethics
- Avoiding potential or apparent conflict of interest is necessary in business ethics
Definition of Business Ethics
- Business ethics is the application of general ethical ideas to business behavior
- Ethical business behavior is expected by the public and promotes good to society
- Ethical business behavior improves profitability, fosters business relations, and employee productivity
- It reduces criminal penalties from public authorities and regulators
- It protects business against unscrupulous employees and competitors
- It protects employees from harmful actions by their employer
- It allows people in business to act consistently with their personal ethical beliefs
Importance of Ethics
- Ethics are essential in business and all aspects of life
- Ethics is the foundation of a civilized society
- A business or society without ethical principles is bound to fail
Honesty, Integrity, and Transparency
- Honesty, integrity, and transparency are the touchstones of business ethics
- Ethical corporate behavior is a reiteration of the ancient wisdom that 'honesty is the best policy'
- The collapse of companies like Enron and WorldCom demonstrates the importance of integrity
Values and Ethics in Business
- Business ethics is related to issues of "what is right" and "what is wrong" while doing business
- Constituents of business ethics include adherence to truth, a commitment to justice, and public integrity
- Business ethics is the art and discipline of applying ethical principles to examine and solve complex moral dilemmas
Definition of Business Ethics
- Business ethics is the set of principles or reason which should govern the conduct of business
- Ethical solutions to business problems may have more than one right answer or sometimes no right answer at all
Stakeholders and Business Ethics
- A business or company is considered ethical only if it tries to catch a trade-off between its economic objectives and its social obligations
- Stakeholders include shareholders, creditors, employees, customers, dealers, vendors, government, and the society
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the fundamental principles of business ethics, including impartiality, openness, confidentiality, and duty of care. It also explores the application of ethical ideas in business settings.
