What is Business Ethics?
Business ethics refers to the set of principles or standards that govern the moral conduct of business. It is concerned with the relationship between the techniques, practices, and objectives of an organization. Business ethics says that businesses have to be honest with themselves and society.
Some examples of business ethics are treating workers fairly, charging fair prices from customers, providing good quality goods and services, earning reasonable profits, using accurate and fair weights of the goods, etc. However, unethical behaviour involves corrupting public servants to get favours, defrauding customers through misleading advertisements, providing a false image of the business in its books of accounts and financial statements, using the properties and assets of the business for personal use, revealing trade secrets to competitors, etc. A businessperson is said to be ethical if he/she acts upright and serves society’s interests. An ethical business is a good business as it works for the interests of society. Ethical businesses have a good image in the eyes of the public, as people have confidence in the business, which leads towards greater success. Ethical activity is not only good for society, but also for businesspeople and businesses as it helps them enhance the quality of their lives and the work they do.
Table of Content
- Meaning of Ethics
- Benefits of Business Ethics
- Elements of Business Ethics