Question

Definition; Importance; Nature of Ethics; Need for Business Ethics: Ethical Relativism; stages
of Moral development Moral Reasoning; Forms of Business Ethics- Descriptive, Normative;
Ethics and Free Market

Answer 1

DEFINITION

Ethics is the set of moral principles or values which is concerned with the righteousness or wrongness of himan behaviour and which guide your conduct in relation to other individual or organition

IMPORTANCE-

1. Satisfying basic human needs- being fair , honest , and ethical is one the basic human needs

2. creating credibility - an organisation that is belived to be drivien by moral values is respedcted in the society even by those who may have no infirmation about the working and the business or an orgination

3. Uniting people and leadership - An organisation driven by values is reversed by itd employees also

4.improving decision making - Organisation guided by ethics and value are profitable in the long run

NATURE OF ETHICS-

Nature of ethics refers to the normative standard of behaviour pertaining to the ideal code of conduct of human behaviour

these are

1. utilisation approach

2. Deontologoical or rights approach

3. justic or fairness apporch

4. common good approach

5. virtue approach

NEED OF BUSINESS ETHICS-

1.PROTECTION OF CONSUMER RIGHTS

2. SOCIAL RESPONSIBILITY

3. CONCEPT OF SOCIALISM

4. INTEREST OF INDUSTRY

5. CONSUMER MOVEMENT

6. BETTER RELATION WITH SOCIETY

7. BUYERS MARKET

8. BENEFICIAL TO BUSINESS AND SOCIRTY

ETHICAL RELATIVISM-

Ethical relativision is the theory that holds that morality is relative to the norms of ones culture.

that is whether an action is right or wrong depnds on the moral norms of the society in which its practiced.

the same action may be morally right in one society but be morally wrong in another.

FORMS OF BUSINESS ETHICS

DESCRIPTIVE ETHICS -

It simply involve describing how people behave and what sort of moral standard they claim to fallow .

descriotive ethics incorporate research from the field of anthropology , psychology , sociology, and history as part of the process of understing what people do or have believe about moral norms

NORMATIVE ETHICS-

The category of normative ethics involves creating or evolving moral standards.

thus it is an attempt to figure out what people should do or whether there current moral behaviour is responsible.

ETHICS AND FREE MARKET-

The free market is an economoc system based on supply and demand with little or no goverment control