Question

Ethics Class

Chapter 15 Discussion questions:

Discuss rights and obligations in business.Discuss justice, truth telling, and honesty in business.Discuss ethical issues in business.Discuss affirmative action and reverse discrimination.Discuss sexual harassment.Discuss the new global economy and the international business scene.

Answer 1

Being an owner of any business, an individual has to follow certain ethical standards while running a business. Running a business involves big responsibilities. Here are a few ethical factors that one must keep in mind while running a business.

Rights and Obligations in business

A business owner has the following rights:

1. Right to take the decision - As a business owner, an individual has a right to take every possible decision which according to his best judgment is best suited for his business in order to grow and evolve.
2. Right to refuse service offered by any service provider - A business owner has a right to refuse to any service offered by any service provider, if he believes that the particular service is not required by him in running his business.
3. Right to make capital investment - As a business owner, an individual has a right to invest as money as possible which is required for running his business. An owner might take professional advice but the sole discretion to make capital investment depends upon the owner.
4. Make different business stratergies - A business owner has a right to make different business stratergies as he deem fit are suitable for his purpose in order to grow his busniness. An owner might take professional advice but still, the decision to whether implement a particular stratergy or not in his business is sole discretion of the business owner.

Obligations in Business

Following are the obligations that any business has towards the society -

1. Truth Telling and Honesty - This is the most crucial obligation that a business owner has towards the society. The shareholders who have invested their hard earned money in any particular business have the right to know the exact profit or loss that has been borne in the business. Thus, with complete honesty and truth the financials of the business must be disclosed to the shareholders.
2. Quality - Another important obligation in a business is to be honest with the customer. A satisfied customer is the back bone of any business. Thus, top-quality product at lowest rate possible should be the motto of the business.
3. Employees - Employees of an organization keep up the productivity in the business. Thus, there is an obligation to provide better working conditions, regular increment inthe salary of employees and eual opportunity to all employees.
4. Obligation towards the government - A business has an obligation to follow the guidelines laid by the government for operating any business. Also, to adopt to free and fair trade practices without infrindging any state or central(Federal) law.
5. Obligation towards society - A business forms a part of the society thus, it must also contribute towards the welfare of the society. A business may help the society by way of corporate social responsibility. A business also has an important obligation towards the environment of the society. It must not harm the environment of the society by causing any pollution.

Affirmative Action and Reverse Discrimination

Affirmative Action refers to the action taken within an organization in response to the past experiences of discrimination faced by people involved in the business. For example - John is a business owner and he has witness that among his staff - the whites often tease with the black people, which is an act of racism. John thereafter, issues a diciplinary guideline for all his office staff and employees that whosover will be found discrimating any individual or class of individual, a strict disciplinary action shall be taken against the accused.

Reverse Discrimination refers to discrimination towards a particular class of individuals only. For example - in a business organizatrion only females are hired and no male even though possessing higher educational qualification is hired. This is discrimination on the basis of sex wherein, discrimination is done against a particular class of society i.e, males.

Sexual Harrassment at workplace

Sexual harrassment is a common mal practice at workplace faced by both males and females. It is done by people who are higher position in their job. Sexual harrassment includes unwanted sexually determined behaviour. Every business organization must take strict actions any complaints of sexual harrassment at workplace. Most countries has enacted a statutory law which mandates every business enterpise to form a Sexual Harrassment working committee which shall take strict actions against any complaint pf sexual harrassment without diclosing the idendity of the victim.

Global Economy and International Business Scene

The Global economy is interconnected and is still the most standard economic market. With the present era of globalization, liberalization of trade and digitalization, the international business is becoming increasingly popular since over the years. The global economy continues to evolve on a daily basis and has become more inter-dependent. With the launch of digital business platforms, unlike the past now even a domestic shop can make its sales internationally. Thus, with international business expanding at a rapid rate by the help of technology, the global economy is also expanding at a rapid rate.

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