What is business ethics? What are elements of business ethics?
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Business ethics refers to contemporary organizationalstandards, principles, sets of values and norms that govern the actions and behavior of an individual in the business organization. Business ethics have two dimensions, normative business ethics or descriptive business ethics.
Meaning: Business ethics refers to the standards and principles which govern the business activities. It means doing business activities with rational thinking and honesty. A business requires ethics for its success. Now a days availability of proper safety measures for employees, satisfaction of consumers and protection of environment are modern business standards.
Elements of business ethics: Following are the 6 elements of business ethics:
Identification: It means that businessmen should be competent enough to rank and identify the ethical issues in order of importance.
Evaluation: It means that businessmen must develop the rules and regulations in order to evaluate the ethical issues of the business.
Imagination: A businessman should be imaginative enough that he should think about the society before taking any decision about the business. He must be aware of the areas towards which people are sensitive.
Tolerance: Businessmen must have the quality to tolerate ethical disagreement.
Obligations: Business decision taking process should be evaluate that it must fulfill the ethical obligations.
Competence: A businessman should be competent enough to integrate the business ethical issues with the ethical issues of the society otherwise he has to pay the huge amount for the disagreement.
I hope you have got relevant information about the meaning and elements of business ethics.
Business ethics refers to contemporary organizationalstandards, principles, sets of values and norms that govern the actions and behavior of an individual in the business organization. Business ethics have two dimensions, normative business ethics or descriptive business ethics.
Meaning: Business ethics refers to the standards and principles which govern the business activities. It means doing business activities with rational thinking and honesty. A business requires ethics for its success. Now a days availability of proper safety measures for employees, satisfaction of consumers and protection of environment are modern business standards.
Elements of business ethics: Following are the 6 elements of business ethics:
Identification: It means that businessmen should be competent enough to rank and identify the ethical issues in order of importance.
Evaluation: It means that businessmen must develop the rules and regulations in order to evaluate the ethical issues of the business.
Imagination: A businessman should be imaginative enough that he should think about the society before taking any decision about the business. He must be aware of the areas towards which people are sensitive.
Tolerance: Businessmen must have the quality to tolerate ethical disagreement.
Obligations: Business decision taking process should be evaluate that it must fulfill the ethical obligations.
Competence: A businessman should be competent enough to integrate the business ethical issues with the ethical issues of the society otherwise he has to pay the huge amount for the disagreement.
I hope you have got relevant information about the meaning and elements of business ethics.
Answered by
7
The concept of business ethics is as follows:
- This is actually a form of professional ethics.
- Ethical principles and problems which arise in business environment, are examined by this.
The elements of business ethics are as follows:
- Main three elements of business ethics are- Macro level, World level and Human values.
- Human value includes care of employees, material benifit and workplace's creation.
- World level includes ethical relations with supplies and customers.
- Macro level includes the activities of company. The absence of discrimination against participants and the concession with competition of market.
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