Q. 3. What is business ethics?

Ans: The term ethics is derived from the Greek word ‘ethos' which means character. Ethics refers to a code of conduct which guides an individual in dealing with others. It is a branch of social science. It deals with good and bad, right, and wrong. fair and unfair, lust and unjust, moral and immoral, proper and improper in respect of human actions.
Business ethics refer to rules related to business. It means there should be ethics behind all business activities. It means business activities should be conducted according to certain social values.
Business ethics suggest that dealing with the various groups in the society like customers, employees, shareholders, etc. should be honest and fair. In case or customers, businessmen should provide quality goods and services at fair price to its, customers, should avoid unfair trade practices. Similarly, in case of employees their rights should be honored. Businessmen should provide fair wages, job security, proper working conditions, etc.
In case of shareholders, correct information about financial position, current status and future prospects of the company must be given to them.

 Explain the features of Business ethics?

Ans: The features of business ethics are explained as follows:
(1) Code of conduct: Business ethics is a code of conduct gradually developed for regulating the activities of business towards the society and others on the basis of legal, moral, social and ethical values.
(2) Relative term: Business ethics is a relative term. It differs or changes from time to time and also from place to place.
(3) Interest of society: Business ethics protects the interests of all the constituents of the society. They create healthy and competitive business atmosphere. They induce businessmen to introduce social security and welfare measures. It guides what should be done and what should be avoided for the welfare of the society.
(4) Application: Business ethics is applicable to all business organizations irrespective of its size and type. It is applied equally to small, medium and large scale business. Similarly, it is applied to sole trading concern, partnership firm, cooperative or public limited companies.
(5) Fair treatment and principle of honesty: Business ethics promotes the principles of honesty, sincerity, fairness, justice in business dealings.
(6) Specifies limits: Business ethics specifies the social, cultural, legal and economic limits within which business units are expected to plan and workout their functions and activities.
(7) Guide to frame policy: Business ethics specifies the conditions to be fulfilled by the business unit before completing any task or course of action. It also guides the business unit to prepare its business policies in a justified manner.
Thus, business ethics, if practiced in the right spirit and direction, can be considered as a tool for social reform and development.



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