businessethics.docx - BUSINESS ETHICS Business ethics are...

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BUSINESS ETHICS Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual”s actions also apply to business. Acting in an ethical way involves distinguishing between “ right ” and “wrong” and then making the “ right ” choice. Ethics concern an individual's moral judgements about right and wrong. Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. Social responsibility is an ethical theory, in which individuals are accountable for fulfilling their civic duty; the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment. Managerial ethics is the rules and principles, decided by upper management , that spell out what is right and wrong in an organization. Managerial ethics is intended to make it easier for managers to make the right decisions on the job when a conflict of values is presented. TYPES OF BUSINESS ETHICS 1 . HONESTY. Ethical executives are honest and truthful in all their dealings and they do not
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