bus 101 ass 2.docx

bus 101 ass 2.docx - BUSN-101 Assignment#2 1.What do the...

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BUSN-101 Assignment #2 9/19/2014 1.What do the terms business ethics and social responsibility mean? Why are they important components of a firm’s overall philosophy in conducting business? Business Ethic: Ethics is a division of social science. It deals with moral values and social values. It helps people to find, what is good and what is bad? It says us to do positive things and avoid doing negative things. Therefore, ethics isolated, good and bad, right and wrong, fair and unfair, moral and immoral and correct and incorrect human action. Thus, the businessmen must provide a regular quantity of good quality goods and facilities at sensible prices to their customers. People need to avoid spoiling in unfair job practices like corruption, cheating in weights and measures, black selling, etc. Social Responsibility: The impression that corporations should hold its social responsibilities and not be exclusively focused on increasing profits. Social responsibility involves developing trades with a positive connection to the society, which they work in. According to the International Organization for Standardization (ISO), this association to the society and environment in which they operate is "a critical factor in their ability to continue to operate effectively. It is also increasingly being used as a measure of their
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