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BLAW - Chapter 2 - Alex Fish Chapter 2 Pages 21-25 Business...

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Alex Fish Chapter 2; Pages 21-25 Business Ethics and Social Responsibility Business Ethics is the application of ethics (the study of what is good or right) to special problems experienced by business persons. Ethical Dilemma is a problem about what a firm should do when no clear or right decision is available. Social Responsibility of Business: consists of the expectations that the community imposes on firms doing business inside its borders. It explains why businesses to not act solely for maximizing profits; they take into account what abstract effects of their actions might occur. Business Law and Business Ethics The legality of a decision is the minimal standard that must be met, but this minimal standard is essential to the development of business ethics Law and Business Ethics serve as an interactive system: informing and assessing each other. Ethical conceptions shape business law in each country, because ethical conceptions are unique for each country. The WPH Framework for Business Ethics Who are the relevant stakeholders: The stakeholders of a firm are the many groups of people affected by the firm’s decisions. Any given managerial decision affects, in varying
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