Chapter 3 - Chapter 3 EthicsandProfessionalResponsibility...

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Ethics and Professional Responsibility I NTRODUCTION Among the concepts examined in this chapter are the nature of business ethics and the relationship between  ethics and the law.   Because of this relationship, a careful study of business law will help your students to  understand what is and what is not considered by society to be ethical behavior in business.  Throughout the text,  the relation between particular laws and the broad, underlying ethical premises on which they rest is discussed. This chapter also presents issues that are involved in determining business ethical responsibility.  Business  ethics involves the application of ethical standards to business activities. Ultimately, the goal of this chapter is to provide students with basic tools for analyzing ethical and social  responsibility issues in a business context.  Exactly how to decide these issues is something each person must do  alone, on the basis of his or her own convictions.   Questions students must ask themselves include: (1) What  are their ethical criteria?  (2) How would they apply those criteria in a particular situation?  (3) How can  they best adapt their standards to the kinds of ethical and social responsibility issues that they will face  in the business world? C HAPTER  O UTLINE I. Business Ethics Ethics is the study of what constitutes right and wrong behavior. Ethics focuses on morality and the  application of moral principles in everyday life. A. W HAT  I S  B USINESS  E THICS ? Business ethics focuses on what constitutes ethical behavior in the world of business. Business ethics is  not  a separate kind   of ethics. B. W HY  I S  B USINESS  E THICS  I MPORTANT ? An understanding of business ethics is important to the long-run viability of a business, the well being  of its officers and directors, and the welfare of its employees. II. Setting the Right Ethical Tone Some unethical conduct is founded on the lack of sanctions. A. T HE  I MPORTANCE   OF  E THICAL  L EADERSHIP Management must set and apply ethical standards to which they are committed. Employees will  likely follow their example. Ethical conduct can be furthered by not tolerating unethical behavior,  setting realistic employee goals, and periodic employee review. B. C REATING  E THICAL  C ODES   OF  C ONDUCT Most large corporations have codes of conduct that indicate the firm’s commitment to legal compliance  and to the welfare of those who are affected by corporate decisions and practices. Large firms may also  emphasize ethics in other ways (for example, with training programs).
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C. C ORPORATE  C OMPLIANCE  P
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This note was uploaded on 10/21/2010 for the course LAW 12345 taught by Professor Beth during the Spring '10 term at Oklahoma City Community College.

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Chapter 3 - Chapter 3 EthicsandProfessionalResponsibility...

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