DEFINING ETHICS

Question 1

What are the main definitions of ethics?

Answer 1

“Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed.” Crane and Matten (2007)

Potter Stewart, associate justice of the U.S. Supreme Court, once said, “Ethics is knowing the difference between what you have the right to do and what is right to do.” (Leong, 2017)

Question 2

Why is a study of business ethics so important?

Answer 2

(Crane and Matten, 2007)

The power and influence of business in society is greater than ever before

Business has the potential to provide a major contribution to our societies, in terms of producing products and services that we need and want

Business malpractices have the potential to cause enormous harm on individuals

Ethical infractions are common in the workplace