ETHICS AND TRANSPARENCY

Question 1

What is business ethics

Answer 1

Business ethics is rules, standards, codes, or principles which provide guidelines for morally right behavior and truthfulness in specific situations.”

Question 2

The four elements of business ethics?

Answer 2

Framework- rules, codes, guidelines etc.

Internal development of ethical traits- Development of virtues, values, morality and inner conscience.

Situation

Behavior- ethical behavior

Question 3

Nature of business ethics?

Answer 3

Complex
Dynamic
Interdependent
Subjective

Question 4

Mention the Significant Developments in Business Credited to Business Ethics

Answer 4

• Profit is not the whole picture
• Many large business organizations are involved in socially responsible activities.
• Many business organizations have already framed their ethical code of conduct and are strictly following it.

Question 5

Three roles of business ethics

Answer 5

• Three level investigation (economic systems, businesses within these economic systems, individuals within the businesses)
• Theoretical foundations of universal nature for business ethics on the basis of three level investigation
• Test the developed theoretical foundations