COMMERCE 1BA3 Chapter Notes - Chapter 5: Business Ethics, Root Mean Square, Corporate Social Responsibility
29 Mar 2017
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Document Summary
Regardless of the intensity of the competition or the shifting external business environment, Business ethics: the application of moral standards to business. Laws: society"s values and standards that are enforceable in the courts: standards that are legal may not always be ethical, and vice-versa. Morals: rules people develop as a result of cultural values and norms: ethics consists of personal moral principles and values rather than societal prescriptions, thus, moral may be considered the foundation of ethical behaviour. There is increased pressure on businesspeople to make decisions in a society characterized by diverse value systems. There is a growing tendency for business decisions to be judged publicly by groups with different values and interests. The public"s expectations regarding ethical behaviour have increased. Personal moral philosophy and ethical behaviour: the values businesspeople use to make decisions have been acquired through family as well as through educational and religious institutions, ethical values are situation speci c and time oriented, moral idealism.
