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Business ethics refers to standards of conduct and moral judgment in business. It helps businesses distinguish right from wrong practices and make responsible decisions. Observing ethics has positive economic and social impacts. It ensures fair treatment of employees, suppliers, and customers, contributing to prosperity and harmony in society. While pursuing profit is important for businesses, ethics should come before profit and manipulation, as ethical practices build reputation and trust over the long term.

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Jhazreel Biasura
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745 views2 pages

Document

Business ethics refers to standards of conduct and moral judgment in business. It helps businesses distinguish right from wrong practices and make responsible decisions. Observing ethics has positive economic and social impacts. It ensures fair treatment of employees, suppliers, and customers, contributing to prosperity and harmony in society. While pursuing profit is important for businesses, ethics should come before profit and manipulation, as ethical practices build reputation and trust over the long term.

Uploaded by

Jhazreel Biasura
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Biasura, Jhazreel Mae N.

BSA 2B
Chapter 6
REVIEW QUESTIONS
QUESTIONS:
1. What does business ethics mean?
 The significance of influence business ethics in the corporate world cannot be
neglected. Business ethics can be understood as the study of how a business should
act in the face of ethical dilemmas and controversial situations. It refers to standards
of moral conduct, behavior, judgment in business. It involves making the moral and
right decisions while engaging in business activities.
2. What is the main objective of observing ethical behavior in business?
 The major objective of business ethics is to provide guide and help to businesses
through proper determination and distinction between right and wrong practices.
The purpose  is to enable every business to make responsible decisions along with
maintaining highly ethical behavior.
3. Name the other purpose of business ethics.
 Under special purpose, there are other purposes of business ethics
To make businessmen realize that they cannot employ double standards to the
actions of other people and to their own actions.
To show businessmen that common practices which they have thought to be right
because they see other businessmen doing it, are really wrong.
To serve as a standard or ideal upon which business conduct should be based.
4. What is the scope of business ethics?
 Business ethics applies to all aspects of business conduct and is relevant to the
conduct of individuals and entire organizations. Covered in business ethics are all
conduct, behavior and judgment in business. This includes the slightest deviation
from what is right to illegal and dishonest acts that are punishable by law. It involves
making the right choice in business activities.
5. Explain the economic impact of observing business ethics.
 We need to understand the effects and influences of business ethics in every aspects.
One of which is the economic aspect. The economic impact of observing business
ethics can be explained through the wages paid by a business to its employees, the
materials that it buys from suppliers and the prices it charged to customers. It is said
to have a positive social impact on its employees if they are paid the right amount of
compensation. For suppliers, it is when they are paid fairly and timely. Lastly, for
customers, it is when the value they have received are worth for what they have paid.
6. What is the impact of business ethics to society in general?
 Generally, the purpose of a business should be contribution in bringing prosperity and
harmony in society. In line with this, a situation in which businesses offer bribes to
secure work or other benefits, engage in accounting fraud or breach regulatory and
legal limitations on their operations, the ethics of society will suffer. Doubtlessly,
ethical and unethical behavior directly impacts not only the organization but the
community and society at large.
7. Explain how business managers could act ethically.
 Business managers must always be ethical. This means that they should possess a
character that is worth respecting and should communicate acceptable behavior.
In particular, a manager should:
 acknowledge that his role is to serve the business enterprise and the community;
 avoid all abuse of executive power for personal gain, advantage or
prestige;
 reveal the fact to his superior whenever his personal business of financial interests
conflict with those of the company;
 be actively concerned with the difficulties and problems of subordinates, treat them
fairly and by example, lead them effectively, assuring to all the right of reasonable
access and appeal to superiors;
 recognize that his subordinates have a right to information on matter
affecting them, and make provision for its prompt communication unless such
communication is likely to undermine the security and efficiency of the business;
 fully evaluate the likely effects on employees and the community of the business
plans for the future before taking a final decision and
 cooperate with his colleagues and not attempt to secure personal
advantage at their expense.

8. Describe the inherent conflict between ethics and pursuit of profit.


 In the world of business, we cannot neglect the fact that there is an unending war
between ethics and profitability. We know that to gain profits is the major goal or
objective in operating a business, with that, issues concerning how a business should
be managed always arises. This goal is like a threat and manipulation that results to a
neglect in the good practices of a business. It’s a battle between maintaining
reputation and having ethical business over the desperation to gain and increase
profit. However, it having ethical practices should always comes first because it tells
that the business has good employees that will result for more customers to come.

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