Behaving ethically gives a better image to the world, especially consumers, resulting in greater profit. Show Can increase costs for businesses e.g. have to pay employees reasonable wages. Expensive and potentially embarrassing public relation disasters are avoided. If business is truly ethical this means the same standards must be passed down to the supply chain meaning no longer doing business with suppliers who are not prepared to meet the same standards. If the business is seen to behave ethically it will recruit more highly qualified employees leading to better motivation where employees are proud of their jobs. If society does not always have clear standards how does a business decide what to do? E.g. some argue animal testing is cruel while others say it benefits human health. The main role is to make a profit and while for some businesses behaving ethically may do this if this is not the case for others they should ignore ethical standards. To be wholly ethical a business may have to change its whole business practice and organisational culture, which is a time consuming and expensive process many may see not worth doing. Recommended textbook solutions
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What are ethics and business ethics quizlet?Ethics deals with. questions of whether practices are acceptable. Business Ethics can be defined as. Comprises principles, values, and standards that guide behavior in the world of business. Principles.
What is the relationship between ethics and business?Business ethics refers to the set of moral principles that guides a company's conduct. These principles govern every aspect of the company's life, including its interaction with government and other businesses, its treatment of its employees, and its relationship with its customers.
What is the difference between business ethics and the law?Ethics are the beliefs about right or wrong in the workplace characterized by social expectations of people's moral actions. Laws are rules of behavior sanctioned by governments that illustrate what people can or cannot do in the workplace.
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