Business Ethics - Assignment Solved PDF
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Added on 2021-06-14
Business Ethics - Assignment Solved PDF
Added on 2021-06-14
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1Business EthicsEssayBusiness EthicsEssay(Student Details: )
2Business EthicsFrom the childhood of each and every person, they are taught about ethical and moral values, are told to abide by such values, in order to be a good human being. Often the terms ethics and morals are used interchangeably, and yet there continues to be quite a difference between the two terms. Despite the difference in the two terms, these denote the manner in whicha person can differentiate between right and wrong conduct. These moral and ethical values are not only applied on individuals, but on the organizations and entities as well. This is the reason for the concept of business ethics gaining momentum in last few decades (Trevino & Nelson, 2016). Business ethics usually refer to the professional ethics or the form of applied ethics, through which the morals and principles of ethics, or the ethical problems which can be raised in the business, are examined. Business ethics help in studying the practices or policies in context of possible controversial issues and these business ethics have led to the concepts of fiduciary duties, corporate social responsibility and corporate government, being formed. In making such decisions, there is a need to apply the leading ethical theories, or take assistance of these (Ferrell,Fraedrich & Ferrell, 2016). This discussion is focused on the three ethical perspectives which areapplied to businesses, and these three are utilitarianism, Rawls’ Justice as Fairness and altruism. However, before discussing these, the differences between ethics and morals have been touched upon. Morals and ethics are two terms which are often used interchangeably. However, in literal sense, these terms are different from each other. Morals are majorly related to the principles of wrong and right, whilst the ethics are related to the wrong and right conduct of a person in a given situation. Morals refer to the religious, social and culture values or beliefs of any person, which help in differentiating between right and wrong. The rules and standards basedon which this decision is made is provided by the culture or society of the person making such Essay
3Business Ethicsclassification. Moral principles include being generous, being loyal, not cheating, telling the truthand being patient. Morals are beliefs which are not entirely objectively correct but in the particular situation, are deemed as morally correct. Ethics on the other hand are that branch of philosophy, which caters to the principles of conduct of a person. These are the guiding principles in making decision regarding good or bad. Ethics are also referred to as moral philosophy and the standards governing person’s life. The examples of ethical principles include integrity, fairness, respect, loyalty, honesty and truthfulness (Singh, 2015). There are certain key points which further bring clarity to the differences between morals and ethics. Ethics deal with good or evil, whilst morals are focused on right or wrong. Morals aredeemed as the guidelines which the society; for instance; people need to be honest in their life. On the other hand, ethics are the responses to specified situations; for instance, can it be deemed as ethical to be honest when a spy is being interrogated by another nation? Morals term is derived from mos, a Greek word, and it refers to customs. These customs, as stated earlier, are determined by authority or individuals. Conversely, ethics is derived from ethikos, a Greek word,and refers to character, which is an attribute (Diffen, 2018). Morals are elected by the society, religion or culture, whilst ethics are selected by the individual. Morals are created by groups and come with no option of choosing or thinking. So, these can be rejected or accepted. On the other hand, ethics allow the people to chose and think freely regarding what ethical principles they want to follow in their life. Ethics continue to be same across all societies, cultures, and religions, whilst moral vary based on each culture, society and religion. Most importantly, morals are not applied to businesses, whilst ethics are widely applied in businesses and are referred to as business ethics (Singh, 2015). Essay
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