Essay on Business Ethic

2046 Words Jan 22nd, 2013 9 Pages
Chapter 1

What is ethics?
• -Moral principles that govern a person's or group's behavior.
• -The moral correctness of specified conduct.

Understanding rights and wrong
Moral standard are principle based on religious, cultural or philosophical belief by judgments are made about good and bad behavior.

Value System
A set of personal formalized into a code of behavior. A well defined value system is a moral code.

Value conflict
A social problem is a condition defined by a considerable number of persons as a deviation from some social norm which they cherish.

List four sources influence for your personal moral standard?
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Documenting what should be happening. Evolution of the degree to which observed custom, attitude and rules can be said to be ethical. Recommending what should be happening.

StakeHolder
Someone with a share or interest in the business enterprise.

Identify six stakeholder of an organization?
-stockholder
-employee
-customer -creditor
-Community
-Federal Goverment

Code of Ethic
A company written standard of ethical behavior that are designed to guide manager and employee in making the decision and choice they face every day.

List four types Common Ethical Dilemmas
1. Truth vs. Loyalty: personal honesty and integrity vs. promise-keeping and obligations to others 2. Individual vs. Community: interests of the one or few weighed against those of the more or many
3. Short-Term vs. Long-Term: real concerns of the present weighed against investment for the future
4. Justice vs. Mercy: fair and equal application of the rules vs. compassion for the
Individual

Three principle available to you in resolving an ethical dilemma
1. Ends based: Which decision would provide the greatest good for the greatest number of people
2. Rules based: What would happen if everyone made the same decision as you
3. The Golden Rule: Do unto others as you would have them do unto

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