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Questions
Describe the features of business ethics.
What are the elements of business ethics?
Solution
Features of Business Ethics
- Code of conduct:
Business ethics is a code of conduct. It tells what to do and what not to for the welfare of the society. All businessmen must follow this code of conduct. - Based on moral and social values:
It contains moral and social principles (rules) for doing business. This includes self-control, consumer protection, and welfare, service to society, fair treatment to the social group not to exploit others, etc. - Gives protection to social groups:
Business ethics give protection to different social groups such as consumers, employee small businessmen, government, shareholders, creditors, etc. - Provides basic framework:
It gives the social, cultural, economic, legal, and other limits of business. Business must be conducted within these limits. - Voluntary:
The businessmen must accept business ethics on their own. Business ethics must be like self-discipline. It must not be enforced by law. - Requires education and guidance:
Businessmen must be given proper education and guidance before introducing business ethics.
The businessman must be motivated to implement business ethics. - Relative term:
Business ethics change from business to business. It also changes from one country to another.
What is considered good in one country may be banned in another country. - New concept:
Business ethics is a newer concept. It is strictly followed only in developed countries and not in poor and developing countries.
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