Ethical Concepts And Principles Of Business Ethics

1) There are laws and regulations designed to ensure proper conduct in business. Plus, individual businessmen and women have their own private consciences to guide them. So do we really need to study business ethics? Is it necessary for businesspeople to be familiar with abstract ethical concepts and principles, and to engage in ethical reasoning? Why / why not? (7 points) I believe it is most certainly necessary for business people to be familiar with ethical concepts and principles. The increasing complexity of today s economy has heightened businesses responsibilities to protect consumers and the environment. Businesses have product knowledge and expertise far in excess of that held by consumers, and so they have an obligation above and beyond the sales contract (and let the buyer be aware) to exercise due care in preventing consumers and the environment from being harmed by their products. Organisations that follow Utilitarian ethics assess economic externality factors relating to their operations in terms of the cost and benefits of their actions. Organisations that follow Kantian codes of conduct concentrate not completely on financial goals, or internal political goals, but on products and services that focus on the overall needs of customers. Such ethics not only reduces product liability claims but also is good for business. Very large businesses, such as pharmaceutical firms, effect social, institution and national policies, and so have a greater need toShow MoreRelatedEthics As A Key Term Essay939 Words   |  4 PagesYOU ARE INTERESTED IN IT This paper will discuss ethics as a key term in cross boarder business. This topic is of interest because ethics are present in every day’s activities. For Christians, ethics is an important concept because it represents the image of the creator, God. 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