COMMERCE 1B03 Chapter Notes - Chapter 4-6: Double Taxation, Sole Proprietorship, Mercantilism
9 Apr 2013
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Legality: laws written to protect ourselves from fraud, theft, violence. Ethics: standards of moral behavior; behavior that is accepted by society as right vs. wrong. Many people decide situationally if something is right or wrong. People think that right/wrong is what works best for individual at that time. Ethical decisions should be in daily lives not just business environment. Fraser institute"s annual generosity index (2008): manitoba and ontario rank highest in percentage of tax filers who donate and percentage of income donated. Studies found strong relationship between academic dishonesty in students and dishonesty later in working world. Ethical dilemma: must choose between unethical decision and other consequence. People learn standards/values from observing others not listening to others. Business should be managed ethically to: maintain good reputation, keep existing customers, attract new customers, avoid lawsuits, reduce employee turnover, avoid government intervention (passage of new laws/regulations to control business activities) Individuals usually need cooperation of others to behave unethically in corporation.
