BSM 100 Study Guide - Final Guide: Sustainable Development, Health Canada, Robert Zemeckis

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Document Summary

Ethics are a set of beliefs about right and wrong, good and bad; business ethics involve the application of these issues in the workplace. Clearly, ethics relate to individuals and their day-to-day decision making. Just as clearly, the decisions of each individual can impact the entire organization. The most socially responsible firms feature proactive policies that focus on meeting the needs of all of their stakeholders not only investors but also employees, customers, and the broader community. Some decisions fall within the realm of free choice, with no direct link to right and wrong, good and bad. Here are a few examples: universal ethical standards. Quite simply, business ethics is the application of right and wrong, good and bad, in a business setting. This isn"t as straightforward as it may first seem. The most challenging business decisions seem to arise when values are in conflict when whatever you do will have negative consequences, forcing you to choose among bad options.

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