COMMERCE 1E03 Chapter 5: Chapter 5 - 1E03 Slides
3 May 2017
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Document Summary
Regardless of the intensity of the competition or the shifting external business environment, firms must compete in an ethical manner. Business ethics: the application of moral standards to business. Laws: society"s values and standards that are enforceable in the courts. Standards that are legal may not always be ethical, and vice versa. Morals: rules people develop as a result of cultural values and norms. Ethics consists of personal moral principles and values rather than societal prescriptions. Thus, morals may be considered the foundation of ethical behavior. There is increased pressure on businesspeople to make decisions in a society characterized by diverse value systems. There is a growing tendency for business decisions to be judged publicly by groups with different values and interests. The public"s expectations regarding ethical behavior have increased. The values businesspeople use to make decisions have been acquired through family as well as through educational and religious institutions.
