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LGLS 1101 (8)
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Chapter 2

LGLS 1101 Chapter 2: Business Ethics

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Legal Studies
LGLS 1101

Chapter Two Business Ethics If an individual just happens to discover a stranger in grave danger, that person is legally allowed to continue walking without stopping to help unless that person has somehow caused the problem in the first place or there is a special relationship between the parties, such as a parent and child. What is ethical is what is right. The major difference between law and ethics: the law is what one must do to avoid liability, while ethics is what one should do about doing the right thing. Sources of Business Ethics A. Advantage of Ethical Behavior Attract clients to the business products, thereby increasing sales and profits Entice workers to remain in the company, reduce employee turnover and increase productivity. Interest more people to work for the enterprise, reduce recruitment expenses and enable the business to lure the most talented employees and Keep the firms stock price high, thereby protecting the business from takeover. The ethical nature of a business can be placed into three groups: the legitimate enterprise, the criminal operation and those business that fall within the middle of the two. B. Sources of Ethical Standards These values are primarily obtained from three sources: culture, religion, and the laws of the state. 1. Ethical Culture A major source of ethical culture in an enterprise is the business owner. 2. Professional Codes of Ethics These principles are designed to assist professionals with transacting business with honesty and integrity. The Hippocratic Oath is one of the oldest binding document in history and is applicable to health care professionals. Written in the 5th century B.C., its principles are revered by physicians to this day: to treat the ill to the best of ones ability, maintain patient privacy,
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