Characteristics of business ethics

Answer 1

Characteristics of Business Ethics?

Business ethics are ethics that refer to the moral rules and regulations governing the business world. In other words, they are the moral values that guide the way corporations or other business make decisions. Some business ethics are imposed by law.

Business ethics is the behavior that a business adheres to in its daily dealings with the world. The ethics of a particular business can be diverse. They apply not only to how the business interacts with the world at large, but also to their one-on-one dealings with a single customer. Good business ethics should be a part of every business. The important characteristics of business ethics are;

1. As a guide: - Business ethics constitutes the guiding principles of business functions with the help of this, businessmen can lean about the progress, situation, environment and conditions of the business.

2. Goals and means: - Business ethics is that branch of the business environment in which can study about the goals and means for the rational selection of sacred objects and their fulfillment.

3. Art and Science: - Business ethics is concerned with the principles of business behaviour, standards, moral values etc. With the study of business ethics, we can show the difference between good and evil, proper and improve actions of business. For these activities in business, business ethics is known as an ideal science. It is an art because it emphasizes practical use of behavioural standards, techniques and principles.

4. Study Human Aspects: -Business ethics all those which are concerned with human aspect. It provides information to customers, government, society etc, on good or bad, right or wrong conducts of business.

5. Difference from Social Responsibility: -Social responsibility is concerned with functions, programmes and policies of an enterprise, whereas business ethics is related with the conduct and behaviour of businessmen. But social responsibility of business and its policies are influenced by ethics.

6. Technology based: - The development of business ethics is possible on the basis of theological principles, such as service, human welfare, sincerity, good behaviour etc.

7. Development Personal Dignity: -Personal dignity can develop with the principles of ethics.

8. Unrelated to Emotions: -Business ethics is not concerned with emotions but is based on reality and social customs. As a matter of fact, business ethics is developed after testing the requirements of business environment, social customs and traditions.

9. Universal Philosophy: - Business ethics is a universal philosophy. Ethical principles have relevance in every business.