September 13, 2010
Ethics and morals are essential to the success of a business. The two are synonymous with one another. According to DeGeorge, “ethics is a systematic attempt to make sense of our individual and social moral experience… to determine the rules that ought to govern human conduct, the values worth pursuing, and the character traits deserving development in life (DeGeorge, 2010, pg. 13).” Consumers rely on business to make moral and ethical decision regarding all business transactions. If the consumer does not believe that a business is moral or ethical he or she will not patronize the business, which in turn causes the business to lose money causing adverse effects on the economy. This essay will ascertain the differences between ethical and moral issues, the difference between personal and business ethics as well as provide examples of common ethical problems in business for each of the aforementioned ethics. Ethics and morals are words that people use interchangeably in regards to conduct and how people interact with society. However, some differences exist between the two in business. Ethics are a set of rules or codified system implemented by a company that explains how one should act on-the-job whereas morals are set in stone and is principles by which an entire society is supposed to live by. One can distinguish between ethics and morals by understanding that ethics is the action or conduct of what an individual deems right or wrong, therefore morals are the basis to which ethics stand on. For instance, if two big businesses were in competition with one another for the same customers one of the companies may choose to bribe an employee of the other company for internal information to use against the other company to gain a competitive advantage. Bribery is a common ethical problem that occurs in business. Personal ethics can refer to an individual’s life outside...