Business Ethics

* What is Business Ethics * Ethics is a branch of social science. It deals with moral principles and social values. It helps us to classify, what is good and what is bad? It tells us to do good things and avoid doing bad things. * So, ethics separate, good and bad, right and wrong, fair and unfair, moral and immoral and proper and improper human action. In short, ethics means a code of conduct. It is like the 10 commandments of holy Bible. It tells a person how to behave with another person. * So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government. * In short, business ethics means to conduct business with a human touch in order to give welfare to the society. * * * * Definition of Business Ethics * According to Andrew Crane, * "Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed." * According to Raymond C. Baumhart, * "The ethics of business is the ethics of responsibility. The business man must promise that he will not harm knowingly." * * * * * * * * * * * Features of Business Ethics * * * Code of Conduct: Business ethics is a code of conduct. It tells what to do and what not to do for the welfare of the society. All businessmen must follow this code of conduct. * * Based on Moral and Social Values: