Ethics
Business ethics
-Ethics derived from the Greek word ethos – which refers to the conventional customs and norms of a given culture – the term ethics can be understood in two ways: • as a traditional field of philosophical inquiry dating back to ancient Greece, which is concerned with values as they relate to human conduct; and • as the systematic study of norms and values that guide how people should live their lives.
-Ethics is to do with what is good and bad or right and wrong.
The study of ethics can be either descriptive or normative. Descriptive ethics involves empirical research or inquiry into the actual rules and standards of a particular social group. Normative ethics is concerned not only with what people believe they ought to do, but also with what they really ought to do. It therefore entails taking a position. Nevertheless, it must be recognised that these two categories are in actual fact intertwined, as even the most empirically minded individuals engage in prescription as well as description. There is therefore no conceptual barrier to combining descriptive with normative ethics.
-Business ethics theories include the moral principles or codes a company implements to ensure that all individuals working in the company act with acceptable behavior. Business owners and managers can use an ethics theory they deem most appropriate for use in their operations. A few different business ethics theories exist, such as the utilitarian, deontological, rights, justice, common good and virtue approach. These theories can be used on their own or in combination with each other. Each theory includes specific traits or characteristics that focus on specific ethical principles that can help companies correct business issues.
-The utilitarian approach focuses on using ethical actions that will promote the most good or value among a society while limiting the amount of harm to as few people as possible. Among the business ethics theories, this is
-Ethics derived from the Greek word ethos – which refers to the conventional customs and norms of a given culture – the term ethics can be understood in two ways: • as a traditional field of philosophical inquiry dating back to ancient Greece, which is concerned with values as they relate to human conduct; and • as the systematic study of norms and values that guide how people should live their lives.
-Ethics is to do with what is good and bad or right and wrong.
The study of ethics can be either descriptive or normative. Descriptive ethics involves empirical research or inquiry into the actual rules and standards of a particular social group. Normative ethics is concerned not only with what people believe they ought to do, but also with what they really ought to do. It therefore entails taking a position. Nevertheless, it must be recognised that these two categories are in actual fact intertwined, as even the most empirically minded individuals engage in prescription as well as description. There is therefore no conceptual barrier to combining descriptive with normative ethics.
-Business ethics theories include the moral principles or codes a company implements to ensure that all individuals working in the company act with acceptable behavior. Business owners and managers can use an ethics theory they deem most appropriate for use in their operations. A few different business ethics theories exist, such as the utilitarian, deontological, rights, justice, common good and virtue approach. These theories can be used on their own or in combination with each other. Each theory includes specific traits or characteristics that focus on specific ethical principles that can help companies correct business issues.
-The utilitarian approach focuses on using ethical actions that will promote the most good or value among a society while limiting the amount of harm to as few people as possible. Among the business ethics theories, this is