Module 1 Pm
Check Your Understanding:
1. Whydowestudyethics?
We study ethics because it provides for a stable society, and stable business practices. Ethics is a factor that affects a business’s success. Ethics also closely tie into law, which is why it is important to study ethics. Ethics keep your business legal, and socially responsible. Ethics are rules of behavior, and business ethics are rules of behavior in business.
Without rules, we'd do things in our favor that might hurt consumers, and employees. Things like not paying an employee, selling a faulty product, shortchanging people, and firing people without reason would happen a lot more often. People would also be denied unemployment insurance, lie, cheat, and steal to make money. Ethics help with all of these situations. Managers study ethics to use them in business practice.
2. Whyshouldwebeconcernedaboutdoing“therightthing”?
Good/ethical behavior often brings a reward, but not every time. An ethical company is more likely to build a good reputation, which is more likely to bring financial rewards over the long term. Doing “the right thing” gives you/your
1
2 business a good reputation. Also, ethical behavior tends to help avoid common fallacies that people often fall into when making decisions. When you do the right thing you will not have a guilty conscience weighing you down. The Golden Rules is one of the most concise and general principles of ethics you can find in business or elsewhere. It is ideal for the business setting where hectic schedules, stress, and job pressures make ethical dilemmas difficult to sort out.
3. If each of us has a unique set of influences and values that contribute to our personal value systems, how can that be applied to a community as a whole?
Our personal values are necessary for community life. Our personal values when applied to a community a whole is a moral code. The moral code can be designed basing on the need of that particular community and can be applicable to
1. Whydowestudyethics?
We study ethics because it provides for a stable society, and stable business practices. Ethics is a factor that affects a business’s success. Ethics also closely tie into law, which is why it is important to study ethics. Ethics keep your business legal, and socially responsible. Ethics are rules of behavior, and business ethics are rules of behavior in business.
Without rules, we'd do things in our favor that might hurt consumers, and employees. Things like not paying an employee, selling a faulty product, shortchanging people, and firing people without reason would happen a lot more often. People would also be denied unemployment insurance, lie, cheat, and steal to make money. Ethics help with all of these situations. Managers study ethics to use them in business practice.
2. Whyshouldwebeconcernedaboutdoing“therightthing”?
Good/ethical behavior often brings a reward, but not every time. An ethical company is more likely to build a good reputation, which is more likely to bring financial rewards over the long term. Doing “the right thing” gives you/your
1
2 business a good reputation. Also, ethical behavior tends to help avoid common fallacies that people often fall into when making decisions. When you do the right thing you will not have a guilty conscience weighing you down. The Golden Rules is one of the most concise and general principles of ethics you can find in business or elsewhere. It is ideal for the business setting where hectic schedules, stress, and job pressures make ethical dilemmas difficult to sort out.
3. If each of us has a unique set of influences and values that contribute to our personal value systems, how can that be applied to a community as a whole?
Our personal values are necessary for community life. Our personal values when applied to a community a whole is a moral code. The moral code can be designed basing on the need of that particular community and can be applicable to