What is Business Ethics?

 Business Ethics consists of those principles and practices that are concerned with morals and good conduct as they are applicable to business situations.

Why do we need ethics in business?

 Businesses are confronted by many interests both inside and outside the organization.
Responsibilities of business:
Inner circle: efficient performance of economic function.
Intermediate circle: environmental protection, resource conservation, employee and customer relations.
Outer circle: reducing inflation and unemployment, dealing with hunger and poverty, supporting education, arts.

 Businesses are expected to contribute towards social improvement.
Morality and Obligations of business: business activity is human activity, therefore, can be evaluated from the moral point of view, just as any other human activity is evaluated.

 To be honest, fair and just in dealing with others, in carrying out agreements and contracts, pay off debts, maintaining a safe and healthy working environment, loyalty to employee (paying fair wages), employers, customers, admit manufacturing errors, should not advertise an unsafe product and make claims which are not true.

General ethical dilemma

 Would you steal a drug (medication) to save your spouse?
Or refrain from theft even though that would lead to his/her death?

 The car accident dilemma…

 The child labor dilemma…