Business Ethics Flashcards, test questions and answers

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What is Business Ethics?

Business ethics is an important concept in the business world. It is defined as the moral principles that govern how a business behaves in its relationships with employees, customers, suppliers and other stakeholders. Business ethics involves taking into consideration the moral implications of a decision before making it.Business ethics goes beyond legal compliance and focuses on doing what is right in terms of value systems within businesses, as well as broader social values. It applies to all aspects of business including decision-making, corporate governance, relationships with stakeholders and marketing activities. Businesses must strive to be ethical by managing their operations responsibly, respecting human rights and considering the environment when making decisions.Businesses should establish policies to ensure ethical practices are followed throughout their organizations. These policies should cover areas such as bribery, conflict of interest, discrimination and protecting confidential information. They should also be backed up by training so employees understand why certain behaviors are unacceptable and how they can uphold ethical standards at work. This helps to prevent unethical behavior from occurring within an organization or among its stakeholders.In addition to setting clear expectations for responsible behavior within a business’s operations, it is also important for businesses to communicate effectively with stakeholders about their commitment to business ethics. This includes providing information on how they handle ethical issues such as employee rights or environmental protection measures taken by the company so that everyone involved has a clear understanding of the company’s stance on these topics.