Ch.%204%20Business%20Ethics%20and%20Social%20Responsibility

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Ch. 4 Business Ethics and Social Responsibility

• 4.1
• Business Ethics

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Nature of Ethics

• Ethics moral principles by which people conduct
  themselves personally, socially, or
  professionally.
• Not cheating on tests or lying to your family
• Business Ethics rules based on moral principles
  about how businesses and employees ought to
  conduct themselves.
• Provide safe products
• Treat employees fairly
• Protect the environment

3
Law and Ethics

• Whats the difference between laws and ethics?
• What do laws do?
• What do ethics do?
• Code of Ethics a set of guidelines for
  maintaining ethics in the workplace.
• Most businesses follow their own code of ethics.
• Many unethical practices lead to the passage of
  laws that make them illegal.
• Sweatshop a shop or factory in which workers are
  employed for long hours at low wages and under
  unhealthy conditions.

4
Ethics as Good Business

• Code of ethics helps businesses police
  themselves.
• Certain professions have their own code of
  ethics.
• Doctors, lawyers, teachers, and journalist.
• Unethical business practices
• Lying, offering substandard products, treating
  customers or employees unfairly.

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Conflict of Interest

• Conflict of Interest a conflict between
  self-interest and professional obligation.
• Suppose a manager hires their sister to do some
  work but she is clearly unqualified to do the
  job. Is this a conflict of interest? Why?
• When making business decisions, employees have an
  ethical obligation to act in the best interest of
  the company.

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Ethical Decision Making Process

• 5 steps to helping you make an ethical decision
• Identify the ethical dilemma
• Discover alternative actions
• Decide who might be affected
• List the probable effects of the alternatives
• Select the best alternative.

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Homework

• Ch. 4 Definitions-Packet
• Review the questions on page 58, 1-3
• Complete the Chapter 4-1 Reading Activity and
  Graphic Organizer