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Business Ethics: Understanding Ethical Decision-Making
QUERSTION:
- What Is Business Ethics and Importance?
- Drawing upon relevant examples, please share a time in your professional life where you observed an unethical situation. What were your thoughts and opinions on this ethical issue?
Overview
Business ethics
Business ethics is integral to shaping the integrity, culture, and success of an organization. It refers to the moral principles and standards that guide behavior in the business environment, ensuring fairness, transparency, and accountability. Ethical business practices not only foster trust among employees, customers, and stakeholders but also contribute to long-term sustainability and a positive reputation.
The importance of business ethics
- Business ethics prevents corruption, fraud, and exploitation.
- Companies that prioritize ethics cultivate a strong work culture, reduce legal risks, and enhance employee satisfaction.
- Ethical leadership encourages accountability, fair decision-making, and adherence to corporate social responsibility (CSR) initiatives.
https://www.investopedia.com/terms/b/business-ethics.asp#:~:text=Business%20ethics%20is%20the%20moral,a%20business%20and%20its%20customers.
