What are the elements of business ethics?

What are the elements of business ethics?

Solution:

Elements of business ethics are as follows:

Code of conduct:

Business ethics is a code of conduct. It tells what to do and what not to for the welfare of the society. All businessmen must follow this code of conduct.

Based on moral and social values:

It contains moral and social principles (rules) for doing business. This includes self-control, consumer protection, and welfare, service to society, fair treatment to the social groups not to exploit others, etc.

Gives protection to social groups:

Business ethics give protection to different social groups such as consumers, employee small businessmen, government, shareholders, creditors, etc.

Provides basic framework:

It gives the social, cultural, economic, legal, and other limits of business. Business must be conducted within these limits.

 

Voluntary:

The businessmen must accept business ethics on their own. Business ethics must be like self-discipline. It must not be enforced by law.

Requires education and guidance:

Businessmen must be given proper education and guidance before introducing business ethics. The businessman must be motivated to implement business ethics.

Relative term:

Business ethics change from business to business. It also changes from one country to another. What is considered good in one country may be banned in another country.

New concept:

Business ethics is a newer concept. It is strictly followed only in developed countries and not in poor and developing countries.

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