Business Ethics — Flashcards

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Business ethics refers to the moral principles and values that guide business behaviour. It means doing business in a fair, honest, transparent, and responsible manner. It governs how an enterprise ea…

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Business ethics is broader than legal compliance because it includes voluntary moral responsibility. A business may follow the law and still behave unethically if its actions are morally wrong. Legal …

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Law tells what is legally permissible, while ethics tells what is morally right. Something may be legally allowed but ethically questionable. Ethical judgment is needed in business decision-making bec…

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Business ethics influences production, marketing, finance, human resources, and administration. Ethical conduct is needed in product quality, advertising, financial reporting, employee treatment, and …

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Honesty means providing true, complete, and accurate information in all business dealings. It strengthens credibility and prevents legal complications. An honest business avoids false advertising, giv…

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Integrity means consistency between words and actions. It builds long-term trust and shows strong organisational character. A business with integrity honors contracts, follows ethical standards even w…

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Fairness means equal and unbiased treatment of all stakeholders. It promotes justice in pricing, recruitment, promotion, and contractual relationships. Fairness reduces conflict, improves harmony, and…

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Accountability means accepting responsibility for business decisions and their consequences. It prevents misuse of power and ensures disciplined management. An accountable organisation takes correctiv…