Chapter 4 Business Ethics and Social Responsibility ...1 Click here to advance to the next slide....
Transcript of Chapter 4 Business Ethics and Social Responsibility ...1 Click here to advance to the next slide....
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Chapter 4
Business Ethicsand SocialResponsibility
Section 4.1
Business Ethics
Read to Learn
Define ethics and business ethics.
Describe why ethical behavior is good for
business.
List the steps for dealing with an ethical
dilemma.
The Main Idea
Ethics are moral principles by which people
conduct themselves personally, socially, and
professionally. Business ethics are rules that guide
the behavior of a business and its employees.
Business ethics are generally based on moral
principles. In business, good ethics is beneficial for
long-term profitability and success.
Key Concepts
The Nature of Ethics
Ethics as Good Business
Ethical Questions
Key Terms
ethics
business
ethics
moral principles by which people
conduct themselves personally,
socially, or professionally
rules based on moral principles about
how businesses and employees ought
to conduct themselves
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Key Terms
code of
ethics
sweatshop
a set of guidelines for maintaining
ethics in the workplace
a shop or factory in which workers are
employed for long hours at low wages
and under unhealthy conditions
Key Terms
conflict of
interest
a conflict between self-interest and
professional obligation
The Nature of Ethics
ethicsmoral principles by which people conduct themselves personally, socially, or professionally
When you are guided
by ethics, you do not
cheat on a test or lie to
friends or family.
The Nature of Ethics
business ethicsrules based on moral principles about how businesses and employees ought to conduct themselves
Most businesses are
guided by business
ethics.
Different cultures,
businesses, and industries
have different ethical
standards
Business Ethics
Creating safeproducts
Creating jobs
Fair treatmentof
employees
Environmentalprotection
Truthful aboutfinancialstatus
Graphic Organizer
Cultural Etiquette
In Thailand, it is customary to exchange gifts during a second business meeting.
In China, gift giving is considered a form of bribery and is illegal.
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Law and Ethics
In business, people
follow rules as well as
a code of ethics.
code of ethicsa set of guidelines for maintaining ethics in the workplace
Law and Ethics
A sweatshop is an
example of an
unethical practice
outlawed in the United
States.
sweatshopa shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions
Law and Ethics
The Occupational Safety and Health
Administration (OSHA) sets and enforces
work-related health and safety rules.
Ethics as Good Business
Unethical business practices include:
Lying
Offering merchandise known to be
substandard
Treating customers or employees unfairly
Ethics as Good Business
If a business violates government regulations,
the owner can be fined or go to jail.
If an employee violates a company or
professional code, the employee might be fired
or lose his or her license.
Ethics as Good Business
Unethical business practices can result in bad
word of mouth and result in lost sales.
Unethical behavior toward employees can
lead to legal action or a high rate of employees
quitting.
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Conflicts of Interest
Conflict of interest
is a major ethical
question that is
generally not illegal.
conflict of interesta conflict between self-interest and professional obligation
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Is it against the law? Does it violate company
or professional policies?
Even if everyone is doing it, how would I feel
if someone did this to me?
Am I sacrificing long-term benefits for
short-term gains?
Ethical Questions
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1. Identify the ethical dilemma.
2. Discover alternative actions.
3. Decide who might be affected.
4. List the probable effects of the alternatives.
5. Select the best alternative.
The Ethical Decision-Making Process
Ethical Observations by EmployeesFigure 4.1
1. What is the difference between personal and business ethics?
Personal ethics: moral principles that guide an individual; business ethics: rules, based on moral principles, used by a business.
2. Describe some of the ways that unethical business practices can affect a business.
Customers will not patronize the business.It is hard to retain employees. If the behavior is illegal, the business might be fined.
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3. What is the relationship between illegal behaviors of business and unethical behaviors of business?
Generally, illegal behaviors of business are also considered unethical but there are some unethical behaviors that are not illegal.
Chapter 4
Business Ethicsand SocialResponsibility
Section 4.1
Business Ethics
End of