Question

Answer the following questions.

State concept of business ethics in details.

Answer 1

Business ethics can be defined as the code of conduct that a business organisation must follow. By following these ethics, the organisation takes up only those activities that are desirable from the viewpoint of the society. The purpose of business ethics is to guide the managers and other employees in the organisation to perform their jobs in a socially acceptable manner. As the business is part of the society and makes use of human and natural resources that belong to the country and society, it becomes the moral and ethical duty of a business to work towards social welfare and conduct activities that increase the growth and development of the society. Moreover, business ethics should be followed in the day-to-day working of a business enterprise as it not only increases social welfare but also helps in successful existence of the business.