Question

Explain the various elements of business Ethics.

Answer 1

Elements of business ethics :

1. Ethical thinking : The business must develop ethical imagination and thinking when it is taking decisions.

2. Ethical ranking : The business must rank its decisions on the basis of ethics.

3. Tolerance of ethical disagreement and ambiguity: Whenever a businessman takes ethical decisions, there may be some opposition. The businessman must accept this opposition in a healthy manner.

4. Ethical management: The businessman must assess the ethical competence of managers along with their managerial ability.