Question

What do you mean by business ethics? Mention the basisc elements of business ethics.

Answer 1

Business ethics refer to the relationship between business objectives, practices, techniques and the good of society. It is concerned with socially determined moral principle which should be governed by business activities.

The basic elements of business ethics are:

(i) Top management commitment.

(ii) Publication of a 'Code'.

(iii) Establishing of compliance mechanism.

(iv) Involving employees at all levels.

(v) Measuring results.