Question

What is business ethics? Mention the basic elements of business ethics.

Answer 1

'Ethics' is a Greek word meaning character; norms, ideals of friorals prevailing in a group or society. Business ethics refers to the relationship between business objectives, practices, techniques and the good of society. It is concerned with the socially determined moral principles a rich should govern business activities.

The basic elements of business ethics are

(i) Top management commitment

(ii) Publication of a 'Code'

(iii) Establishment of compliance mechanism

(iv) Involving employees at all levels

(v) Measuring results