Ethics and Social Responsibility

In: Business and Management

Submitted By wendyf1010
Words 1185
Pages 5
Ethics and Social Responsibility
MGT/498
September 2, 2015

Ethics and Social Responsibility Ethical behaviors offer significant advantages, society as hold benefits. Executives who behave ethically are better off and live more fulfilled lives, and unethical behavior can destroy an organization and the individuals who take part in it. Conducting business in the appropriate manner may not always generate the greatest profits however in the end it will lead to greatest personal satisfaction, fulfillment, and a successful outcome.
What is Ethics?
Ethics is the study of what constitute right and wrong behavior, it focus on morality and application of moral principals in the everyday life, also what is conform to our personal beliefs Business ethics focus on what constitute ethical behavior in the world of business, however it is not a separate behavior. Understanding business ethics is important to long viability to the business and the well-being of the officers and directors as well as the welfare of the employees (Merriam-Webster Dictionary).
Ethical Standards and Behaviors
The minimal acceptable standards for ethical business behavior are the compliance of the law. Ethical standards such as those in the company's policy and code of ethics must also guide decisions. Nevertheless, simply complying with the laws does not always does not necessarily make the business practice ethical. When can sometimes be ethical and still constitutes as being illegal? During the mortgage fraud, many families were pursued to purchase home priced way beyond their financial means, this was not illegal, but it was unethical in the end, the bank forecloses on those homes they sold to the consumers. There is no real evidence that ethical behavior can increase profits or decrease profits, however, unethical behavior can be costly and may include jail time.
Their questions…...

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