Business Ethics in Society - 1153 Words

. According to Velasquez, an ethic theory is one that evaluates the moral standards of a society. In other words, it evaluates whether actions are right or wrong. An ethical theory is developed within an individual while he or she is growing up. Furthermore, that child will develop moral standards of how to behave, talk and communicate because of the influence of his family, his religion and his community (13). 2. According to Velasquez, utilitarianism is a view where actions and policies are evaluated on the foundation of the costs and benefits it generates for the society. This view implies that actions taken have to produce the most utility for all members of the society, not only for one person. So, in the eyes of a utilitarian, child labor may be justified if it brings benefit for the society. For example, in Africa, where diamonds are predominant, and sometimes the only way that a small village can generate income, they will use all the labor they have available in order to generate the income, even children. In this case, child labor will be justified in the eyes of a utilitarian, because it will bring a benefit to that respective community (78). 3. Adam Smith invisible hand is pretty much defined as market competition, which forces business owners to act in such ways that best serve the society. By manufacturing a product that consumers want, and providing to the society at the lowest cost possible, almost to what its production cost is. Therefore, according to theShow MoreRelatedEthics And Law Of Business And Society1339 Words   |  6 PagesKristina Buenrostro Ethics and Law in Business and Society Section 24 October 16, 2014 Hartman, E. (2006). Can We Teach Character? An Aristotelian Answer. Academy of Management Learning Education, 5(1), 68-81 Introduction My review of this article intends to determine whether the author proved if character can be thought or not. The article’s title which is upon assessment is â€Å"Can We Teach Character? An Aristotelian Answer† by Edwin M. Hartman from Rutgers University. In this article, HartmanRead MoreMoral Ethics Of Business Entities Toward Society1496 Words   |  6 PagesMoral Ethics of Business Entities Toward Society Introduction The purpose of this documentary study is to analyze the ethical and moral action of Wal-Mart, one of the biggest retailer corporations in the United States, towards society and its employee. The â€Å"Wal-Mart: The High Cost of Low Price† is a documentary movie directed by Robert Greenwald and released in the market on November 4, 2005. Being the biggest competition of the retail industry toward the small local business owner, Wal-Mart claimsRead MoreThe Difference Between Professionalism And Ethics1590 Words   |  7 PagesThe difference between professionalism and ethics is professionalism talks about staying professional within your business and always staying up to par about what is going on within a business. Ethics talks about the study of decisions and moral judgment. Ethics is the study of what should be, what is the ultimate good and how to achieve it. People have always thought that the primary purpose of business is to serve society. Business must have a society c ommitment otherwise businesses cannot enjoyRead MoreBusiness and Society891 Words   |  4 PagesBUSINESS AND SOCIETY INTRODUCTON With increasing urgency, market and social forces are rewriting the roles and responsibilities of business as well as its strategies. Though the profit motive of business is understood and accepted, people do not accept it as an excuse for ignoring the basic norms, values, and standards of being a good citizen. Modern businesses are expected to be responsible towards the community resources working toward the growth and success of both their companies and theirRead MoreBusiness Ethics : Ethical And Ethical Issues1737 Words   |  7 PagesBusiness ethics examines ethical principles and moral or ethical problems that arise in a business environment. Business ethics often encompasses many concerns such social responsibility, sustainability, labour practices and environmental development. Business ethics as a concept fundamentally applies to all aspects of business conduct and is relevant to the behavior of individuals and entire organizations. Desjardins (2011) suggests that business ethics is the study of business from an ethical viewpointRead MoreThe Ethics Of Business Ethics1064 Words   |  5 Pages　　　　Business Ethics Ethics can be viewed as the rules and values that determine goals and actions people should follow when dealing with other human beings. However, business ethics can be defined as moral principles of a business. It examines moral or ethical problems that arise in a business environment. Generally, it has both normative and descriptive dimensions. Organization practice and career specialization are regarded as normative whereas academics attempting to understand business behaviourRead MoreBusiness Ethics : An Individual s Moral Judgements1487 Words   |  6 PagesEthics is defined as an individual’s moral judgements about right and wrong while business ethics is defined as â€Å"organizational principles, values, and norms that may originate from individuals, organizational statements, or from the legal system that primarily guide individual and group behavior†. As the rapidly growing of business organization in a world of globalization nowadays, business ethics is mor e important than ever. Studying and understanding of business ethics is very important becauseRead MoreEthics And Ethics Of Business Ethics1624 Words   |  7 Pagesinvestors losing their retirement accounts and many employees lost their jobs (Accounting-Degree.org, 2015). Crane and Matten (2010) argue â€Å"After all, despite many years of business ethics being researched and taught in colleges and universities, ethics problems persist and the public remains sceptical of the ethics of business†. The big problem we face is that ethical standards are declining because of insider trading of stocks and bonds, bribery, falsifying documents, deceptive advertising, defectiveRead MoreWhat is Business Ethics?741 Words   |  3 Pages In today’s business world businesses face the challenge of doing the right thing over doing the profitable thing more than ever before. For many years the sole purpose of business was to be make profits for the shareholders. This view has now been changed. The propriety of business actions is being challenged by the modern day consumer. One of the major issues or opportunities (depending on which way one may see it) is the issue of ‘going-green’. Consumers in today’s society have access to a largeRead MoreEthical Principles Of The Word Ethics1464 Words   |  6 PagesThe Cambridge Dictionary of Philosophy states that the word ethics is commonly used interchangeably with morality ... and sometimes it is used more narrowly to mean the moral principles of a particular tradition, group or individual (Deigh, 1995). Since we were kids and we began to realize what was around us, our parents and grandparents have taught us the basic knowledge of what is good and what is bad. It is indeed an inherent characteristic of all human being and grows from our desires to