BUSINESS ETHIC Meaning and
Definition
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Business ethics refers to a set of moral principles and guidelines that govern the conduct of individuals and organizations in the business world. It encompasses the study and application of ethical behaviors and responsibilities in various business activities and relationships. Business ethics seeks to establish a framework for ethical decision-making, addressing issues such as fair competition, corporate social responsibility, honesty, integrity, and accountability.
At its core, business ethics focuses on maintaining a balance between achieving business objectives and upholding ethical values. It involves making ethical choices and considering the impact of those choices on various stakeholders, including employees, customers, shareholders, suppliers, and the community at large. A key objective of business ethics is to ensure that businesses operate in an ethical and responsible manner, promoting sustainability, respect for human rights, and social justice.
Moreover, business ethics goes beyond mere compliance with laws and regulations; it entails self-regulation and adherence to moral principles even in the absence of legal requirements. It encourages businesses to go beyond profit maximization and consider the broader implications of their decisions and actions on society and the environment.
In summary, business ethics is the study and application of moral principles guiding the behavior of individuals and organizations within the business world. It aims to establish a foundation for responsible decision-making, fostering a climate of trust, fairness, and integrity in business practices while considering the interests of all stakeholders.
Etymology of BUSINESS ETHIC
The term "business ethic" or "business ethics" originated from the combination of two words: "business" and "ethics".
The word "business" traces back to the Middle English word "bisynesse", which came from the Old English word "bisig", meaning "anxiety" or "care". Over time, "bisig" evolved into "bisignes", which referred to one's occupation or vocation. This eventually transformed into "business" in Modern English, primarily denoting commercial and professional activities.
On the other hand, "ethics" originates from the Greek word "ethikos", meaning "pertaining to character" or "moral". It is derived from the word "ethos", which means "custom" or "habit". "Ethikos" was later adapted into Latin as "ethica", which referred to the study of moral philosophy.
