What is Business Ethics and its Advantages

Business Ethics

CS Professional Online Classes : In general terms, Business Ethics revolves around relationships. These relationships exist between businesses and consumers on multiple social and economic levels. Business ethics, therefore, define the relationship between an individual and a business or may apply to employees, various areas of government, and the community.

In other words, Business Ethics refers to moral principles and standards and a code of conduct are expectedthat businessmen to follow while dealing with others.

Business is a means to society to use scarce resources to produce in an efficient manner those goods and services which society wants and is ready to pay for.

Maximisation of profits is the target or objective of a business but it needs to be balanced with the needs of the stakeholders. The important issue in business ethics includes ethical management of the enterprise in relation to its stakeholders.

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