Business Ethics.pp1.pptxBusiness Ethics.pp1.pptx

Business Ethics.pp1.pptx

1. Business Ethics 5 th Semester Lecturer: Hidayat Ullah Sharif

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3. Business ethics 3 The word Ethics comes from the Greek word “Ethos” which means customs or Habits. Ethics is also often called Moral philosophy. The word moral is taken from the Latin mores which also means customs or habits. Thus, Ethics means the science of customs and Habits of society. Ethics is the study of right and wrong. In modern corporation ethics effect profitability and long term survival . Definition : Business ethics is the study of moral and standars that guide behavior in the world of business . The ethics of business is the ethics of responsibility and the businessman must promise that he will not harm knowingly .

4. Definition of Business Ethics 4 Business ethics: is a specialized study of morally right and wrong, it concentrates on moral standards as they apply particularly to business policies, institutions, and behavior. It is all about right and wrong, good and bad, accepted and rejected in business environment/ affairs.

5. Social Responsibility 5 The obligation of an organization to maximize positive impact and minimize negative impact on society. Dimensions: Economic – Be profitable Legal- follow laws and regulations Ethical- Do what is right and fair Philanthropic- Contribute to society beyond profit

6. Importance of Business Ethics 6 Why Business Ethics Matters: Builds trust and reputation. Helps manage risks. Increases employee satisfaction and retention. Promotes corporate social responsibility (CSR). Enhances long-term profitability.

7. Assignment 7 Why do you think business ethics is important for a business in current economic environment?