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Concept of Business Ethics

The word 'ethics' has its origin in the Greek word 'ethics' meaning character; norms, ideals or morals prevailing in a group or society. Ethics is concerned with identifying what is right and what is wrong in human behaviour Ethics can also refer to codes or other system for controlling means so that they serve human ends. Ethical standards are often enacted into laws but are just and fair conduct which goes beyond observing laws and government regulations. It means adhering to moral principles, being guided by particular values, and behaving in a way people ought to act. The set of principles called ethics may be written or unwritten codes or principles governing a professional or human activity. Business ethics concerns itself with the relationship between business objectives, practices, and techniques and the good of society. Business ethics refer to the socially determined moral principles which should govern business activities. A few examples of business ethics are: charging fair prices from customers, using fair weights for measurement of commodities, giving fair treatment to workers and earning reasonable profits. A business person behaves ethically when her or his actions are upright and serve the interest of society. Business people and politicians are expected to have higher standards over and above other people. This is perhaps the price they pay for being allowed to make decisions on behalf of society. There is a growing realization all over the world that ethics is vitally important for every business and for the progress of any society. Ethical business behaviour improves public image, earns people's confidence and trust, and leads to greater success. Ethics and profits go together in the long run. Ethics alone can make a society great. An ethically responsible enterprise develops a culture of caring for people and environment and commands a high degree of integrity in dealing with others. Ethical activity is indeed valuable in itself, for its own sake, because it enhances the quality of our lives and that of the work we do.

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