Business Ethics

Business Ethics means the business practices which are desirable from the point of view of the society. i.e. the moral principles which should be followed by business. Business ethics are concerned with determining what is right and what is wrong while doing the business. By ethics we mean the business practices which are desirable from the point of view of the society.

A few examples of ethical business practices are:

To charge fair prices from the customer.
To use fair weights for commodities.
To pay taxes to government correctly and promptly.
To ensure supply of safe products for the public.
To give fair treatment to the workers.
Not to indulge in unfair trade practices, malpractices, black marketing and hoarding.

Elements of Business Ethics

The elements of business ethics are:

Business ethics create self-imposed discipline on the part of the business firms.
Business ethics make a business honest and responsible.
Business ethics aims at fair and reasonable treatment to customers, employees, suppliers, etc.
Business ethics co-exist with law which will help in the perfection of the conduct of life.
Business ethics covers all business practices which are desirable from the point of view of the society.