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Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

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Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics
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Page 1: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Chapter 4

Business Ethicsand SocialResponsibility

Section 4.1

Business Ethics

Page 2: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Read to Learn

Define ethics and business ethics.

Describe why ethical behavior is good for business.

List the steps for dealing with an ethical dilemma.

Page 3: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Key Terms

ethics

business ethics

moral principles by which people conduct themselves personally, socially, or professionally

rules based on moral principles about how businesses and employees ought to conduct themselves

Page 4: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Key Terms

code ofethics

sweatshop

a set of guidelines for maintaining ethics in the workplace

a shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions

Page 5: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Key Terms

conflict ofinterest

a conflict between self-interest and professional obligation

Page 6: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

The Nature of Ethics

What would you do if you found a copy of a midterm exam?

What would you do if you found a diamond ring at a restaurant?

Page 7: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

The Nature of Ethics

ethicsmoral principles by which people conduct themselves personally, socially, or professionally

When you are guided by ethics, you do not cheat on a test or lie to friends or family.

Page 8: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

The Nature of Ethics

business ethicsrules based on moral principles about how businesses and employees ought to conduct themselves

Most businesses are guided by business ethics.

Different cultures, businesses, and industries have different ethical standards

Page 9: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Cultural Etiquette

In Thailand, it is customary to exchange gifts during a second business meeting.

In China, gift giving is considered a form of bribery and is illegal.

Page 10: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Business Ethics

Creating safeproducts

Creating jobs

Fair treatmentof

employees

Environmentalprotection

Truthful aboutfinancial

status

Graphic Organizer

Page 11: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Law and Ethics

In business, people follow rules as well as a code of ethics.

code of ethicsa set of guidelines for maintaining ethics in the workplace

Page 12: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Law and Ethics

A sweatshop is an example of an unethical practice outlawed in the United States.

sweatshopa shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions

Page 13: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Law and Ethics

The Occupational Safety and Health Administration (OSHA) sets and enforces work-related health and safety rules.

www.osha.gov – What are the responsibilities of teen workers?

Page 14: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Ethics as Good Business – pg. 57

Unethical business practices include:

Lying

Offering merchandise known to be substandard

Treating customers or employees unfairly

Page 15: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Ethics as Good Business

If a business violates government regulations, the owner can be fined or go to jail.

If an employee violates a company or professional code, the employee might be fired or lose his or her license.

Page 16: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Ethics as Good Business

Unethical business practices can result in bad word of mouth and result in lost sales.

Unethical behavior toward employees can lead to legal action or a high rate of employees quitting.

Page 17: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Conflicts of Interest

Conflict of interest is a major ethical question that is generally not illegal.

conflict of interesta conflict between self-interest and professional obligation

Page 18: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Graphic Organizer

Ethical Questions

Is it against the law? Does it violate company or professional policies?

Even if everyone is doing it, how would I feel if someone did this to me?

Am I sacrificing long-term benefits for short-term gains?

Page 19: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Graphic Organizer

The Ethical Decision-Making Process

1. Identify the ethical dilemma.

2. Discover alternative actions.

3. Decide who might be affected.

4. List the probable effects of the alternatives.

5. Select the best alternative.

Page 20: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Should Employees Report Unethical Behavior?

Page 21: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

1. What is the difference between personal and business ethics?

Personal ethics: moral principles that guide an individual; business ethics: rules, based on moral principles, used by a business.

Page 22: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

2. Describe some of the ways that unethical business practices can affect a business.

Customers will not patronize the business.It is hard to retain employees. If the behavior is illegal, the business might be fined.

Page 23: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

3. What is the relationship between illegal behaviors of business and unethical behaviors of business?

Generally, illegal behaviors of business are also considered unethical but there are some unethical behaviors that are not illegal.

Page 24: Chapter 4 Business Ethics and Social Responsibility Section 4.1 Business Ethics.

Chapter 4

Business Ethicsand SocialResponsibility

Section 4.1

Business Ethics

End of


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