Business Ethic

Business Ethic Business ethic is the study of standard of the business behavior which promote human welfare and the good. It is also the examination of moral and social responsibility in relation to business practice and decision-making in business. Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance. The law is the key starting point for any business. Most leading businesses also have their own statement of business principles which set out their core values and standards. Before we understand business ethic, we should first know what is ethic. Ethic is about how we behave, about the standards we hold to ourselves. It’s about how we treat each other even we don't know them. Ethics concern an individual's moral judgments about right and wrong. Decisions taken within an organization may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to behave ethically is a moral one; employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit. It is relatively easy to identify unethical business practices. For example, companies should not use child labor. They should not unlawfully use copyrighted materials and processes. They should not engage in bribery. However, it is not always easy to create similar hard-and-fast definitions of good ethical practice. A company must make a competitive return for its shareholders and treat its employees fairly. A company also has wider responsibilities. It should minimize any harm to the environment and work in ways that do not damage the communities in which it operates. This is known as corporate social responsibility. Ethical behavior and corporate social responsibility can bring significant benefits to a business. For example, they may attract