What is business ethics? What are features of business ethics?(CLASS XII) (OCM)

 

What is business ethics? What are features of business ethics? 

Business Ethics: The word ‘Ethics’ is derived from the Greek word ‘Ethos’ which means character.

1) Code of conduct: Business ethics is a code of conduct. It tells what to do and what not to for the welfare of society. All businessmen must follow this code of conduct. 

2) Based on moral and social values: It contains moral and social principles (rules) for doing business. This includes selfcontrol, consumer protection, and welfare, service to society, fair treatment to social groups, not to exploit others, etc. 

3) Gives protection to social groups: Business ethics give protection to different social groups such as consumers, employees, small businessmen, government, shareholders, creditors, etc. 

4) Provides a basic framework: It gives the social, cultural, economic, legal, and other limits of business. Business must be conducted within these limits