Business ethics refers to a set of moral values or standards or norms which govern the activities of a businessman. Ethics defines what is right and what is wrong.Elements of business ethics :
Elements of business ethics :
- Ethical thinking : The business must develop
ethical imagination and thinking when it is taking decisions.
- Ethical ranking : The business must rank its decisions on the basis of ethics.
- Tolerance of ethical disagreement and ambiguity : Whenever a businessman takes ethical decisions, there may be some opposition. The businessman must accept this opposition in a healthy manner.
- Ethical management : The businessman must assess ethical competence of managers along with their managerial ability.