Business Ethics and Morals

Unit 5 Individual Project

Introduction to Philosophy: PHIL201 - 1402B - 06

American Intercontinental University

Abstract

Morality and ethics are terms often used as if they have the same meaning. At other times, they are used as if they have no relationship to one another. I think most people realize ethics and morality have something to do with the concepts of good and bad.

Business Ethics

We can clearly see that morals and ethics may seem to be similar but in fact they are quite distinct. While the former constitute a basic human marker of right conduct and behavior, the latter is more like a set of guidelines that defined accepted practices and behavior for a certain group of people. The ethical standards of a business are a key factor in how that business is defined. A business's reputation impacts its customers, employees, potential for growth and overall success. A business organization that exemplifies integrity in its products, services and actions holds itself up to high ethical standards on four levels which are law, policies, individuals and consequences.

Law

The U.S. is a society bound by laws. These laws define the difference between right and wrong, and what is considered acceptable behavior by the majority of people. A business organization must abide by these laws to uphold its ethical standards. Wage and hour laws that protect employees are one example, while guidelines overseeing environmental protection are another. Businesses must adhere to laws instituted by the federal government, the state and the local municipality. There are situations where the actions of a business organization are legal, yet they may not be particularly ethical. This is a fine line and the organization has a responsibility to self-police if it wants to be held to a high ethical standard.

Policies

The second level of ethical standards for...