Business ethics
Business Ethics
Business ethics (pronunciation: /ˈbɪznɪs ˈɛθɪks/) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.
Etymology
The term "business ethics" is a combination of two English words: "business" and "ethics". "Business" (from Old English bisignis, meaning "care, anxiety, occupation"), in this context, refers to the activities involved in making, buying, or selling goods or providing services in exchange for money. "Ethics" (from the Greek ethikos, meaning "moral philosophy"), refers to the moral principles that govern a person's behavior or the conducting of an activity.
Related Terms
- Corporate Social Responsibility: A type of international private business self-regulation that aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethically-oriented practices.
- Stakeholder Theory: A theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, customers, suppliers, local communities, and shareholders.
- Moral Philosophy: The branch of philosophy that contemplates what is right and wrong. It explores the nature of morality and examines how people should live their lives in relation to others.
- Ethical Dilemma: A complex situation that often involves a perceived mental conflict between moral imperatives, in which to obey one would result in transgressing another.
See Also
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