LEGAL & ETHICAL ENVIRONMENT OF BUSINESS

Legal & Ethical Environment Of Business

Legal & Ethical Environment Of Business

Introduction

Ethics in business refers to a philosophical ideology and behavior that "a business adheres to in its daily dealings with the world". Most running stable businesses bloom as a result of good behavioral relationships with other players in the same sector by maintaining the aspect of practicing ethics. Ethics not only apply to how the business interacts with the world but also on how they deal with the customer. Business ethics is a type of applied ethics that examine ethical principles and moral that arises in a business environment (Meiners, 2000). This applies to all aspects of business conduct and is relevant to the conduct of individuals and business organizations as a whole. With ethics as a control measure for business, keen priorities have to take the leading position as a guide. Some of the businesses operating worldwide focus so much on how to make lots of money and do too little to try and balance the welfare of what the society require them to do. This is termed as being unethical because the business infringes some of the ethical laws. In favor of these, employers and employees ought to be aware of the ethical philosophies in business and how to apply them in their day-to-day undertakings as this will help them acquire the professional skills and help them run the business in ethically accepted ways; this in turn will help the business grow expansively. The practice of ethics in a well organized business has been seen to favor all players; hence a good relationship within the business environment is observed. These moral theories help employers to run the business in a way that is ethical and socially responsibly setting accepted standards within the existing ...