tions: answer each of the following questions. use a separate sheet of paper to record your responses…

tions: answer each of the following questions. use a separate sheet of paper to record your responses. objective a 1. what are ethics? 2. what are business ethics? 3. why are business ethics sometimes difficult to understand? 4. what are the differences between ethics and law? 5. why should businesses behave ethically? objective b 6. describe five reasons businesses might use for acting unethically. 7. describe seven consequences of unethical business practices.

tions: answer each of the following questions. use a separate sheet of paper to record your responses. objective a 1. what are ethics? 2. what are business ethics? 3. why are business ethics sometimes difficult to understand? 4. what are the differences between ethics and law? 5. why should businesses behave ethically? objective b 6. describe five reasons businesses might use for acting unethically. 7. describe seven consequences of unethical business practices.

Answer

Brief Explanations:

  1. Ethics are moral principles that govern a person's or group's behavior.
  2. Business ethics are the application of ethical principles in a business context, covering issues like corporate social - responsibility, honesty in dealings, and fair treatment of stakeholders.
  3. Business ethics can be difficult to understand because ethical standards can vary across cultures, industries, and situations. Also, self - interest and short - term profit goals may conflict with ethical behavior.
  4. Ethics are based on moral principles and values, while law is a set of rules established by a governing authority. Ethics are more subjective and internal, while law is objective and enforceable by the state.
  5. Businesses should behave ethically to build trust with customers, employees, and the community, which can lead to long - term success, avoid legal issues, and enhance their reputation.
  6. Reasons for unethical business behavior may include greed for higher profits, short - term focus, lack of proper ethical training, pressure from competition, and weak internal controls.
  7. Consequences of unethical business practices can include legal penalties, loss of customer trust and reputation damage, employee demotivation, loss of investors, boycotts, higher costs due to regulatory compliance, and potential business closure.

Answer:

  1. Ethics are moral principles governing behavior.
  2. Business ethics apply ethical principles in business, covering various issues related to stakeholders.
  3. Ethical standards vary, and self - interest can conflict with ethics.
  4. Ethics are moral principles, law is state - established rules; ethics are subjective, law is objective and enforceable.
  5. To build trust, avoid legal issues, and enhance reputation.
  6. Greed, short - term focus, lack of training, competition pressure, weak controls.
  7. Legal penalties, loss of trust, employee demotivation, loss of investors, boycotts, higher costs, business closure.