Answered: Discuss the need for ethics and social…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Question

Discuss the need for ethics and social responsibility in multinational management, and why there are growing pressures on firms to act in an ethically and socially responsible manner in their global business operations.

Expert Solution

Step 1

Ethics

The investigation of what is intrinsically good and evil, right and wrong, is described as ethics. It is often referred to as moral philosophy. The term can also refer to a set of moral convictions or an ideology.
Ethics may be defined as a set of standards used to evaluate an employee's behaviour in a certain scenario. The word "business ethics" refers to ethics in the business world.
The subject focuses on finding the meanings and solutions behind the basic problems of everyday decision-making.
Its main concerns are the essence of ultimate worth and the principles on which human behaviour can be measured right or wrong or the fundamentals of behaviour.