Chapter 3, Problem 26PI

Summary Introduction

To determine:

The level of agreement with the statement "Employee's wages should be determined according to the law of supply and demand".

Introduction:

Morals are judgments, principles, and convention of good conduct in the society. They guide people toward acceptable behavior with regard to essential values. The main purpose of doing business is making money but a business also has some fiduciary responsibilities. It is true that today there is a huge competition in the business world but a company should not forget its ethical and social responsibilities. A company can still make money while adhering to an ethical code of business operations. A moral company gains advantage of its reputation and faith of the society. Good business ethics reduces employee turnover and increases employee productivity which finally results in increased profits.