Chapter 5, Problem 1CRQ

What is the difference between ethics and business ethics?

Summary Introduction

To determine:

The difference between ethics and business ethics.

Introduction:

The basic difference between ethics and business ethics is that ethics, in general, comprises all moral values, while business ethics only involve what is related to business.

Explanation of Solution

The difference between ethics and business ethics is explained as below:

Ethics essentially involves people and the way people treat others. Ethics means the set of rules or principles that the organization should follow.The options with people, decision-making process, the moral principles and values that govern the behavior of people regarding what is right and wrong are also part of ethics.

Moreover, ethics could be defined as what a person believes to be right and it varies from person to person as there are influences by their experiences, culture, and belief, also being transparent and telling the truth can be some of the examples of ethics.

Business ethics refers to a law of behavior that organizations are required to ensure while doing business.Through business ethics, a pattern is set for the industry to control the behavior of industry. This assists them in differentiating between the right and wrong part of the businesses.

The business ethics that are made in the organization make the organization work formally and it helps in doing those activity that genuinely make a positive outcome. They are based on the character of human intention.Therefore, it is very important to motivate them and balance the activity of an organization. That is why, ethics depend on the importance of the situation, the place and time.