From the course: Business Ethics
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Ethics intent
- The ethical performances of business are getting more focused than ever, so it's important to take business ethics seriously and make it part of our everyday approach to work. Ethics are how you can manage a sustainable business. Serious consequences can result from decisions made with a lack of ethics, including time in jail for fraudulent behavior. Ethical behavior is simply good risk management at a minimum, and in many cases, it's a way to boost profits by being thought of as a good corporate neighbor, so let's discuss three things; what business ethics means, their purpose, and why business ethics frameworks, or a code of ethics, are wise to have. Business ethics are a set of moral standards. We use them to reach conclusions and make decisions. There are two pieces to this. The first is standards of right and wrong. They describe what you ought to do. These are usually in terms of rights, obligations, benefits to society, fairness, or specific virtues. These standards impose…
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