Most of those who write about ethics do not make a clear distinction between ethics and morality. People sometimes speak of morality as something personal but view ethics as having wider social implications. Others see morality as the subject of a field of study, that field being ethics. Ethics would be morality as applied to any number of subjects, including journalistic ethics, business ethics, or the ethics of professionals such as doctors, attorneys, and accountants. We will venture a definition of ethics , but for our purposes , ethics and morality will be used as equivalent terms. People often speak about the ethics or morality of individuals and also about the morality or ethics of businesses.
Enron Case Study
What is the meaning of ethics in business? | UniversalClass
A conflict of interest occurs when an entity or individual becomes unreliable because of a clash between personal or self-serving interests and professional duties or responsibilities. When such a situation arises, the party is usually asked to remove themselves, and it is often legally required of them. A conflict of interest in business normally refers to a situation in which an individual's personal interests conflict with the professional interests owed to their employer or the company in which they are invested. A conflict of interest arises when a person chooses personal gain over the duties to an organization in which they are a stakeholder or exploits their position for personal gain in some way.
What Really Went Wrong with Enron?
Business ethics also known as corporate ethics is a form of applied ethics or professional ethics , that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. These norms, values, ethical, and unethical practices are the principles that guide a business. Business ethics refers to contemporary organizational standards, principles, sets of values and norms that govern the actions and behavior of an individual in the business organization. Business ethics have two dimensions, normative business ethics or descriptive business ethics.
Ethics is a subject of social science that is related with moral principles and social values. Businesses must abide by some basic principles. It should provide quality goods and services at reasonable prices to their consumers. It must also avoid adulteration, misleading advertisements, and other unfair malpractices.