Read to Learn Define ethics and business ethics. Describe why ethical behavior is good for business. List the steps for dealing with an ethical dilemma.

Key Terms moral principles by which people conduct themselves personally, socially, or professionally ethics rules based on moral principles about how businesses and employees ought to conduct themselves business ethics

Key Terms code of ethics a set of guidelines for maintaining ethics in the workplace a shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions sweatshop

Key Terms conflict of interest a conflict between self-interest and professional obligation

The Nature of Ethics What would you do if you found a copy of a midterm exam? What would you do if you found a diamond ring at a restaurant?

The Nature of Ethics When you are guided by ethics, you do not cheat on a test or lie to friends or family. ethics moral principles by which people conduct themselves personally, socially, or professionally

The Nature of Ethics Most businesses are guided by business ethics. Different cultures, businesses, and industries have different ethical standards business ethics rules based on moral principles about how businesses and employees ought to conduct themselves

Cultural Etiquette In Thailand, it is customary to exchange gifts during a second business meeting. In China, gift giving is considered a form of bribery and is illegal.

Graphic Organizer Business Ethics Fair treatment of employees Creating safe products Creating jobs Truthful about financial status Environmental protection

In business, people follow rules as well as a code of ethics. Law and Ethics In business, people follow rules as well as a code of ethics. code of ethics a set of guidelines for maintaining ethics in the workplace

Law and Ethics A sweatshop is an example of an unethical practice outlawed in the United States. sweatshop a shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions

Law and Ethics The Occupational Safety and Health Administration (OSHA) sets and enforces work-related health and safety rules. www.osha.gov – What are the responsibilities of teen workers?

Ethics as Good Business – pg. 57 Unethical business practices include: Lying Offering merchandise known to be substandard Treating customers or employees unfairly

Ethics as Good Business If a business violates government regulations, the owner can be fined or go to jail. If an employee violates a company or professional code, the employee might be fired or lose his or her license.

Ethics as Good Business Unethical business practices can result in bad word of mouth and result in lost sales. Unethical behavior toward employees can lead to legal action or a high rate of employees quitting.

Conflicts of Interest Conflict of interest is a major ethical question that is generally not illegal. conflict of interest a conflict between self-interest and professional obligation

Graphic Organizer Ethical Questions Is it against the law? Does it violate company or professional policies? Even if everyone is doing it, how would I feel if someone did this to me? Am I sacrificing long-term benefits for short-term gains?

The Ethical Decision-Making Process Graphic Organizer The Ethical Decision-Making Process Identify the ethical dilemma. Discover alternative actions. Decide who might be affected. List the probable effects of the alternatives. Select the best alternative.

Should Employees Report Unethical Behavior?

What is the difference between personal and business ethics? Personal ethics: moral principles that guide an individual; business ethics: rules, based on moral principles, used by a business.

Describe some of the ways that unethical business practices can affect a business. Customers will not patronize the business. It is hard to retain employees. If the behavior is illegal, the business might be fined.

What is the relationship between illegal behaviors of business and unethical behaviors of business? Generally, illegal behaviors of business are also considered unethical but there are some unethical behaviors that are not illegal.

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