Assignment: Journal: Business Ethics Quiz

Assignment: Journal: Business Ethics Quiz

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Assignment: Journal: Business Ethics Quiz

Almost every day, it seems, newspaper headlines shout out the details of another corporate scandal. Some individuals in the nonprofit sector are tempted to think that they are above such scandals and the accompanying headlines. Nonprofits are sometimes seen as uncorrupted by the desire for profit. That their motives are so noble, how could anyone question their actions?

Unfortunately, nonprofits and charities are run by people with the same range of ethical standards as the rest of society, and we have our share of corrupt leaders. In recent years, in the United States, such nonprofits as the Nature Conservancy, the Red Cross, a handful of United Way chapters, and local foundations in several communities found themselves the target of negative headlines. Such ethical lapses—or perceived ethical lapses—undermine the trust the public holds in the entire sector.

To prepare for this Assignment, you consider potential conflicts of interest. You should review the “How Ethical Are You?” media resource and the article “Conflicts of Interest at Work” (located in this week’s Learning Resources) before starting your reflection.

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.^[1] These ethics originate from individuals, organizational statements or from the legal system. These norms, values, ethical, and unethical practices are the principles that guide a business. They help those businesses maintain a better connection with their stakeholders.^[2]

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. As a corporate practice and a career specialization, the field is primarily normative. Academics attempting to understand business behavior employ descriptive methods. The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns.

Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. For example, most major corporations today promote their commitment to non-economic values under headings such as ethics codes and social responsibility charters.

Adam Smith said, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”^[3] Governments use laws and regulations to point business behavior in what they perceive to be beneficial directions. Ethics implicitly regulates areas and details of behavior that lie beyond governmental control. The emergence of large corporations with limited relationships and sensitivity to the communities in which they operate accelerated the development of formal ethics regimes.^[4]

Maintaining an ethical status is the responsibility of the manager of the business. According to the Journal of

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