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Business Ethics and Social Responsibility Chapter 4 What is Ethics? • Ethics is the set of moral principles by which people conduct themselves personally, socially, or professional. What is Ethics? • BUSINESS ETHICS a set of guidelines about how a business should conduct itself. • Using ethical business practices means that for any business to be successful, it must operate legally, ethically, and humanely Legal Responsibility • Sweatshops – factories that have unsafe working conditions, treat workers badly, and pay poorly. Legal Responsibility • OSHA – Occupational Safety and Health Administration a division of Dept of Labor – sets and enforces workrelated health and safety rules. Subject to fines, lawsuits, and new regulations Legal Responsibility • Code of Ethics – Businesses police themselves by following a code of ethics. – A set of guidelines for maintaining ethics in the workplace. Professional groups such as doctors, lawyers, journalists, and teachers have their own code of ethics. – Covers everything from employee behavior to environmental safety Ethics as Good Business • Unethical business practices – Lying – Offering merchandise it knows is substandard – Treating customer unfairly – If illegal may go to jail, fined.. – If you violate code you may be fired or lose your license – Lose customer’s trust, lose business Important Ethical Questions • Is it against the law? Does it violate company or professional policies? • What if everyone did this? How would I feel if someone did this to me? • Am I sacrificing long-term benefits for short-term gains? Making Decisions on Ethical Issues Not a quick task, takes hard thinking…. • Identify the ethical dilemma • Discover alternative actions • Decide who might be affected • List the probable effects of the alternatives • Select the best alternative Social Responsibility • The duty to do what is best for the good of society – Provide safe products – Create jobs – Protect the environment • Conflict of Interest – Business tempted to put profits before social welfare Responsibility to Customers • Offer a good safe product or service at a reasonable price. • FDA …Food and Drug Administration – Government agency protects consumers from dangerous or falsely advertised products. • Poisoned Tylenol capsules… alerted the public, recalled the product, changed to tamper-proof bottles Responsibility to Employees • Laws protect employees from child labor abuse, rights of workers to organize, • Equal Pay Act – 1964 – Requires that men and women are paid the same wages for doing equal work • American with Disabilities Act – bans discrimination against people with physical or mental disability Responsibility to Society • EPA… Environmental Protection Agency – Federal agency enforces rules protects the environment and control pollution