MANAGERIAL ECONOMICS: ESSAY

1. As a manager, what are the ethical rules to keep in mind when conducting business?
Give at least 5 ethical rules. Explain why it is needed for conducting business. 

As a manager, the first thing I need to consider when conducting a business is integrity
because integrity is so important as these trait fosters a positive workplace culture
where there is open communication, good decision making and a strong moral compass
guiding all decisions and actions. Secondly, I should strictly adhere to the product safety
standards because consumers expect that the products, they use in everyday life are
safe when used as directed, if it’s not safe, it can cause serious and often life-
threatening injuries such as lacerations, amputations, choking hazards, and more. Then
as a manager of course, we should not engage in business relationships that leads to
conflict of interest because it guided a bias action and it can adversely impact the
reputation and integrity of each and everyone in the business community. Next, is to
maintain confidentiality of personal data and proprietary records held by the company
because confidentiality in the workplace is rule number one in the book of business
etiquette. Not only are you showing your customers, clients and employees a level of
common courtesy by protecting their data, but you’re also fulfilling your legal
responsibility to prevent sensitive information from being leaked. Lastly, is to encourage
free and open competition because having fair and healthy competiton helps the
business to lower prices, improve quality, enhance customer experience, and foster
innovation. You should be minded also to not ruin competitors’ image by fraudulent
practices.