Name: Ma. Anglica G.

Cortes
Year/Section: BSAM 3C

CHAPTER 2: ETHICS AND SOCIAL RESPONSIBILITY

Assignment #1

1. What is ethics? Business ethics?

In order to understand what is morally right or wrong, just or unjust, ethics explores the
intellectual justifications for our moral judgments. In a larger sense, ethics considers how
people interact with one another and with nature, as well as their own freedoms,
responsibilities, and sense of justice. The rules for ethically correct and wrong behavior
in company are referred to as business ethics. Law determines behavior in part, but
"legal" and "ethical" are not always synonymous. By defining permissible practices
outside of the purview of the state, business ethics strengthen the law.

2. Identify some current issues in ethics surrounding businesses.

Sexual Harassment
Diversity & Discrimination
Social Media
Health & Safety
Environmental Responsibility
Accounting Practices
Data Privacy
Nepotism

3. What is social responsibility?

Social responsibility is an ethical concept where people or organizations are responsible

for carrying out their civic responsibilities and doing things that benefit society. It is
deemed socially irresponsible for a business or individual to consider doing acts that
might harm the environment or society.

4. Compare the benefits and cost of social actions of companies.

The entire cost incurred by society as a result of a firm's operations is known as the
social cost. It is the total of all private and external costs. The entire benefit resulting
from a company's creation of products and services is known as the social benefit. The
sum of internal and external advantages is equal to this.