Notes in Business Ethics and Social Responsibility

• BUSINESS- IS AN ACTIVITY THAT IS PART AND PARCEL OF HUMAN

SOCETY.
• IT IS AN ENTITY IN WHICH ECONOMIC RESOURCES DOR INPUTS, SUCH AS
MATERIAL AND LABOR, ARE PUT TOGETHER AND PROCESSED TO PROVIDE
GOODS AND SERVICES OR OUTPUTS TO CUSTOMERS.
• Sole Proprietorship is the type of business entity owned and operated by a single
person.
• Partnership- AN ASSOCIATION OF TWO OR MORE PEOPLE AS PARTNERS; IT
REFERS TO AN ARRANGEMENT IN WHICH THE INDIVIDUALS SHARE THE
PROFITS AND LIABILITIES OF A BUSINESS VENTURE
• Corporation- AN ENTITY CREATED BY LAW THAT IS SEPARATED AND
DISTINCT FROM ITS OWNERS AND ITS CONTINUED EXISTENCE IS
DEPENDENT UPON THE CORPORATE STATUES THE STATE IN WHICH IT IS
INCORPORATED.
Whistle Blowing- Whistle- blowing is the act, for the employee (or former employee), of
disclosing what he believes to be unethical or illegal behavior to higher management (internal
whistle- blowing) or to external authority or the public (external whistle-c blowing).
Fairness- Fairness comes from the old English word Faegre, which means “pleasing or
attractive.”
Fairness in the context of a business organization involves balancing the interests involved in all
decision-making including any decisions related to hiring, firing (including the investigatory
process), and the compensation and rewards system.
Accountability- is the obligation of an individual or organization to account for its activities,
accept responsibility for them, and to disclose the results in a transparent manner.
Accountability- in the context of a business organization is the obligation to demonstrate that
work has been conducted in compliance with agreed rules and standards or to report fairly and
accurately.
Transparency- is defined as being authentic in the way an organization message themselves
externally – to stakeholders, to prospective customers and talent, and within the community.
Stewardship- In Biblical terms, stewardship is defined as utilizing and managing all resources
God provides for the glory of God and the betterment of His creation.
In the context of business organization, stewardship refers to taking responsibility for the
business and the effects it has on the world around it. This involves considering more than just
the bottom line and looking at elements such as values, ethics, and morals.
  TECHNICAL SKILL- ENCOMPASS THE ABILITY TO APPLY SPECIALIZED
KNOWLEDGE OR EXPERTISE. WHEN YOU THINK OF SKILLS
PROFESSIONALS SUCH AS CIVIL ENGINEERS OR ORAL SURGEONS.
 HUMAN SKILLS – THE ABILITY TO UNDERSTAND, COMMUNICATE WITH,
MOTIVATE, AND SUPPORT OTHER PEOPLE, BOTH INDIVIDUALLY AND IN
GROUPS, WICH DEFINES HUMAN SKILLS.
 CONCEPTUAL SKILLS- THE SKILLS AND THE MENTAL ABILITY THAT
MANAGERS MUST HAVE TO ANALYZE AND DIAGNOSE COMPLEX
SITUATIONS.
Moral Philosophy. It refers to the theory of morality of right conduct.
 Business Ethics is the study of what is right and wrong on human behavior and conduct
in business.
 Business Ethics is the study of perceptions of people about morality, moral norms, moral
rules, and ethical principles as they apply to peoples and institutions in business.
 Business Ethics is the study, evaluation, analysis and questioning of ethical standards,
policies, moral norms, and ethical theories that managers and decision makers use in
resolving moral issues and ethical dilemmas affecting business.
Code of Conduct- it is a document designed to influence the behavior of employees.
CODE OF PRACTICE: it is adopted by a profession or by a governmental or non-
governmental organization to regulate that profession.
CODE OF ETHICS is not written solely for the purpose of doing ethical business practice.