C. Factors managers should consider in making decisions
D. Relations between laws and ethics
E. Ethics, a force in directing one’s action
F. Harmful business activities totally prohibited
G. The scope of business ethics ETHICAL BEHAVIOUR
Ethics is a collection of moral principles and rules of Ethics guides behaviour based on beliefs about what is right and wrong. The source of these beliefs may be tradition, religion, or reasoned judgements about what is best for the individual and society as a whole. Business ethics is the group of rules of conduct applied specifically to business activities.
It is only recently that business has become aware of how it affects individuals and the whole society. The laissez-faire business environment of the nineteenth century promoted the belief that almost any practice that increased profits was, in the long run, good for the country. The result was cutthroat competition, fraud, deceptive marketing, price and market manipulation, worthless and dangerous products, exploitation of the workers, and other practices that today are generally considered unethical. At the same time that so many harmful business activities were being carried on, some companies did abide by the fundamentals of good business ethics. At the height of ruthless development of the nineteenth century, many managers still believed in producing high quality products, honestly sold at a fair prices. They felt success could be built on hard work, creativity, and genuine customer satisfaction. It is the belief that high ethical standards are in the long run good for profits that is stressed in business today.（）