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    Difference Between Law and Ethics: First Chapter Cont. Introduction To Business Ethics

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    Amrerta
    Laws are rules that must be followed to maintain order, while ethics are principles that guide behavior but are not enforced. Ethics apply to situations not covered by laws, like relationships, and consider moral dimensions beyond what is legal. There are also areas where what is legal may not be ethical. Business ethics are important and address dilemmas in finance, human resources, marketing, and production.

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    Difference Between Law and Ethics: First Chapter Cont. Introduction To Business Ethics

    Uploaded by

    Amrerta
    744 views8 pages
    Laws are rules that must be followed to maintain order, while ethics are principles that guide behavior but are not enforced. Ethics apply to situations not covered by laws, like relationships, and consider moral dimensions beyond what is legal. There are also areas where what is legal may not be ethical. Business ethics are important and address dilemmas in finance, human resources, marketing, and production.

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    Business Ethics

    Original Title

    Chapter 5

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    Laws are rules that must be followed to maintain order, while ethics are principles that guide behavior but are not enforced. Ethics apply to situations not covered by laws, like relationships, and consider moral dimensions beyond what is legal. There are also areas where what is legal may not be ethical. Business ethics are important and address dilemmas in finance, human resources, marketing, and production.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    744 views8 pages

    Difference Between Law and Ethics: First Chapter Cont. Introduction To Business Ethics

    Uploaded by

    Amrerta
    Laws are rules that must be followed to maintain order, while ethics are principles that guide behavior but are not enforced. Ethics apply to situations not covered by laws, like relationships, and consider moral dimensions beyond what is legal. There are also areas where what is legal may not be ethical. Business ethics are important and address dilemmas in finance, human resources, marketing, and production.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 8

    First Chapter Cont.

    Introduction to Business Ethics

    Difference Between Law and Ethics


    BASIS FOR
    LAW ETHICS
    COMPARISON

    Meaning The law refers to a systematic Ethics is a branch of moral


    body of rules that governs the philosophy that guides
    whole society and the actions of people about the basic
    its individual members. human conduct.

    What is it? Set of rules and regulations Set of guidelines

    Governed By Government Individual, Legal and


    Professional norms

    Expression Expressed and published in They are abstract.


    writing.

    Violation Violation of law is not There is no punishment for


    permissible which may result in violation of ethics.
    punishment like imprisonment or
    fine or both.

    Objective Law is created with an intent to Ethics are made to help


    maintain social order and peace in people to decide what is
    the society and provide protection right or wrong and how to
    to all the citizens. act.

    Binding Law has a legal binding. Ethics do not have a


    binding nature.
    Relationship between
    ethics and the law
    •
    Business ethics can be said to
    begin when the law ends
    •
    Not all ethical issues are covered
    by the law — for example
    there is no rule about cheating
    on your boyfriend/girlfriend but
    it is considered morally wrong.
    •
    Not all legal issues are ethical —
    for example the law
    prescribes whether we should
    drive to the right or left side of
    the road, but it is not an ethical
    decision.
    •
    Not always a ‘right answer’: the
    grey areas of business ethic
    Relationship between
    ethics and the law
    •
    Business ethics can be said to
    begin when the law ends
    •
    Not all ethical issues are covered
    by the law — for example
    there is no rule about cheating
    on your boyfriend/girlfriend but
    it is considered morally wrong.
    •
    Not all legal issues are ethical —
    for example the law
    prescribes whether we should
    drive to the right or left side of
    the road, but it is not an ethical
    decision.
    •
    Not always a ‘right answer’: the
    grey areas of business ethic
    Relationship between
    ethics and the law
    •
    Business ethics can be said to
    begin when the law ends
    •
    Not all ethical issues are covered
    by the law — for example
    there is no rule about cheating
    on your boyfriend/girlfriend but
    it is considered morally wrong.
    •
    Not all legal issues are ethical —
    for example the law
    prescribes whether we should
    drive to the right or left side of
    the road, but it is not an ethical
    decision.
    •
    Not always a ‘right answer’: the
    grey areas of business ethic
    Role and Scope of Ethics in Business
    Business ethics plays a very crucial role in various management
    functions, which are given as follows:

    i. Ethics in Finance:

    It deals with various ethical dilemmas and violations in day-to-day


    financial transactions. An example of ethical violations is data fudging
    in which enterprises present a fabricated statement of accounts and other
    records, which are open to investigation. Ethics in financial transactions
    gained importance when due to their insufficiency nations suffered
    massive economic meltdowns.
    The following are the ethics in finance:
    a. Following truthfulness and authenticity in business transactions
    b. Seeking the fulfillment of mutual interests

    ii. Ethics in Human Resource Management:

    It deals with the enforcement of the rights of employees in an enterprise.


    Such rights are as follows:
    a. Having a right to work and be compensated for the same
    b. Possessing a right for free association and participation
    c. Enjoying a right for fair treatment in an enterprise
    d. Holding a right to work in a hazard-free environment
    e. Blowing whistle (an activity where an employee can raise voice
    against any wrong practice of anyone in an enterprise)

    iii. Ethics in Marketing:

    Deals with a number of issues, which are as follows:


    a. Misinforming the customers about the products or services
    b. Deciding high prices for the products and services
    c. Creating false impression on the customers/consumers about the
    features of products
    d. Promoting sexual attitudes through advertising; thus, affecting the
    young generation and children.
    iv. Ethics in Production:

    It deals with the responsibility of an organization to make sure that


    products and processes of production is not causing harm to the
    environment.
    It throws light on the following issues:
    a. Avoiding rendering services or producing products that are hazardous
    to health. For example, tobacco and alcohol
    b. Maintaining ethical relations with the environment and avoiding
    environmental pollution.

    Relationship between
    ethics and the law
    •
    Business ethics can be said to
    begin when the law ends
    •
    Not all ethical issues are covered
    by the law — for example
    there is no rule about cheating
    on your boyfriend/girlfriend but
    it is considered morally wrong.
    •
    Not all legal issues are ethical —
    for example the law
    prescribes whether we should
    drive to the right or left side of
    the road, but it is not an ethical
    decision.
    •
    Not always a ‘right answer’: the
    grey areas of business ethic

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