Ethics
The moral principles by which people conduct themselves personally, socially, or professionally
Business Ethics
Rules based on moral principles about how businesses are committed to providing safe products, creating jobs, treating their employees fairly, protecting the environment and being truthful about their financial situation
Code of Ethics
A set of guidelines for maintaining ethics in the workplace
Sweatshop
A shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions
The Occupational Safety and Health Administration (OSHA)
A division of the US Department of Labor, sets and enforces work-related health and safety rules
Conflict of Interest
A conflict between self-interest and professional obligation
Ethical Decision Making Process
1. Identify the ethical dilemma
2. Discover alternative actions
3. Decide who might be affected
4. List the probable effects of the alternatives
5. Select the best alternative
Business Social Responsibility
The duty to do what is best for the good of society Ex. Target gives money to local schools
Business Responsibility to Customers
Customers are a business's first responsibility, should offer safe, good products
The Federal Trade Commission (FTC)
A federal government agency that protects consumers from dangerous or falsely advertised products
The Equal Pay Act
(1964) requires men and women to be paid the same wages for equal amount of work
Americans with Disabilities Act
bans discrimination against people with physical or mental disability
Business Responsibilty to Employees
Provide safe working conditions, equal treatment and fair pay
Business Responsibilty ot the Environment
Using resources wisely, etc
Environmental Protection Act (EPA)
enforces rules that protect the environment and control pollution
Business Responsibility to Creditors and Owners
Keep accurate accounting records
Report profits that are true