business ethics

Essay by guesswho956University, Master'sA, August 2014

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Main Idea of Ethics - Ethics and morality are synonymous. The pursuit of creating a moral

compass dates back to the Ancient Greek philosophers of Plato and Aristotle, who simply asked

what it was to be right and wrong. In ethics, a premium is placed upon defining what is good.

Different approaches to defining what is right have evolved over the course of contributing

philosophers, governments, and religions all proposing their own lens for what it means to be an

ethical person. Ethics itself has been pondered and developed for centuries because ethics is a

requirement for human life. It is our means of deciding what to do in certain situations that we

find ourselves in. Without it, our actions would be without purpose or direction. We would not

be able to work towards a goal because there would be no means of picking between a countless

numbers of goals.

Even if we have an ethical standard or standards that we live by, we may be

unable to pursue our goals with an outcome of success in the proverbial "grey" area situations.

Flawed ethics will reduce our ability to be successful and could affect not only ourselves but

those around us. Even if we are unable to make the right decision, it is important that we at least

understand that it is possible we can make the wrong one. That awareness in itself is vital for us

to understand ethics. Business Ethics - We make ethical decisions throughout our lives, so it is

only natural that some of those situations can be brought up in the workplace. In the workplace

there are multiple parties of interest. According to Agency Theory, it is important that

management (the agent) acts in the best interests of the stakeholders (principal) as it is common...