Ethics means the ideals which one follows in life. Ideals are those concepts which motivate an individual to work with honesty in his life. In other words, when we think of a work which we may be doing from the point if view of public welfare- whether it is right or wrong. It can be said that we are being guided by ethics. If we ignore this, attitude we may not be ethical in our fields and conduct.
In respect of business, business ethics means discharging of responsibilities in respect of the parties related with business, for eg. Shareholders, customers, suppliers, competitors, society, government etc.
Some examples of Business Ethics:
- Giving enough dividend to the shareholders on their investment.
- Making goods available of good quality on reasonable prices.
- Making timely payment to the suppliers.
- Having a healthy competition with the competitors.
- Making employment available to the people and saving environment from getting polluted.