1. Discuss why ethics is important in business.

Ethics is subjective since it concerns an individual’s moral judgement about what is right and
what is wrong. This is why business ethics plays a vital role in businesses because it helps create
a common understanding of what is good or bad in our human conduct and without it
businessmen will set their own moral standards. Ethics should be implemented throughout all
aspects and operations of an organization, in order to enhance their efficiency. Businesses that
are successful in ethical management can achieve better performance since it can attract and
retain those high quality staff, consumer, and suppliers. Business Ethics paves the way for a
common understanding of the fundamental idea of what is good and what is bad in our human
conduct. Without ethics, people will set their own moral standards which would result into a
kind of subjective morality.

2. The businessman's myth that Refute "ethics has no place at all in business."

Ethics is important to businesses for several reasons. Business ethics help ensure a good
reputation for the company. Not only does it feel good to be part of a company with a great
reputation, but it’s great for business. When businesses have a reputation for consistently being
ethical in how they source and build products, and treat employees, customers and the
community, more people will want to do business with them. Businesses that practice good
business ethics also face less risk for fines and other legal trouble. In conclusion, understanding
the importance of ethics in business is the key to success. Customers, management, and
employees all appreciate honest and ethical practices. Business ethics is vital because it helps
maintain a great reputation, help avoid significant financial and legal issues, and it ultimately
benefits everyone that is involved. Business is a social activity thus, being a social activity it
should conform to the norms, rules and principles of this society. These standards are
embedded in ethics.

3. Explain the phrase: Not all that is legal is moral, but what is moral is worth legalizing

Not all that is legal is moral, is true. An example of this is abortion although it is legal in japan; in
the Philippines it is illegal to kill an unborn child since it is viewed as immoral. Another example
of this is death penalty although in other countries it is legal; it is viewed as immoral here in the
Philippines. What is moral is worth legalizing is true since it is moral to have freedom for
oneself, an example of this is choosing whom to spend the rest of your life with, it is a person’s
choice whether to spend it with a girl or a boy which is why it was legalized in other countries.
An action may be legal but not necessarily moral. Ethics provides a clear distinction between
morality and legality. Consider abortion- in some countries abortion is legal but in the Christian
faith abortion is an immoral act.

4. Define Business Ethics. What is your own personal definition of Business Ethics?

Business ethics is the study of what we right and wrong human behavior and conduct in
business. In my point of view, business ethics is an important component since this guides a
common ground for businessmen and people to follow. This helps the managers and decision
makers in resolving moral problems and ethical dilemmas. Business Ethics is the study of what
is the right and wrong human behavior and conduct in business for me, business ethics is
putting a conscience in the science of profit making

5. Explain the phrase: "Ethics is the unwritten law written in the hearts of men."

“Ethics is the unwritten law written in the hearts of men” means that ethics is not only based on
written rules or guidelines rather, it can also be determined by anyone within himself. We could
have the ability to decide or judge whether the actions that we do are right or wrong without
the control or regulation of any forms of authority Interpret that as ethics has been a tried and
tested guide of men in ages that have been handed down from one generation to another.
These are actions that society consider as the proper action given a particular circumstance.
The phrase “Ethics is the unwritten law written in the hearts of men” means that ethics can be
determined by anyone within himself. We are the only ones who can determine whether the
actions that we do are right or wrong. If a person does something that brings out the feelings of
guilt, shame and remorse of conscience this only means that they are doing something
unethical or immoral.